【作者】 张林；

【导师】 李慧云；

【作者基本信息】 北京理工大学 ， 会计学， 2015， 硕士

【副题名】基于机构投资者的问卷调查

【摘要】 2012年，中国证监会从投资者需求出发重新修订了《公开发行证券的公司信息批露内容与格式准则第2号—年度报告的内容与格式》，这表明证监会对投资者需求的重视程度。本文从机构投资者感知角度出发设计自愿性信息批露满意度测量量表，从顾客满意度模型推导建立自愿性信息批露满意度理论模型，通过量表的研发与模型的验证来检验自愿性信息批露质量、有用性、期望和满意度之间的相关关系。本文首先介绍了自愿性信息披露的理论基础和相关文献，在总结国内外研究现状的基础上，通过文献研读与深度访谈法提炼了自愿性信息披露满意度的问卷，并经预调研对问卷进行了检验与修正生成正式的调查问卷。本文利用回收的问卷数据检验了结构方程模型的各项拟合指标，结果表明模型拟合程度很好，并且结构方程模型中的相关系数支持了本文假设。即机构投资者对自愿性信息披露的期望越高，其满意度越低；自愿性信息披露质量越好，机构投资者满意度越高；自愿性信息在机构投资者决策过程中的有用性越高，机构投资者满意度越高。此外，本文还验证了有用性的中介效应，检验结果表明：有用性在质量对满意度影响的过程中起部分中介效应，中介效应为正向显著；即自愿性信息披露质量对满意度的影响表现为直接影响与通过有用性产生的间接影响的和。有用性在期望对满意度影响的过程中起部分中介效应，中介效应为反向显著；即期望对满意度的影响表现为直接影响与通过有用性产生的间接影响的差。最后本文就如何提高我国上市公司自愿性信息披露质量与提高机构投资者满意度提出了若干建议。更多还原

【Abstract】 China Securities Regulatory Commission (CSRC) release the latest version of theStandards Concerning the Contents and Formats of Information Disclosure by CompaniesOffering Securities to the Public No.2—Contents and Formats of Annual Reports (Revisedin2012) in consideration of investor demand, which indicates the Commission’s attentionto the need for institutional investors. This article designed voluntary disclosure satisfactionmeasurement scale from the perspective of institutional investors, established voluntarydisclosure satisfaction theoretical model from the customer satisfaction model, then testrelationship between the voluntary disclosure satisfaction, usefulness and expectations.This paper describes the theoretical basis and the relevant literature about voluntarydisclosure, refined voluntary disclosure satisfaction questionnaire based on the literaturestudy and in-depth interview and conducted pre-survey questionnaire to generate a formalquestionnaire. In the empirical analysis of structural equation model, we use thequestionnaire data testing various indicators of structural equation model fitting, the resultsshowed a good degree of model fitting, and the data was in support of our hypothesis. Thatis, the higher the investors’ exception for voluntary disclosure is, the lower their satisfactionwill be; the better the voluntary disclosure quality is, the higher the investor satisfactionwill be; the higher the voluntary information usefulness in the decision-making process ofinvestors, the higher the investor satisfaction will be. In addition, the paper also verified themediating effect of usefulness, the test results showed that: the usefulness act a partiallymediated effect in the process of how quality impact on satisfaction, a significant mediatingeffect is positive; the usefulness act a partially mediated effect in the process of howexpectation impact on satisfaction, a significant mediating effect is negative. At last, thearticle on how to improve voluntary disclosure quality and investor satisfaction put forwarda number of recommendations.更多还原