证券市场强制信息披露的理论思考

随着证券市场的发展,信息披露制度越来越受到人们的广泛关注。追溯证券市场信息披露制度演变,在回顾已有的强制和自愿披露两种理论观点的基础上提出理论思考,信息不对称所导致的“逆向选择”和“道德风险”是证券市场强制信息披露存在的根本理由,并对我国信息披露制度提出建议。     

我国信息披露对资本结构影响问题探析

我国证券市场日益规范,有关信息披露问题的研究日趋深入,作为信息披露经济后果的重要体现,信息披露质量的提高,有助于完善各项法律法规,有助于减少信息不对称,降低资本成本,进一步影响资本结构的选择。     

我国上市公司盈余管理对策研究

由于会计信息的复杂性、信息不对称的不可克服性和舞弊危害的严重性,盈余管理成为困扰证券市场投资者、监管者、审计人员,损害证券市场健康发展的一个大问题,盈余管理是各国学者研究的焦点之一,研究的角度很多。针对在研究中发现的一些问题,对改善我国上市公司盈余管理的现状提出一些建议。     

基于信息经济学的公允价值信息披露研究

本文从信恩经济学的角度,以解决逆向选择问题的三种机制为切入点分析了上市公司公允价值的信息披露,并在此基础上得出结论:只有在信息传递机制、信息甄别机制和信誉机制的共同作用下,才能最大程度的避免因证券市场信息不对称而引起的逆向选择问题,以保证公允价值信息的决策相关性和保护广大投资者的利益.     

资产减值披露与信息不对称关系的研究

企业会计信息的披露在证券市场的发展过程中具有极其重要的作用,因为它能够向外传递投资者竞相追逐的信号,成为投资者进行投资决策的重要依据。公司重大资产减值信息披露向投资者传递了一种公司未来资产价值可能的变动信息。而在信息不对称的条件下,投资者无法掌握公司内部的真实情况及公司管理层的真实意图,只能根据所披露的信息来判断该公司资产价值的减少、管理政策的改变以及公司盈余管理的意愿及能力,并因此反映在公司的股票价格上,这是因为资产减值信息存在着传导效应。本文主要介绍了资产减值的内涵以及信息不对称情况,并就二者之间的关系进行了论述。     

我国上市公司会计信息披露问题及对策研究

一个完善而有效的会计信息披露体系是建立高效的证券市场管理体系的重要前提和基础,上市公司会计信息披露问题的解决是净化信息环境的重中之重。进行上市公司会计信息披露不仅可以提高资本市场的有效性,减少信息不对称导致的逆向风险,而且有利于经济发展和推进证券市场的健康发展。本文通过分析上市公司会计信息披露现状及存在的问题,探寻出现会计信息披露问题的原因,进而针对不同原因提出有效的解决对策。     

信息不对称、董事会特征与管理层盈余预告披露选择——基于我国A股上市公司2004-2007年数据的实证检验

利用2004年1季度-2007年4季度我国A股上市公司样本数据.本文检验了信息不对称程度、董事会特征与管理层盈余预告选择的关系.结果发现:(1)管理层盈余预告值表达方式精确程度及及时性均随着董事会规模增大及董事会会议频率提高而降低;随着独立董事比例提高,管理层盈余预告值表达方式越精确.(2)在考虑信息不对称程度交互作用后,董事会会议频率与管理层盈余预告值表达方式的精确程度之间负相关程度,以及独立董事比例与管理层盈余预告值表达方式的精确程度的正相关程度,均随着信息不对称程度提高而提高;董事会规模对管理层盈余预告偏差的作用程度,以及独立董事比例对管理层盈余预告偏差的作用程度,都会因信息不对称程度变化而不同.     

基于固定效应模型的应计质量与企业非效率投资研究

本文首先从信息不对称和代理成本两个视角剖析了应计质量对于投资效率的作用机理;然后基于固定效应模型采用应计盈余管理程度来检验盈余质量与企业非效率投资的关系;研究结果表明应计质量的提高能显著降低企业的非效率投资。     

不完全信息下的旅游者行为

本文从信息经济学的角度出发,对旅游者在信息不对称情况下产生的行为:信息搜寻、逆向选择以及攀比效应、虚荣效应一一进行阐述。     

盈余质量对投资效率影响路径的理论分析

非效率投资的产生的根源主要为信息不对称和代理问题两个方面,文章通过理论与文献相结合的方式,研究了盈余质量与代理成本(融资约束)、代理成本(融资约束)与投资效率之间的关系,发现高质量的盈余信息可以改善信息不对称和代理问题,进而抑制非效率投资。最终证明了双重代理和融资约束是盈余质量影响投资效率的两种路径。     

The Impact of Revised Recommended Accounting Practices on R&D Reporting by UK Firms

The R&D reporting practices of UK quoted companies are analysed and the impact of the introduction of a revised Statement of Standard Accounting Practices in 1989, SSAP13 (Revised), recommending separate R&D disclosure for companies meeting certain size thresholds, explored. Using hazard rate models the preferred results indicate that the hazard of a firm reporting its R&D in its annual accounts shows positive time dependence and that large firms, by sales, are more likely to announce than small firms. It is also found that the introduction of SSAP13 impacted considerably upon the extent of reporting by all firms (whatever their size) with an anticipation effect in 1988, and large positive impacts in 1989 and 1990. Post-1989 those firms that exceeded the size thresholds embodied in the new standard also had a higher hazard of reporting their R&D.     

When the CEO is ill: Keeping quiet or going public?

CEOs represent the pinnacle of leadership in organizations. In addition to power and prestige, constant media scrutiny and pressures to exceed past levels of firm performance are often associated with this role. Although CEOs may rely on other top managers for input regarding operational decisions and long-term planning, the outcomes of strategic initiatives rest solely on their shoulders. Moreover, how CEOs are depicted in the press can greatly affect public opinion about their organizations. In recent years, CEO health and health concerns have made headlines for such well-known companies as McDonald's, Clorox, Pilgrim's Pride, and EarthLink. In this article we discuss the ramifications of disclosure and non-disclosure of serious CEO health issues, and their potential impact on shareholder wealth and succession planning. We conclude by offering a few thoughts about the future direction of CEO health.     

发达国家政府财务信息披露对中国的借鉴与启示

政府财务信息披露是深化财政管理改革的重要方面.论文在分析国外政府财务信息披露的背景、主要方式、内容、法律规范和权责发生制的应用等方面的基础上,提出完善我国政府财务信息披露,应建立政府预算信息的充分、规范、定期的披露机制;建立政府财务报告制度,注重报告信息的可理解性;根据我国国情,审慎实行权责发生制会计基础.     

Integrated information and the cost of capital

The growing requirements for corporate transparency have encouraged companies to report their performance to shareholders, investors and society in general from the economic, social and environmental points of view. However, many reports involve difficulties at the moment of analysing the information. To help minimize this problem, the integrated report has arisen. This document integrates all the financial, social and environmental information, jointly disclosing the key performance statistics.Previous research has revealed that disclosing financial information gives important economic advantages to companies. This work aims to extend the existing empirical evidence, analysing the effect that the disclosure of integrated information has on the cost of capital. Accordingly, we used a sample of 995 companies in 27 countries and 3294 observations. The period in which the sample was taken was from 2009 to 2013. The results, after applying the panel data methodology, confirmed that a negative relationship exists between the cost of capital and the disclosure of an integrated report. The reduction of the cost of capital as a result of the disclosure of an integrated report is especially relevant to those companies that need to increase their basic funding. They have considerable problems with asymmetric information or they operate in markets with limited protection for investors.     

第三方资助仲裁之披露义务规则探析

第三方资助仲裁作为国际仲裁领域的新兴事物,在为国际商事主体提供争议纠纷解决机会的同时,也对仲裁的公正性、保密性等内在价值造成了冲击,而解决这一问题的关键就在于对第三方资助仲裁中的披露义务进行架构。通过对域外实践和立法经验的现状研究,可以看到通过合理的信息披露手段能够有效地解决第三方引入所造成的利益冲突等问题,使仲裁的公正性和保密性达到平衡。为此需要将披露的主体扩大到受资助者,并在强制性披露第三方资助者存在及身份的基础上,由仲裁员依照客观标准对资助协议具体内容的披露与否进行裁定。同时为使信息披露在第三方资助仲裁中效用最大化,应当规定具体的时间要求当事人以书面形式披露有关信息。     

美国上市公司分部信息披露制度发展研究

本文对美国分部信息披露制度的发展情况进行了研究,考察了促进美国分部信息披露发展的各种力量及其在分部信息披露制度发展方面的贡献,从中得到了一些有益的启示,为进一步完善我国上市公司分部信息披露规范提供了有益的借鉴。     

All that glitters is not gold: An investigation into the undesired effects of gamification and how to mitigate them through gamification design

Although gamification has received considerable attention from both researchers and practitioners, its influence on consumers remains ambiguous. This paper proposes that a negative process through decreased attention and a positive process through increased enjoyment explain the effects of gamification on different outcome variables. Study 1 examines these two processes and gamification’s downstream consequences on purchase intention and product information recognition. For purchase intention, the two processes operate in parallel and produce a null effect of gamification. For product information recognition, only the negative process emerges, resulting in a negative effect of gamification. Studies 2 and 3 focus on the negative effect of gamification on product information recognition and show that the negative effect disappears in gamification designs that link the game elements with meaningful information about the product (Study 2) or make consumers aware of the distraction potential of game elements (Study 3). The studies’ findings provide managerial insights into why not all gamification endeavors yield the desired results; they also specify two boundary conditions (i.e., meaningfulness and disclosure) that may help managers avoid potentially detrimental effects of gamification.     

Protecting the Most Vulnerable in Consumer Credit Transactions

There are two key ways in which the Australian Uniform Consumer Credit Code seeks to protect consumers in relation to consumer credit transactions. The first is by means of disclosure regulation where information is required to be disclosed to the consumer before the credit contract is entered into and the second is by way of “safety net” provisions, where contracts can be varied or set aside in the event of hardship, a finding that the transaction was unjust, or a finding of unconscionable fees or charges. This article explores the limitations of both of these means of protection, particularly in the case of vulnerable, low-income consumers. In order to highlight the inadequacies of these forms of consumer protection and the need for regulatory reform, we draw on interviews conducted with 30 low-income consumers who had recently signed a credit contract, focusing on their understanding of information disclosed in the contract, as well as their responses to hypothetical unfair terms and their understanding of their rights, for example in the event of an unjust transaction. These interviews were conducted as part of a joint research project between Brotherhood of St Laurence and Griffith University’s Centre for Credit and Consumer Law, funded by Consumer Affairs Victoria.

When Out-of-Stock Products DO Backfire: Managing Disclosure Time and Justification Wording

We investigate how stock-outs influence decision satisfaction and repatronage intentions for online purchase situations and how these responses vary with disclosure time and justification wording. We manipulate the disclosure time of the products’ unavailability (ex ante vs. ex post) and the justification given to consumers (firm-related vs. firm-unrelated). We find that, overall, stock-outs produce negative reactions, but that the main effects of timing and wording can sum up: ex ante, firm-related communication effectively offsets the damage caused by stock-outs. Retailers should employ real-time tracking to promptly inform consumers of product availability, and accept the responsibility for any outages.     

How,why, and when disclosure type matters for influencer marketing

Consumers’ changing media consumption behaviors and skepticism toward traditional forms of advertising have prompted the growth of influencer marketing. Even as regulatory authorities call on brands and influencers to disclose the posts as advertising, no consistent guidelines exist. The distinct effects of self-generated versus platform-initiated disclosures also remain unclear, nor has research addressed the interplay of key influencer characteristics and marketing disclosures. This article reports on findings from the first academic field study of influencer marketing disclosures, as well as three experimental studies, which indicate that disclosure is a double-edged sword. When provided through a platform-initiated branded content tool, disclosure consistently exerts the strongest effect on perceptions of advertising, negatively relating to influencer trustworthiness and consumer engagement. The effects of disclosure type also depend on the number of followers and number of previously endorsed products (i.e., influencer characteristics). Yet, consumers also express appreciation for transparency when influencers disclose posts as advertising, which increases perceived trustworthiness of the influencer and engagement with the post. The implications of these findings should inform choices by public policy makers, brand managers, and influencers.