我国上市公司自愿性信息披露现状及对策

为了增强上市公司自愿披露信息的积极性和有效性,本文通过研究自愿性信息披露的外部条件,阐述了上市公司自愿性信息披露的含义、背景、意义以及现状分析,得出了提升上市公司自愿性信息披露的外部性策略和方法,得出了关于上市公司自愿性信息披露相关制度的建议。     

我国上市公司自愿性信息披露现状及对策

为了增强上市公司自愿披露信息的积极性和有效性,本文通过研究自愿性信息披露的外部条件,阐述了上市公司自愿性信息披露的含义、背景、意义以及现状分析,得出了提升上市公司自愿性信息披露的外部性策略和方法,得出了关于上市公司自愿性信息披露相关制度的建议。     

上市公司自愿性信息披露中信息偏差研究

自愿性信息披露是上市公司管理层的一种信息权力,这些权力形成了管理层的信息租金,他们经常会对自愿性信息披露进行选择,产生一定的信息偏差,利用这种非对称信息达到寻租目的,有必要对上市公司的自愿性信息披露行为进行有效的管制,提高自愿性信息披露的质量。     

我国上市公司自愿性信息披露影响因素研究

影响上市公司实施自愿性信息披露的因素有很多。本文通过实证分析,验证上市公司规模、财务杠杆、盈利能力、股权结构、所处地区、实际控制人性质、所聘审计单位是否对上市公司自愿性信息披露程度具有影响作用。针对这些影响因素,提出提高我国上市公司自愿性信息披露水平的建议。     

我国上市公司自愿性信息披露行为研究

随着我国资本市场处于正在发展的阶段,信息的非对称性是资本市场中存在的一种固有现象,为了减少资本市场的信息不对称,采取信息披露措施来解决,但不能完全消除这种现象。加强自愿性披露信息的研究有助于我国上市公司自愿性披露信息的主要因素。文章的主体表现在对我过上市公司自愿性信息披露行为进行研究,包括对其的一个概括,影响因素,以及了解自愿性信息披露行为特征。     

上市公司自愿性信息披露问题探究

随着中国证券市场的发展和经济环境的不断变化,信息使用者对会计信息披露提出了更有效、更高、更严的要求,单一强制性信息披露机制已不能充分满足资本市场发展的要求。自愿性信息披露是在原有强制性信息披露的基础上为了增加市场有效性而进行补充披露。研究中国上市公司自愿性信息披露对整个资本市场的发展与完善,有着极其重要的理论和现实意义。本文通过分析各行业自愿性信息披露存在的问题,并提出如何增强上市公司自愿披露信息的积极性和可靠性的建议与方法。     

公司治理结构对我国上市公司自愿性信息披露影响的实证研究——以信息技术行业为例

上市公司自愿性信息披露是对强制性信息披露的补充和扩展。近年来我国上市公司的自愿性信息披露已经起步,但仍存在着披露项目较少、披露质量不高等一系列问题。而公司治理各因素与自愿性信息披露之间存在着密切的联系,要从根本上推进上市公司自愿性信息披露工作,改善公司治理环境是一条有效路径,尤其是要尽快建立和完善审计委员会制度,监督上市公司按承诺时间完成有限售条件股份的上市,并不遗余力地进一步完善独立董事制度。     

房地产上市公司自愿性信息披露现状研究

本文对2012年-2013年沪市和深市的房地产行业上市公司的自愿性信息披露情况进行全样本的统计分析,对其披露现状进行详细分析和解释,进一步阐述了房地产行业上市公司自愿性信息披露中存在的问题并提出相应的对策。     

公司治理结构对我国上市公司自愿性信息披露影响的实证研究——以信息技术行业为例

上市公司自愿性信息披露是对强制性信息披露的补充和扩展.近年来我国上市公司的自愿性信息披露已经起步,但仍存在着披露项目较少、披露质量不高等一系列问题.而公司治理各因素与自愿性信息披露之间存在着密切的联系,要从根本上推进上市公司自愿性信息披露工作,改善公司治理环境是一条有效路径,尤其是要尽快建立和完善审计委员会制度,监督上市公司按承诺时间完成有限售条件股份的上市,并不遗余力地进一步完善独立董事制度.     

房地产上市公司自愿性信息披露现状研究

本文对2012年-2013年沪市和深市的房地产行业上市公司的自愿性信息披露情况进行全样本的统计分析,对其披露现状进行详细分析和解释,进一步阐述了房地产行业上市公司自愿性信息披露中存在的问题并提出相应的对策。     

我国上市公司信息披露质量对其财务绩效影响的实证研究——基于非线性和非对称性的视角

本文以2006-2010年的深市A股上市公司为样本,以每股收益为上市公司财务绩效的替代变量,以深交所对上市公司信息披露考评结果作为信息披露质量的替代变量,研究了我国上市公司信息披露质量对其财务绩效的影响。结果表明：上市公司信息披露质量对其财务绩效的影响是非线性的,具体表现为正u型;上市公司信息披露质量的变动对其财务绩效的影响是非对称的。最后,本文根据回归分析结果提出了相应的政策建议。     

Mandatory information disclosure and innovation: Evidence from the disclosure of operational information

We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation. We find that companies subject to mandatory operational information disclosure show significantly increased innovation. This effect is pronounced for companies classified as non-state-owned enterprises, facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries. Although mandatory operational information disclosure reduces their competitive advantage, companies appear to compensate by increasing innovation. Our study highlights the positive impact of mandatory operational information disclosure, indicating that it contributes to the high-quality development of both capital markets and companies.     

Determinants and features of voluntary disclosure in the Chinese stock market

This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size, leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.     

Voluntary CSR disclosure,institutional environment,and independent audit demand

Using a sample of A-share listed companies on the Shanghai and Shenzhen Stock Exchanges, this study examines the impact of voluntary corporate social responsibility (CSR) disclosure on independent audit demand in different institutional environments. The sample covers the 2008–2016 period and excludes firms that are required to disclose CSR information. The findings show that compared with companies that choose to not disclose such information, companies that voluntarily disclose CSR information prefer to employ “small” accounting firms for auditing services, although the auditing fees are much higher. However, as the institutional environment improves, this preference is weakened. Further analyses show that this preference is stronger in enterprises where CSR disclosure is driven by strong political motivations and managerial self-interest motivations. Legitimate motivations and economic motivations do not significantly impact the preference for “small” audit firms. Furthermore, this preference is more obvious in enterprises with poor operational performance and low information disclosure quality, and it increases as CSR disclosure level decreases. The study enriches our understanding of the economic consequences of voluntary CSR disclosure and the factors that influence independent audit demand. The results also have implications for the construction and regulation of China’s system for supervising CSR information disclosure in the transitional phase.     

监管导因的信息披露质量研究——基于深交所信息披露质量考评结果分析

以深交所信息披露质量考评结果为依据,通过2008～2010年吉林省上市公司与全国上市公司信息披露质量的比较,发现吉林省上市公司信息披露质量低于全国水平。究其原因,与外部监管环境宽松和内部监管机构独立性不足有着密不可分的关系。应从加大处罚力度、强化对注册会计师审计质量的"再监督"、明确内部审计机构的组织隶属地位等方面入手加以治理。     

及时披露能抑制信息泄露吗?

以深交所2007-2009年披露年报的A股上市公司为样本,本文实证研究了我国上市公司信息披露的及时性对抑制信息泄露与内幕交易的现实效果。研究表明,年报披露及时性逐年提高,披露及时性与信息泄露程度显著负相关,及时披露对抑制信息泄露具显著效用;信息质量与及时性在抑制信息泄露方面具协同作用;与信息质量较好的公司比较,信息质量较差的公司因及时披露对信息泄露的抑制效果更显著,表明及时披露在抑制信息泄露方面对信息质量具替补作用。     

The use of the Internet for corporate reporting in the Mercosur (Southern common market): The Argentina case

This study examines disclosure practices on the websites of companies listed on the Buenos Aires Stock Exchange. We perform content analysis to provide evidence on Internet reporting practices by 84 publicly traded firms. We also identify the characteristics of firms that communicate financial and non-financial information on the Internet. We find that companies in the financial and insurance, services and mining industries disclose more financial and non-financial information on their websites than companies in other industries. The average concentration of ownership is 68%, with 27% of the companies being controlled by foreign groups. Those companies with higher concentration disclose more financial and non financial information than companies with less concentration. Companies in the financial and insurance and service industries, utilize their websites for commercial purposes to facilitate access to customers to their accounts and also to sell services. This e-commerce usage of websites is less developed in other industries. About 71% of companies in the financial and insurance industry are included in the Merval25 index and are audited by Big 4. These companies are both larger in size and less profitable than companies in other industries. We find that profitability and leverage do not have significant effect on corporate Internet reporting practices and that growth has negative effect on corporate Internet reporting practices. We also find that companies in the mining sector provide significantly more disclosure about social responsibility indicating a desire to improve the public image of harming the environment. The results documented, herein, extend the literature on voluntary disclosure of financial and non-financial information using the Internet in emerging markets.     

沪市公司年报对公司实际控制人的披露情况分析

绝大部分沪市上市公司均按规定在2008年报中对实际控制人的情况进行了披露,但也有一些上市公司未按或未完全按年报准则关于实际控制人的披露要求履行披露义务,无助于广大投资者了解其产权和控制关系状况。针对披露中存在的问题,我们建议:进一步明确界定实际控制人的含义、类型及其控制形式,充实和完善对实际控制人应予披露的内容,加强对法人控股股东和中间层级控制主体的披露;出台专门的实际控制人披露指引,规范披露的内容和形式;严格上市公司及其控股股东、实际控制人未按规定如实、准确、完整披露的责任。     

Product market competition and the disclosure of supply chain information

We investigate how product market competition affects corporate voluntary disclosure decisions, specifically regarding supply-chain information. Our results, based on a sample of manufacturing companies listed in China from 2010 to 2016, show that companies in more competitive industries disclose less customer/supplier information. The main results stand through several robustness tests. Further analyses show that the negative relationship between product market competitiveness and supply-chain information disclosure is stronger when the disclosure contains more incremental information and when competitors are more capable of gaining competitive advantage using the disclosed information. Our study contributes to the understanding of both the relationship between product market competition and voluntary disclosure decisions and the regulation of information disclosure to build a transparent capital market.     

The changing nature of financial disclosure in Japan

This paper investigates whether Japanese companies listed on the Tokyo Stock Exchange (TSE) altered their voluntary accounting disclosure behavior over the period of the 1990s. It implicitly tests for whether the collapse of Japan's “Financial Bubble” in the late 1980s altered the incentives of Japanese managers to be more forthcoming about corporate information. Previous research on Japanese disclosure practices highlights the “secretive” nature of Japanese managers and suggests that cultural preferences strongly discourage disclosure. Our findings suggest that Japanese disclosure practices are sensitive to economic conditions.