导　　师： 熊剑

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 自愿性信息披露能够提高信息披露的质量,降低信息的不对称程度,展示公司的能力,改善上市公司与投资者关系。我国上市公司的自愿性信息披露还存在种种问题,对自愿性信息披露的研究还处于探索阶段,基于此,本文以我国沪市制造业上市公司为研究对象,分析公司特征对自愿性信息披露的影响。 本文首先分析了自愿性信息披露的理论基础,并对国内外的研究进行了分类阐述。然后在参考国内外学者对自愿性信息披露研究的基础上,结合我国的实际情况,设计了一套评价我国上市公司自愿性信息披露的指标体系,在对我国沪市制造业上市公司自愿性信息披露进行评价后发现,我国上市公司的自愿性信息披露水平不高。在对公司特征与自愿性信息披露水平进行多元回归分析后发现:公司规模、盈利能力、国有法人股、董事会规模、公司外部审计机构、公司所处的地区对自愿性信息披露存在显著的影响;规模越大、盈利能力越强的公司自愿性信息披露水平越高;国有法人股比例越高,董事会规模越大的公司自愿性信息披露水平越高;由四大会计师事务所审计的上市公司、东部地区的上市公司自愿性信息披露水平越高;研究还发现,公司独立董事和外部的债务并没有能够发挥应有的治理作用,促进自愿性信息披露水平的提高,而董事长和总经理两职合一则会显著地降低自愿性信息披露的水平。 最后本文对我国上市公司自愿性信息披露水平不高的原因进行了分析,对公司特征与自愿性信息披露水平的实证结论进行了深入分析,认为代理理论和信号传递理论能够较好的解释上市公司的自愿性信息披露。 Voluntary information disclosure can improve the quality of information disclosed and reduce the asymmetry of information.It can also improve the relationship between listed companies and stockholders,while showing the company's advantage.The study of voluntary information disclosure in china is still staying at the exploring stage.This paper is about to study the effect of the company characteristics on the voluntary information disclosure. In this paper,at first,We analysised the basic theory of voluntary disclosure,elaborated on kinds of research work done by scholars both domestic and abroad.After that we designed a set of index system to evaluate the voluntary disclosure of listed companies in China.We found that the level of China's listed companies isn't high by applying it to listed companies in Shanghai. After carrying out multiple regression analysis the of it's characteristics and the level of Voluntary Disclosure of information,Come to the conclusion that following factors have significant impact to voluntary information disclosure:company size,profitability,state-owned legal person shares,the size of the Board of Directors,External audit,location.For companies with bigger size or much powerful in getting profit the level of voluntary disclosure is much higher;If the proportion of state-owned legal person shares is higher,The size of the Board of Directors is more larger,the level of voluntary disclosure of information is much higher,Listed companies located in eastern region or//which is also audited by the four major accounting auditing of the world,the level of Voluntary Disclosure of information is more higher.Study also found that independent directors and external debt failed to play active role in corporate governance,they does not improve the promotion of voluntary disclosure levels,and the chairman of the board also work as the general manager will significantly reduce the level of voluntary information disclosure. At last,we analysis the Reasons for the low level of voluntary information disclosure and the results of the regression.We think the reasons of disclose more information lies in reducing costs of agency and the transmission of signals to the outside world..

关 键 词： 自愿性信息披露 公司特征 内容分析法 评价指标

分 类 号： [F275 F276.6 F224]

领　　域： [经济管理] [经济管理] [经济管理] [经济管理] [经济管理]