碳信息披露与资本成本的关系研究

资本市场上企业的信息披露行为从财务信息披露到非财务信息披露,从企业社会责任报告披露到碳排放披露。企业自愿披露更多的信息都是为了自身利益,包括提高企业价值,降低资本成本等。本文从碳信息披露与资本成本的关系视角出发,以剖析企业的资本成本是否受益于更好的碳信息披露。     

上市公司分部信息披露动因与约束

分部信息的披露主体主要是上市公司.公司出于竞争投资者有限的资金等目的有自愿披露分部信息的动因.由于分部信息披露存在成本,在没有管制的情况下,企业出于自身利益最大化考虑,将通过对收益和成本的权衡来决定分部信息披露.由于分部信息披露的外部性、分部信息分布的不对称性等,不能完全依赖于自愿披露,必须对分部信息披露进行适度的管制,强制公司披露分部信息.     

企业社会责任报告中负面信息披露策略的研究

企业社会责任报告是企业非财务信息披露的重要载体．近年来,我国越来越多的企业开始发布社会责任报告。绝大多数企业社会责任报告更多地披露了履行社会责任的绩效等正面信息,而对于运营中存在的问题等负面信息的披露不足。自愿披露的企业也往往采用一些策略来避免客观公正地传递负面信息,在研究大量企业社会责任报告的基础上．文章分析了六种常用策略,并提出了相关建议改善报告信息的平衡性。     

公司战略信息的自愿披露研究——基于零七股份案例分析

正随着我国证券市场的不断发展,对信息披露的期望越来越高,这要求上市公司要更多进行自愿性披露,战略信息就是其中之一。战略信息有助于人们理解企业未来增长性和盈利力,但这并不是上市公司强制披露的信息,本文从零七股份战略信息自愿披露纷争事件入手,分析战略信息自愿披露不当的原因及其市场反应,并据此提出完善公司战略信息自愿披露的建议。     

企业环境信息披露的理论基础透视

环境污染是目前人类遇到的最大挑战,而造成环境污染的主要原因则是企业的工业污染,对企业的环境信息进行披露是当前环境保护的一大法宝。从环境信息披露动机来看,有强制披露和自愿披露两种。但不论是何种动机,其表象之后有着深厚的理论基础。目前政府强制要求污染企业披露环境信息,其理论依据源于一是环境规制理论;二是环境公共信托理论。环境规制源于对环境问题的市场失灵,而环境公共信托理论则强调环境资源“万民共有”的法理。此外,企业会采取自愿披露环境信息的策略,其理论依据也有两点：一是利益相关者理论;二是组织合法性理论。利益相关者对环境信息的需求是推动企业主动披露环境信息的外在动力,而企业自愿披露环境信息的内在动力,则是为了获得组织合法性。     

治理结构、公司特征与研发信息的自愿披露

本文以2008年年报中披露开发支出的上市公司为研究样本,通过对强制性披露和自愿性披露界定,实证分析公司治理结构和公司特征对研发信息自愿性披露的影响,结果发现,第一大股东持股比例越高,研发信息的自愿披露水平越低,公司盈利能力越强,研发信息的自愿披露水平越高。公司规模、独立董事的比例与研发信息的自愿披露程度不相关。据此提出了有关建议。     

信息披露制度变迁与欺诈管制

在自愿信息披露制度下,资质优良、业绩不俗的公司有动力通过自愿信息披露突出自身竞争优势。本文具体分析了自愿信息披露行为作为一种信号传递机制必须满足的三个假设,即理性的管理者、知情投资者和真实信息披露;在自愿信息披露弱化的三种情况下,强制信息披露制度成为提升信息披露的必然手段,信息披露制度也由自愿向强制转变,但同时伴随信息披露制度的变迁产生了新的联合欺诈行为;因此,信息欺诈贯穿整个信息披露制度的变迁过程,无论强制披露制度还是自愿披露制度,其根本目的在于对信息欺诈的禁止,但欺诈并没有因制度的变迁而消失,所以解决信息欺诈的关键在于建立反欺诈管制,只有这样才能从根本上阻止信息欺诈的行为。     

上市公司自愿信息披露动机研究及理论解释

自愿信息披露并非强制性的信息披露,因此上市公司具有较强的自主性。通过研究,我们发现,上市公司选择不同的自愿信息披露策略对于公司有着较大影响,本文通过一个三阶段模型研究来在披露及不披露两种策略下自愿信息披露对于公司的影响。     

碳信息披露对企业融资约束的影响分析

随着我国经济的发展伴随着环境污染的日益加剧,国家越来越重视企业对低碳环保理念的贯彻实施。在我国政策引导和企业自发行为下,越来越多的企业开始自愿披露碳信息。碳信息的披露对企业的发展有积极作用,本文从碳信息披露与企业融资约束关系的角度出发,多方面分析碳信息披露对企业融资约束的影响。     

上市公司自愿信息披露动机文献综述

在瞬息万变的现代社会中，信息披露越及时，对投资者的价值越大，决策有用性就越强。虽然我国目前要求企业强制披露信息，但信息披露的时间和内容都是掌握在管理者手中的．管理者是可以进行选择性披露。因此，了解管理者披露信息的动机．找出影响其自愿披露的因素，在目前显得尤为重要。     

Voluntary Disclosure of Sales and the Extent of Trade Credit in Small Private Companies

We examine the association between voluntary financial disclosure and the amount of obtained trade credit in a sample of small private Belgian companies. We argue that voluntary disclosure can help small private companies in mitigating information asymmetries that arise between the company and their suppliers. Using a propensity score matching procedure to control for selection bias, we find that voluntary financial disclosure by small and private companies is positively related to the level of trade credit. This is in line with the traditional view that asymmetric or incomplete information restricts access to external funds.     

海峡两岸上市公司财务报告比较研究

财务报告是企业信息披露的核心内容，不同国家或地区在上市公司财务报告披露方面形成了各自的特色，本文以大陆和台湾地区为研究对象，对海峡两岸上市公司财务报告从披露的内容及其信息含量等方面进行了详细而系统的比较分析，指出了二者的差异，并在此基础上对改进大陆上市公司财务报告的披露提出几点具体建议。     

2006年沪市公司内部控制信息披露研究

本文针对上海证券交易所出台的《上海证券交易所上市公司内部控制指引》和《关于做好上市公司2006年年度报告工作的通知》中关于内部控制信息披露的规定,通过描述性统计对2006年沪市年报内部控制信息披露的现状分析,认为2006年沪市公司内部控制信息披露存在以下问题:内部控制信息披露的强制规定未得到有效执行、内部控制信息自愿性披露动机不足、公司的内部控制自我评估和会计师事务所的核实评价缺少统一的标准。文章相应提出如下改进建议:制定明确的内部控制框架;作为制定、执行、评估和审核的基础,内部控制自评报告应采用强制披露和分步走相结合的做法;内部控制审核报告应采用强制性披露和鼓励性披露相结合的作法;加强对内部控制信息披露的监管。     

Investors’ reactions to retractions and corrections of management earnings forecasts

Timely voluntary disclosure of information by companies sometimes results in erroneous disclosure that must be later retracted (i.e., withdrawn) and/or corrected (i.e., replaced with a corrected disclosure). Although such retractions and corrections appear to be relatively easy and costless ways to fix the erroneous disclosure, our results generally show that both actions have unexpected effects on investor judgment. The results of four experiments, which are consistent with affect theory from psychology, indicate when a company provides a retraction of a previous erroneous voluntary disclosure, investors’ judgments continue to reflect the implications of the initial erroneous information. That is, investors under-adjust. In contrast, when a company provides a correction (alone or with a prior retraction) with an opposite earnings implication, investors tend to over-adjust. Our results also show that if investors do not form a strong initial affective reaction to the initial erroneous forecast, they are less prone to over-adjustment when the correction is later received. Implications for regulators and standard setters are provided.     

The effect of voluntary disclosure,ownership structure and proprietary cost on the return–future earnings relation

This study examines the effect of voluntary disclosure on the relation between current annual return, contemporaneous annual earnings and future earnings, and the influence of both ownership structure and proprietary cost on this relation. Regression analyses reveal that firms with higher voluntary disclosure levels contain more information about future performance in their current stock return. This positive association is weaker if (1) management holds a higher proportion of share ownership in the company, (2) proprietary cost is present and (3) government ownership exists. However, the existence of outside block ownership significantly decreases managers' ability to limit voluntary disclosure. Our findings remain significant after controlling for the usual factors (size, growth, etc.) in the return–earnings regression, and a series of sensitivity and robustness checks.     

Do higher value firms voluntarily disclose more information? Evidence from China

This paper examines the effect of guanxi on the relation between firm value and voluntary disclosure of information about new investment projects in China's institutional setting. We find a negative relation between firm value and voluntary disclosure for firms that rely heavily on guanxi in their value creation (e.g. non-high-tech firms, and firms located in regions with underdeveloped institutions). By contrast, for firms that rely less heavily on guanxi and more on other sources of core competencies (e.g. high-tech firms, and firms in high-marketisation regions), we find a positive relation between firm value and voluntary disclosure. The moderating role of guanxi on the relation between firm value and voluntary disclosure is explained by firms conscientiously balancing the costs and benefits of voluntary disclosure relative to guanxi. Specifically, high guanxi-dependence firms refrain from detailed voluntary disclosures for fear of revealing sensitive information that may harm their guanxi. In contrast, low guanxi-dependence firms rely more heavily on voluntary disclosures to reduce information asymmetry and financing cost, with such incentives being particularly strong for high value firms. Our evidence has implications for research on motives for disclosure and regulation of financial reporting.     

Value relevance of voluntary disclosure in the annual report

This paper examines whether the level of voluntary disclosure affects the association between current returns and future earnings. Economic theory suggests that firms might find it advantageous to provide additional pieces of information (i.e. voluntary disclosure) to investors and analysts. Our results indicate that more voluntary disclosure does not improve the association between current returns and future earnings (i.e. current returns do not reflect more future earnings news). This finding raises the question of whether voluntary information in the annual report contains value‐relevant information about future earnings or if investors are simply not capable of incorporating voluntary information in the firm value estimates.     

Annual reporting disclosures 1970-90: an exemplification

This case study examines the annual report disclosures in a UK listed company, Bulmers, from 1970 to 1990. While mandatory disclosure increased sharply, primarily because of the 1981 Companies Act, the even steeper increase in voluntary disclosure was part of a wide-ranging package of measures which Bulmers' chairman, Peter Prior, introduced to reflect a new corporate philosophy. In 1974, Bulmers provided a statement of company objectives, the first known British example, a year before this practice was recommended in The Corporate Report (Accounting Standards Steering Committee, 1975). In 1982, Esmond Bulmer MP introduced a Private Member's Bill on employee consultation and information, the basic aims of which were eventually enshrined in the 1985 Companies Act.     

Voluntary Disclosure of Intellectual Capital by Hong Kong Companies: Examining Size, Industry and Growth Effects Over Time

This paper investigates voluntary intellectual capital disclosure (ICD) by listed Hong Kong companies. It uses data taken from the years 1992, 1998 and 2002 to give a longitudinal account of voluntary ICD. Company size and industry effects on voluntary ICD are tested, as are the effects of time and level of disclosure on the financial success of a company. We find that levels of voluntary ICD are low but increase over time. Size and industry effects are found, while company financial success is positively correlated with the voluntary disclosure. These findings have implications for policy formulation and practice in relation to the reporting of intellectual capital.     

环境信息披露制度、公司治理和环境信息披露

企业环境信息披露体现了上市公司对环境信息披露制度的遵守和执行,同时增加了公众对上市公司行为的了解;反过来,这将促使上市公司改变他们的一些行为。本文在给出企业环境信息披露制度定义的基础上,采用我国重污染行业上市公司2006—2010年年报和独立报告中披露的环境信息进行实证研究,研究证明制度对企业环境信息披露有显著的正向关系,即环境信息披露法律法规的颁布及实施提高了企业环境信息披露水平;同时研究验证了公司治理具有增强制度对企业环境信息披露的促进作用。研究结果为《上市公司环境信息披露指南》的出台提供了证据支持、为完善企业环境信息披露制度的设计提供了经验证据。