上市公司信息披露质量的动态研究
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摘要
信息是资本市场生存和发展的基石,低质量的信息披露是引起资本市场诸多问题的关键原因。尤其对我国这样新兴的证券市场而言,相比发达国家的成熟市场来说问题更多,因此研究我国上市公司的信息披露质量的问题有十分重要的理论和现实意义。
诸多专家学者已经在资本市场信息披露这一领域作出了很多有启发的研究,也得到了很多有意义的研究成果。但他们的研究主要有几个局限：1、目前的研究主要基于静态层面对公司信息透明度进行研究,在可公开查阅的文献中尚未发现有基于动态层面研究信息披露质量问题的研究。2、在对公司信息披露质量的影响因素的验证中,国内研究缺乏基于实际背景的对管理者和大股东动机的深度探讨。3、国内较少有对于公司信息披露质量变化的经济后果的直接验证,而国内对信息披露质量对公司盈余水平及股权资本成本的影响研究基本是照搬国外相关研究的方法,缺少与中国证券市场的实际相结合的研究。尤其是对资本成本的影响研究,基本都是采用横截面数据,较少从动态角度进行验证。
基于前人研究的局限,本文拟从动态角度研究信息披露质量以及其影响因素和经济后果。对影响因素方面的研究并不简单罗列多种因素,而是主要从大股东和管理层动机的角度进行研究；对经济后果方面,有别于许多学者主要从市场角度研究其经济后果,本文主要从公司层面研究信息披露质量变化的经济后果。在研究时,遵循从文献回顾——理论分析——披露现状——影响因素——经济后果这一研究框架,采用了规范与实证相结合的研究方法。全文主要内容如下：
第一章、导论：主要介绍了本文对我国上市公司信息披露质量变化的研究的背景,目的和意义,同时提出本文最重要的概念—“信息披露质量”,并对研究方法,全文整体思路和本文主要的创新之处做了阐述。
第二章、文献回顾与评述：详细回顾了国内外有关会计信息披露质量的相关研究文献。本章共分为3个部分,第一部分介绍了信息披露质量,即信息披露透明度的含义及其评价的研究；第二部分介绍了信息披露透明度影响因素的研究文献；第三部分介绍了信息披露透明度的经济后果的有关文献。最后以此为基础,提出现有文献研究的局限,为本文的研究分析提供借鉴和参考。
第三章、会计信息披露的理论研究：本部分主要阐明一些相关的重要理论问题,包括会计信息的含义与属性；会计信息的重要理论基础—信息不对称理论、有效市场理论和现代企业理论；会计信息披露质量的内涵等,通过研究发现,信息作为价格的生成依据引导着资本市场的资源配置,决定着资本市场资源配置的效率,是资本市场生存和发展的基础。而会计正是一种经济信息系统,其目标是提供决策有用的信息。会计系统所生成的最终产品—会计信息的本质是一种商品,但由于现代企业中两权分离的存在,使其同时具有公共物品的属性。同时由于信息不对称的普遍存在,使得资本市场并没有达到强式效率,因此,会计信息的披露会对证券价格产生影响。同时,现代企业理论将企业看成是由利益相关者组成的“一系列合约的联结”。由于两权分离和由此带来的信息不对称,使得企业的利益相关者需要企业提供会计信息,据此做出相应的决策。可见,资本市场的信息披露及其质量问题是资本市场产生和发展的基石,研究这个问题具有非常重要的意义,信息披露之所以成为一个问题主要是源于信息不对称及其引发的一系列问题。
第四章、我国上市公司信息披露的现状：本章从制度入手分析了我国上市公司信息披露制度的变迁及现行规定,并刻画出我国目前上市公司信息披露质量的基本情况。从世界范围看,资本市场信息公开披露制度主要是伴随着股份制公司的出现和发展而逐步形成和完善的。我国证券市场虽然起步较晚,但发展很快,随着我国证券市场各种机制的不断完善,作为资本市场最重要的机制—信息披露制度也在不断的发展完善。但从各方面的调查和统计数据来看,我国上市公司会计信息披露质量依然不容乐观,不管是上市公司还是中介机构,都出现了很多问题,如何提高我国上市公司信息披露质量的’问题,仍然十分重要而迫切。
第五章、信息披露质量变化的影响因素研究：本章主要采用实证研究的方法,选择2002.2009年深交所全部上市公司作为样本,剔除：(1)上市未满4年的公司；(2)金融行业上市公司；(3)数据不全的公司,并根据前述相关文献的阅读整理,将影响公司信息披露质量的动机因素分为两类,并提出若干假设。选择深交所的上市公司年度信息考评等级的变化作为因变量,选择若干重要的影响因素作为自变量建立回归方程,采用logistic回归方法进行数据的分析。研究结果表明,上市公司大股东的攫取动机,上市公司高管人员的保牌动机,法律成本动机和留任动机越强烈,其信息披露质量越低；与非国有控股公司相比,国有控股公司的信息披露质量较低；而上市公司大股东的掏空动机,高管的融资动机和报酬动机对信息披露质量变化没有显著影响。
第六章、信息披露质量变化的经济后果：本章也主要采用实证研究方法,主要从公司层面研究信息披露质量变化对上市公司的关键性财务因素—会计盈余和股权资本成本有何影响。第一,本章选取会计盈余价值相关性作为因变量,实证分析了公司会计信息披露质量的改变对会计盈余价值相关性的影响。研究表明,上市公司信息披露质量越高,则其会计盈余的价值相关性也越高。第二,本章从时间角度,研究了上市公司信息披露质量变化对其股权资本成本的变化是否有负面影响,实证研究的结果发现,由于我国资本市场的特殊性,经典信息披露理论的前提条件在我国不成立,因此我国市场上上市公司信息披露质量的变化对公司股权资本成本的变化没有显著影响。
第七章、研究结论与展望：在前面研究的基础上得到本文的主要结论,政策建议,研究局限和进一步研究的展望。
根据本文的研究结论,可以得到如下几点重要启示：
第一、信息是资本市场生存和发展的基石和灵魂,信息披露质量的低劣是导致资本市场多种问题的关键原因。由于我国资本市场发展历史较短,各种机制尚不健全,因此我国证券市场的信息披露质量的现状令人堪忧,这使得对信息披露质量的研究有其重要性,必要性和迫切性。
第二、从影响信息披露质量变化的动机因素来看,上市公司大股东的攫取动机,上市公司高管人员的保牌动机,法律成本动机和留任动机越强烈,其信息披露质量越低；与非国有控股公司相比,国有控股公司的信息披露质量较低；而上市公司大股东的掏空动机,高管的融资动机和报酬动机对信息披露质量变化没有显著影响。由此可见,对那些控制链复杂,现金流权和实际控制权分离较大,财务状况不佳的公司,要重点监控其信息披露的质量,改进和完善各种机制以降低其违规披露的冲动。例如,可以改变我国上市公司的ST, PT制度,对公司是否被ST, PT或摘牌采用实质重于形式的原则来判断,而不仅仅是简单的以连续几年账面亏损来判断。对于国有控股的上市公司信息披露质量的改善,应该和国有企业改革相结合,采取多种措施解决国有企业所有者虚位的问题。
第三、从信息披露质量变化的经济后果来看,首先,上市公司信息披露质量越高,则其会计盈余的价值相关性也越高。换句话说,其会计盈余对股价,对投资者决策的影响就越大。这表明信息披露质量越高,则资本市场的投资性越强,资本市场的有效性也得到提高。其次,由于我国资本市场的特殊性,经典信息披露理论的前提条件在我国不成立,因此我国市场上上市公司信息披露质量的变化对公司股权资本成本的变化没有显著影响。究其原因,主要是投资者对我国上市公司所披露的会计信息不信任,很少将其纳入决策时的考虑范围。因此,我们应该大力提高上市公司的信息披露质量,同时加强对投资者的宣传和教育,使得上市公司所披露的信息,所传递的信号,能够对公司资本成本的降低起到积极的作用。
本文的创新主要有以下几个方面：
一、本文主要从动态角度研究信息披露质量问题。目前国内外对信息披露质量的研究主要基于静态层面对公司信息透明度进行研究,但是我们研究信息披露问题,最重要的目的是希望能够提高公司信息披露的质量,因此从动态层面对信息披露问题进行研究更有其理论和实际意义,本文从动态角度入手,研究信息披露质量的变化的影响因素和经济后果,在可公开检索的文献中,尚未发现此类从动态角度系统研究信息披露质量问题的文献。
二、本文从理论上严格区分了“信息披露质量”和“透明度”这两个概念。目前国内外对信息披露的实证分析主要是从透明度的角度进行研究,而其所选择的替代变量并不能很好的反映“透明度”这一概念。而本文认为,信息透明度与信息披露质量是两个互相联系又有区别的概念,信息披露质量仅指信息的形式,而信息透明度不仅包括信息的形式,还包括信息的内容。有鉴于要找到真正能够全面反映公司信息透明度的指标非常困难,因此本文在严格区分两个概念的基础上,将研究对象局限于信息披露质量,而不是信息透明度。
三、本文主要从动机角度研究影响信息披露质量变化的因素。在这方面的研究中,目前的文献通常研究宏观环境、公司特征、治理结构等客观因素对信息披露质量的影响,缺乏对大股东和管理层动机的深度探讨,而本文认为,信息披露质量的提高或降低是信息供给者的主动行为,这一行为与其动机密切相关。本文在研究信息披露质量变化的影响因素时,着重研究公司层面的影响因素,积极关注大股东和管理层动机对信息披露质量变化的影响。
四、本文从时间角度研究信息披露质量变化对公司股权资本成本变化的影响,这有别于目前绝大多数研究采用的横截面数据,并且得出了与以往大多数学者不同的结论。
当然,由于各种条件的限制,本文的研究还有很多局限,例如用深交所信息披露考核评级作为本文信息披露质量的变量的合理性尚有疑问,同时有些相关问题尚未进一步研究。这些都有待于作者今后的努力。
The information is the base of the capital market, the lower quality of information disclosure is the key cause for the various problems of capital market, especially for our emerging market. So the research for information disclosure of our listed companies is very important in theory and practice.
The scholars have carried on investigation into the information disclosure and concluded several irradiative conclusions, but their researches have some bugs: 1.the majority researches are based on static state, almost haven't dynamic researches.2. For the Influence factor of information disclosure, the domestic scholars almost haven't discussed the motivation of the management.3.for the influence of capital cost, the majority exiting researches adopted the cross section data, but these empirical researches couldn't prove the conclusion directly.
Because of the bugs of exiting researches as we mentioned above, we will research on the influence factors and economic result of accounting information disclosure on the basis of dynamic transformation. For the research on influence factor, we mainly concern with the intent of Substantial Shareholders and management; for the research on economic result, we mainly concern with the infection on the company. For our research, we have the theoretic clue which is 'literature review—theoretic analysis—description for the exiting information disclosure—influence factor—economic result'. We combine standardization method with empirical method and the main content for this paper as follows:
The first chapter:introduction. This chapter introduces the research background, purpose and significance, also expounds the research method, the overall framework and the new trails for this paper.
The second chapter:literature review. This chapter reviews the related literature about information disclosure. Firstly, we review the definition and measurement for information transparency (also information disclosure quality); secondly, we review the literatures about influence factors of information disclosure; thirdly, we review the research on the economic result; lastly, we evaluate the limitations of the exiting researches.
The third chapter:theoretic research on information disclosure. For this chapter, we mainly explain some important theoretic concepts for information disclosure. Include the definition and characteristics of accounting information; the important theoretic basis for accounting information—information asymmetry theory, efficient market theory and modernistic theory of the firm; the definition of the quality for accounting information disclosure.
The forth chapter:the actuality for information disclosure in our country. This chapter describes the changes and the existing provision for the system of information disclosure in our country, and depicts the fundamental state for accounting information disclosure of our listed companies. In summary, the standards for information disclosure are more and more detailed and perfectly, but the actuality for our information disclosure can't turn up trumps:
The fifth chapter:research on the influence factors on the change of information disclosure quality. We mainly adopt empirical method in this chapter. We choose the 2002-2009 data for the whole listed companies in Shenzhen Stock Exchange as the sample, eliminate:(1) list less than 4 years; (2) listed companies in financial industry; (3) companies lack of data. Then according to the related literature, we put forward some assumptions, establish logistic regression model and analyze the data. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for. the information disclosure quality. The other motivations have not the significant effect on information disclosure quality.
The sixth chapter:economic result on the change of information disclosure quality. In this chapter we mainly research the effect on the related value between accounting earnings and stock price, and on capital cost by the change of information disclosure quality. From this chapter, we can conclude that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country.
The seventh chapter:conclusions of the research and outlook of farther research. In this chapter, we summarize the main conclusions from the preceding research, put forward our policy and suggestion, point out the limitation for our research and outlook the farther research.
From this paper, we can conclude several important revelations as follows:
1. Information is the most important basis for capital market, but because of various reasons, the actuality for information disclosure quality in our country is very worrying. So the research on information disclosure quality is very important and necessary.
2. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for the information disclosure quality. The other motivations have not the significant effect on information disclosure quality. So we must emphasize the supervision on the companies whose control chain is very complex and whose accounting earnings are underperforms. For the state-owned business, we must adopt various steps to resolve the omission of owner.
3. From the economic result of the change of information disclosure, we find that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price, so to improve the quality of information disclosure is very significative; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country. So we must improve the authenticity for the information that the listed companies disclose, in order that the investors can trust the information and concern the information when they make a decision.
The main new ideals for this paper are mentioned as follows:
1. The majority exiting researches are based on static state, but our paper researches the information disclosure quality based on dynamic angle.
2. The majority exiting literatures research on information transparency, but we think that there are differences between information transparency and information disclosure quality. And in this paper, we distinguish the two concepts and research only on information disclosure quality.
3. For influence factors, the exiting literatures mainly research form corporate governance, macroscopical environment, etc. But our paper researches on the influence factors mainly from motivations of substantial stockholders and management.
4. The exiting researches about the economic result on capital cost mainly adopt cross-section data, but we adopt the temporal series data for the empirical verification.
Of course, because of the restrictions of research terms, there are some limitation for this paper and await the farther research.
诸多专家学者已经在资本市场信息披露这一领域作出了很多有启发的研究,也得到了很多有意义的研究成果。但他们的研究主要有几个局限：1、目前的研究主要基于静态层面对公司信息透明度进行研究,在可公开查阅的文献中尚未发现有基于动态层面研究信息披露质量问题的研究。2、在对公司信息披露质量的影响因素的验证中,国内研究缺乏基于实际背景的对管理者和大股东动机的深度探讨。3、国内较少有对于公司信息披露质量变化的经济后果的直接验证,而国内对信息披露质量对公司盈余水平及股权资本成本的影响研究基本是照搬国外相关研究的方法,缺少与中国证券市场的实际相结合的研究。尤其是对资本成本的影响研究,基本都是采用横截面数据,较少从动态角度进行验证。
基于前人研究的局限,本文拟从动态角度研究信息披露质量以及其影响因素和经济后果。对影响因素方面的研究并不简单罗列多种因素,而是主要从大股东和管理层动机的角度进行研究；对经济后果方面,有别于许多学者主要从市场角度研究其经济后果,本文主要从公司层面研究信息披露质量变化的经济后果。在研究时,遵循从文献回顾——理论分析——披露现状——影响因素——经济后果这一研究框架,采用了规范与实证相结合的研究方法。全文主要内容如下：
第一章、导论：主要介绍了本文对我国上市公司信息披露质量变化的研究的背景,目的和意义,同时提出本文最重要的概念—“信息披露质量”,并对研究方法,全文整体思路和本文主要的创新之处做了阐述。
第二章、文献回顾与评述：详细回顾了国内外有关会计信息披露质量的相关研究文献。本章共分为3个部分,第一部分介绍了信息披露质量,即信息披露透明度的含义及其评价的研究；第二部分介绍了信息披露透明度影响因素的研究文献；第三部分介绍了信息披露透明度的经济后果的有关文献。最后以此为基础,提出现有文献研究的局限,为本文的研究分析提供借鉴和参考。
第三章、会计信息披露的理论研究：本部分主要阐明一些相关的重要理论问题,包括会计信息的含义与属性；会计信息的重要理论基础—信息不对称理论、有效市场理论和现代企业理论；会计信息披露质量的内涵等,通过研究发现,信息作为价格的生成依据引导着资本市场的资源配置,决定着资本市场资源配置的效率,是资本市场生存和发展的基础。而会计正是一种经济信息系统,其目标是提供决策有用的信息。会计系统所生成的最终产品—会计信息的本质是一种商品,但由于现代企业中两权分离的存在,使其同时具有公共物品的属性。同时由于信息不对称的普遍存在,使得资本市场并没有达到强式效率,因此,会计信息的披露会对证券价格产生影响。同时,现代企业理论将企业看成是由利益相关者组成的“一系列合约的联结”。由于两权分离和由此带来的信息不对称,使得企业的利益相关者需要企业提供会计信息,据此做出相应的决策。可见,资本市场的信息披露及其质量问题是资本市场产生和发展的基石,研究这个问题具有非常重要的意义,信息披露之所以成为一个问题主要是源于信息不对称及其引发的一系列问题。
第四章、我国上市公司信息披露的现状：本章从制度入手分析了我国上市公司信息披露制度的变迁及现行规定,并刻画出我国目前上市公司信息披露质量的基本情况。从世界范围看,资本市场信息公开披露制度主要是伴随着股份制公司的出现和发展而逐步形成和完善的。我国证券市场虽然起步较晚,但发展很快,随着我国证券市场各种机制的不断完善,作为资本市场最重要的机制—信息披露制度也在不断的发展完善。但从各方面的调查和统计数据来看,我国上市公司会计信息披露质量依然不容乐观,不管是上市公司还是中介机构,都出现了很多问题,如何提高我国上市公司信息披露质量的’问题,仍然十分重要而迫切。
第五章、信息披露质量变化的影响因素研究：本章主要采用实证研究的方法,选择2002.2009年深交所全部上市公司作为样本,剔除：(1)上市未满4年的公司；(2)金融行业上市公司；(3)数据不全的公司,并根据前述相关文献的阅读整理,将影响公司信息披露质量的动机因素分为两类,并提出若干假设。选择深交所的上市公司年度信息考评等级的变化作为因变量,选择若干重要的影响因素作为自变量建立回归方程,采用logistic回归方法进行数据的分析。研究结果表明,上市公司大股东的攫取动机,上市公司高管人员的保牌动机,法律成本动机和留任动机越强烈,其信息披露质量越低；与非国有控股公司相比,国有控股公司的信息披露质量较低；而上市公司大股东的掏空动机,高管的融资动机和报酬动机对信息披露质量变化没有显著影响。
第六章、信息披露质量变化的经济后果：本章也主要采用实证研究方法,主要从公司层面研究信息披露质量变化对上市公司的关键性财务因素—会计盈余和股权资本成本有何影响。第一,本章选取会计盈余价值相关性作为因变量,实证分析了公司会计信息披露质量的改变对会计盈余价值相关性的影响。研究表明,上市公司信息披露质量越高,则其会计盈余的价值相关性也越高。第二,本章从时间角度,研究了上市公司信息披露质量变化对其股权资本成本的变化是否有负面影响,实证研究的结果发现,由于我国资本市场的特殊性,经典信息披露理论的前提条件在我国不成立,因此我国市场上上市公司信息披露质量的变化对公司股权资本成本的变化没有显著影响。
第七章、研究结论与展望：在前面研究的基础上得到本文的主要结论,政策建议,研究局限和进一步研究的展望。
根据本文的研究结论,可以得到如下几点重要启示：
第一、信息是资本市场生存和发展的基石和灵魂,信息披露质量的低劣是导致资本市场多种问题的关键原因。由于我国资本市场发展历史较短,各种机制尚不健全,因此我国证券市场的信息披露质量的现状令人堪忧,这使得对信息披露质量的研究有其重要性,必要性和迫切性。
第二、从影响信息披露质量变化的动机因素来看,上市公司大股东的攫取动机,上市公司高管人员的保牌动机,法律成本动机和留任动机越强烈,其信息披露质量越低；与非国有控股公司相比,国有控股公司的信息披露质量较低；而上市公司大股东的掏空动机,高管的融资动机和报酬动机对信息披露质量变化没有显著影响。由此可见,对那些控制链复杂,现金流权和实际控制权分离较大,财务状况不佳的公司,要重点监控其信息披露的质量,改进和完善各种机制以降低其违规披露的冲动。例如,可以改变我国上市公司的ST, PT制度,对公司是否被ST, PT或摘牌采用实质重于形式的原则来判断,而不仅仅是简单的以连续几年账面亏损来判断。对于国有控股的上市公司信息披露质量的改善,应该和国有企业改革相结合,采取多种措施解决国有企业所有者虚位的问题。
第三、从信息披露质量变化的经济后果来看,首先,上市公司信息披露质量越高,则其会计盈余的价值相关性也越高。换句话说,其会计盈余对股价,对投资者决策的影响就越大。这表明信息披露质量越高,则资本市场的投资性越强,资本市场的有效性也得到提高。其次,由于我国资本市场的特殊性,经典信息披露理论的前提条件在我国不成立,因此我国市场上上市公司信息披露质量的变化对公司股权资本成本的变化没有显著影响。究其原因,主要是投资者对我国上市公司所披露的会计信息不信任,很少将其纳入决策时的考虑范围。因此,我们应该大力提高上市公司的信息披露质量,同时加强对投资者的宣传和教育,使得上市公司所披露的信息,所传递的信号,能够对公司资本成本的降低起到积极的作用。
本文的创新主要有以下几个方面：
一、本文主要从动态角度研究信息披露质量问题。目前国内外对信息披露质量的研究主要基于静态层面对公司信息透明度进行研究,但是我们研究信息披露问题,最重要的目的是希望能够提高公司信息披露的质量,因此从动态层面对信息披露问题进行研究更有其理论和实际意义,本文从动态角度入手,研究信息披露质量的变化的影响因素和经济后果,在可公开检索的文献中,尚未发现此类从动态角度系统研究信息披露质量问题的文献。
二、本文从理论上严格区分了“信息披露质量”和“透明度”这两个概念。目前国内外对信息披露的实证分析主要是从透明度的角度进行研究,而其所选择的替代变量并不能很好的反映“透明度”这一概念。而本文认为,信息透明度与信息披露质量是两个互相联系又有区别的概念,信息披露质量仅指信息的形式,而信息透明度不仅包括信息的形式,还包括信息的内容。有鉴于要找到真正能够全面反映公司信息透明度的指标非常困难,因此本文在严格区分两个概念的基础上,将研究对象局限于信息披露质量,而不是信息透明度。
三、本文主要从动机角度研究影响信息披露质量变化的因素。在这方面的研究中,目前的文献通常研究宏观环境、公司特征、治理结构等客观因素对信息披露质量的影响,缺乏对大股东和管理层动机的深度探讨,而本文认为,信息披露质量的提高或降低是信息供给者的主动行为,这一行为与其动机密切相关。本文在研究信息披露质量变化的影响因素时,着重研究公司层面的影响因素,积极关注大股东和管理层动机对信息披露质量变化的影响。
四、本文从时间角度研究信息披露质量变化对公司股权资本成本变化的影响,这有别于目前绝大多数研究采用的横截面数据,并且得出了与以往大多数学者不同的结论。
当然,由于各种条件的限制,本文的研究还有很多局限,例如用深交所信息披露考核评级作为本文信息披露质量的变量的合理性尚有疑问,同时有些相关问题尚未进一步研究。这些都有待于作者今后的努力。
The information is the base of the capital market, the lower quality of information disclosure is the key cause for the various problems of capital market, especially for our emerging market. So the research for information disclosure of our listed companies is very important in theory and practice.
The scholars have carried on investigation into the information disclosure and concluded several irradiative conclusions, but their researches have some bugs: 1.the majority researches are based on static state, almost haven't dynamic researches.2. For the Influence factor of information disclosure, the domestic scholars almost haven't discussed the motivation of the management.3.for the influence of capital cost, the majority exiting researches adopted the cross section data, but these empirical researches couldn't prove the conclusion directly.
Because of the bugs of exiting researches as we mentioned above, we will research on the influence factors and economic result of accounting information disclosure on the basis of dynamic transformation. For the research on influence factor, we mainly concern with the intent of Substantial Shareholders and management; for the research on economic result, we mainly concern with the infection on the company. For our research, we have the theoretic clue which is 'literature review—theoretic analysis—description for the exiting information disclosure—influence factor—economic result'. We combine standardization method with empirical method and the main content for this paper as follows:
The first chapter:introduction. This chapter introduces the research background, purpose and significance, also expounds the research method, the overall framework and the new trails for this paper.
The second chapter:literature review. This chapter reviews the related literature about information disclosure. Firstly, we review the definition and measurement for information transparency (also information disclosure quality); secondly, we review the literatures about influence factors of information disclosure; thirdly, we review the research on the economic result; lastly, we evaluate the limitations of the exiting researches.
The third chapter:theoretic research on information disclosure. For this chapter, we mainly explain some important theoretic concepts for information disclosure. Include the definition and characteristics of accounting information; the important theoretic basis for accounting information—information asymmetry theory, efficient market theory and modernistic theory of the firm; the definition of the quality for accounting information disclosure.
The forth chapter:the actuality for information disclosure in our country. This chapter describes the changes and the existing provision for the system of information disclosure in our country, and depicts the fundamental state for accounting information disclosure of our listed companies. In summary, the standards for information disclosure are more and more detailed and perfectly, but the actuality for our information disclosure can't turn up trumps:
The fifth chapter:research on the influence factors on the change of information disclosure quality. We mainly adopt empirical method in this chapter. We choose the 2002-2009 data for the whole listed companies in Shenzhen Stock Exchange as the sample, eliminate:(1) list less than 4 years; (2) listed companies in financial industry; (3) companies lack of data. Then according to the related literature, we put forward some assumptions, establish logistic regression model and analyze the data. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for. the information disclosure quality. The other motivations have not the significant effect on information disclosure quality.
The sixth chapter:economic result on the change of information disclosure quality. In this chapter we mainly research the effect on the related value between accounting earnings and stock price, and on capital cost by the change of information disclosure quality. From this chapter, we can conclude that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country.
The seventh chapter:conclusions of the research and outlook of farther research. In this chapter, we summarize the main conclusions from the preceding research, put forward our policy and suggestion, point out the limitation for our research and outlook the farther research.
From this paper, we can conclude several important revelations as follows:
1. Information is the most important basis for capital market, but because of various reasons, the actuality for information disclosure quality in our country is very worrying. So the research on information disclosure quality is very important and necessary.
2. From the empirical research, we find that the more stronger for the motivation of grasp for substantial stockholders, the motivation of retaining the list, the motivation of law, the motivation of remaining in office for management, the more lower for the information disclosure quality. The other motivations have not the significant effect on information disclosure quality. So we must emphasize the supervision on the companies whose control chain is very complex and whose accounting earnings are underperforms. For the state-owned business, we must adopt various steps to resolve the omission of owner.
3. From the economic result of the change of information disclosure, we find that:(1) higher of information disclosure quality, more closely linked between accounting earnings and stock price, so to improve the quality of information disclosure is very significative; (2) because of the distinguishing characteristics of our capital market, the change of information disclosure quality have not significant effect on the capital cost in our country. So we must improve the authenticity for the information that the listed companies disclose, in order that the investors can trust the information and concern the information when they make a decision.
The main new ideals for this paper are mentioned as follows:
1. The majority exiting researches are based on static state, but our paper researches the information disclosure quality based on dynamic angle.
2. The majority exiting literatures research on information transparency, but we think that there are differences between information transparency and information disclosure quality. And in this paper, we distinguish the two concepts and research only on information disclosure quality.
3. For influence factors, the exiting literatures mainly research form corporate governance, macroscopical environment, etc. But our paper researches on the influence factors mainly from motivations of substantial stockholders and management.
4. The exiting researches about the economic result on capital cost mainly adopt cross-section data, but we adopt the temporal series data for the empirical verification.
Of course, because of the restrictions of research terms, there are some limitation for this paper and await the farther research.
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④汪炜,蒋高峰,2004：信息披露、透明度与资本成本,经济研究,7
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⑥曾颖,陆正飞,2006：信息披露质量与股权融资成本,经济研究,2
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① Gebhardt W., Lee C., Swaminathan, B.,2001:Toward an Implied Cost of Capital, Journal of Accounting Research,39 (1)
② Botosan C.A. and Plumlee M.A.,2002:A Re-examination of Disclosure Level and Expected Cost of Capital, Journal of Accounting Research, Vol.40
③ J. Ohlson, B. Juettner-Nauroth,2005:Expected EPS and EPS Growth as Determinants of Value, Review of Accounting Studies,10 (2)
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⑤陆正飞,叶康涛,2004：中国上市公司股权融资偏好解析—偏好股权融资就是缘于融资成本低吗?经济研究,4
⑥黄娟娟,肖眠,2005：信息披露、收益透明度与权益资本成本,中国会计评论理事会：中国第四届实证会计国际研讨会会议论文集,上海：复旦大学,
⑦沈艺峰,肖眠,黄涓涓,2005：中小投资者法律保护与权益资本成本,经济研究,6.
⑧李明毅,惠晓峰,2008：上市公司信息披露与资本成本：来自中国证券市场的经验证据,管理学报,5(1)
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⑤ Gebhardt W., Lee C., Swaminathan, B.,2001:Toward an Implied Cost of Capital, Journal of Accounting Research,39 (1)
⑥由于在计算权益资本成本Re的时候涉及到净资产收益率ROE和每股盈余EPS等反映盈利水平的变量,因此本章在此采用总资产收益率ROA作为代表盈利水平的变量。
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⑧刘蓬勃,2006：中国股票市场弱式有效的实证研究,世界经济情况,8
⑨张亦春,周颖刚,2001：中国股市弱式有效吗?金融研究,3：
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11沈艺峰,吴世农,1999：我国证券市场过度反应了吗?经济研究,2
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②张程睿,2010：内部人动机、公司治理与信息披露质—基于对深圳上市公司的实证分析.,经济与管 理研究,第5期
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② Botosan C.A. and Plumlee M.A.,2002:A Re-examination of Disclosure Level and Expected Cost of Capital, Journal of Accounting Research, Vol.40
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⑧李明毅,惠晓峰,2008：上市公司信息披露与资本成本：来自中国证券市场的经验证据,管理学报,5(1)
①Fama E., French K.,1992:The Cross-sectional of Expected Stock Returns, Journal of Finance,47
② Diamond D. and R. Verrecchia,1991:Disclosure, Liquidity, and the Cost of Capital, The Journal of Finance,
③ Botosan C.,1997:Disclosure Level and the Cost of Equity Capital, The Accounting Review,72 (3)
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⑤ Gebhardt W., Lee C., Swaminathan, B.,2001:Toward an Implied Cost of Capital, Journal of Accounting Research,39 (1)
⑥由于在计算权益资本成本Re的时候涉及到净资产收益率ROE和每股盈余EPS等反映盈利水平的变量,因此本章在此采用总资产收益率ROA作为代表盈利水平的变量。
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