会计信息披露质量与股东忠诚度关系——基于深市上市公司的实证研究

投资者关系管理可以提高公司可信度,进而提高投资者满意度和忠诚度,而提高信息披露质量可以提高公司可信度。那么,在投资者关系管理的前提下会计信息披露质量能否最终带来股东忠诚度呢?文章运用实证分析法,以2004-2005年在深圳交易所发行并上市的A股上市公司作为样本,对上市公司会计信息披露质量与股东忠诚度之间的关系进行统计检验。研究发现,会计信息披露质量与前十大流通股股东增持率有显著的正相关关系,即会计信息披露质量的提高会增加股东忠诚度。研究结果也表明深市信息披露考核等级每增加10%,前十大流通股股东的增持率就会增加大约2%。同时发现,股本扩张能力越强,流通股股东增持率越大,越能吸引股东并提高股东忠诚度。但是,公司盈利能力、公司成长性、公司治理结构和公司规模对增强前十大流通股股东的增持率无显著作用。

Disclosure Quality of Accounting Information and Shareholder Loyalty---An Empirical Research based on SZSE-listed Companies

Investor relations management enhances company＆#39;s credibility which can improve shareholders satisfaction and loyalty. Based on investor relations management, can accounting information disclosure quality improve shareholder loyalty？ With the increasing of information disclosure quality, company＆#39;s credibility can be enhanced. Based on the samples of A-share firms listed on Shenzhen stock exchange between 2004 and 2005, this study examines the relationship between the disclosure qualities of accounting information and shareholder loyalty by means of an empirical research. The result shows that the disclosure quality of accounting information is very significantly positive correlated with reinvestment rate of the top ten shareholders. That is to say , by means of investor relations management of listed firms, higher disclosure quality of accounting information, more shareholder loyalty. The evidence suggests that when Shenzhen Stock Exchange（SZSE） assessment score on information disclosures is increased by 10%, the reinvestment rate of the top ten shareholders will rise by 2%. In the meantime, it is found that the more capital expansion capacity, the more reinvestment rate of the top ten shareholders and shareholder loyalty. In contrast, company profitability and company growth and company scale have no significant effects on more reinvestment rate of the top ten shareholders.