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。     

上市公司会计信息披露与公司治理结构的互动:一种框架分析

本文分析了上市公司会计信息披露与公司治理结构的内在关系 ,认为在公司治理结构的形成与运行过程中 ,会计信息披露发挥着重大的作用。与此同时 ,有效的公司治理结构也有助于上市公司会计信息披露行为的改进。从而为优化上市公司治理结构和会计信息披露实践提供了新的思路。     

Corporate Governance and Disclosure Quality

The effectiveness of control exercised over executive remuneration and the quality of information disclosed in financial statements have given rise to concern and have led to proposals for the reform of corporate governance. A model of the optimal disclosure decision is presented in terms of managerial incentives and the impact of corporate governance structures. An investigation into the quality of share option disclosure in financial statements is used as the basis for testing hypotheses derived from the model and for assessing alternative policy options. The results support the need for guidance on the duties and responsibilities of audit committees and non-executive directors but fall short of providing a basis for deciding whether regulatory action is required. The evidence also supports the view that a threat to monitoring quality exists where the roles of chief executive and chairman are combined.     

它山之石:QFII与上市公司信息披露

合格境外机构投资者(QFII)为上市公司提供了一个来自境外的特殊且专业的监督力量。本文利用2006-2015年中国A股上市公司数据,并采用Kim and Verrecchia(2001)的方法测度信息披露质量,发现QFII持股与公司信息披露质量显著正相关。在使用PSM-DID、安慰剂检验、工具变量法和反向因果识别来缓解内生性后,本文证明了QFII持股与公司信息披露之间存在因果关系,说明QFII已经成为一种重要的外部治理力量。分样本研究发现,QFII持股对信息披露质量的改善作用对内部治理较好和被“四大”审计的公司更加明显。最后,机制检验发现QFII可以通过增加持股公司的分析师跟踪人数和高管薪酬业绩敏感性来改善信息披露质量。因此,增加QFII的数量和逐渐放松资本项目管制有助于改善信息环境和保护中小股东权益,进而促进我国资本市场的健康发展。     

Culture, Corporate Governance and Disclosure in Malaysian Corporations

Evidence from research conducted on corporate accounting indicates that the interaction of environmental factors in fluences disclosure practices. The purpose of this study is to examine the importance of various corporate governance and cultural (race and education) characteristics, in addition to firm–specific factors, as possible determinants of voluntary (non–mandatory accounting and non–accounting information) disclosures in the annual reports of Malaysian listed corporations. The results of the regression analysis indicate significant associations (at the 5 per cent level) between two corporate governance variables ( viz . chair who is a non–executive director and domination of family members on boards) and the extent of voluntary disclosure. This finding has implications for corporate governance policy formulation by the Malaysian Institute of Corporate Governance (MISG). One cultural factor (proportion of Malay directors on the board) is significantly associated (at the 5 per cent level) with the extent of voluntary disclosure suggesting that governmental focus on culture may solicit a response to secrecy from those who feel threatened.     

公司治理与会计信息质量

公司治理包括内部公司治理和外部公司治理。完善的公司治理对于防范会计信息失真，保证会计信息质量有着重大意义。我国会计信息失真严重，很大程度上不是由于会计本身的原因，而更主要是与我国企业治理不完善，缺乏对管理当局有效的监督和制约、造成严重的内部人控制现象严重有关。要从根本上治理会计信息失真，除了完善有关会计准则、提高会计人员素质等外，应当建立有效的公司治理，减少管理当局对会计信息的操纵。     

The Interpretation of Information and Corporate Disclosure Strategies

This paper analyzes a setting in which a firm's manager can credibly disclose facts, but not their valuation implications. Consequently, he is uncertain as to how those disclosed facts will be interpreted by investors. Introducing such uncertainty affects the manager's disclosure strategy in two important ways. First, it becomes a function of the market's prior valuation of the firm since that valuation provides a clue as to how future disclosures are likely to be interpreted by investors. Second, the disclosure strategy is no longer characterized, in general, by a single good news/bad news partition of the manager's private information.     

企业社会责任信息披露问题的探讨

企业社会责任要求企业在追求经济效益的同时也要兼顾社会利益.为了使企业相关利益者了解企业是否履行了社会责任,企业必须披露有关社会责任信息.我国企业社会责任信息披露还处于初级阶段,缺乏企业社会责任信息披露的意识.因此,在进行企业社会责任信息披露时,应披露能源利用、环境保护、职工利益等方面的内容,并在年报附注中披露社会责任信息,编制企业社会责任白皮书等.     

上市公司临时报告披露制度研究

临时报告的披露标准有两个：一是重要性标准，二是及时性标准。重要性标准衡量的是上市公司在发生什么样的事项时须进行披露，及时性标准解决的是上市公司在发生重大事项时应在什么时间进行披露。……     

Flu Fallout: Information Production Constraints and Corporate Disclosure

Using influenza epidemic data, we examine how constraints on corporate information production affect disclosure policies. We find that firms in areas with higher flu activity are less likely to issue short-run earnings forecasts and more likely to issue long-run earnings forecasts. These results are more pronounced when the information production process is more complex, when managers face a greater reputational loss for issuing low-quality short-run forecasts, and when firms’ costs of switching the forecast horizon are lower. Further analysis implies that the effect of flu activity on these forecast issuance decisions is not driven by firm performance or information uncertainty. Our results suggest that managers do not simply avoid issuing forecasts in response to information production constraints. Instead, they shift the forecast horizon from short-run to long-run, appearing to balance the costs of issuing low-quality forecasts with those of not issuing forecasts at all.     

高管交易行为、信息不对称与公司治理

基于沪深股市高管交易行为信息披露,在对高管卖出行为短期市场效应研究基础上,进一步研究高管买入、卖出行为的短期和长期市场效应及其产生根源.结果发现,无论从短期还是长期来看,高管买入行为有显著为正的市场效应,而卖出具有显著为负的市场效应,并且交易量越大、日内交易次数越多,市场效应越强烈.进一步结合公司治理理论发现,终极控股股东控制权与现金流权分离导致更强的买入市场效应,而法制环境抑制了买入市场效应.     

Corporate Governance and Information Efficiency in Security Markets

This paper investigates a neglected topic in corporate governance research; namely, do governance characteristics affect the market reaction to news? The topic is important given the emphasis by governance regulations and codes of best practice on the need for greater transparency of corporate activities. For the first time in the corporate governance literature, we show that corporate governance characteristics (particularly the presence of founding family directors and gender diverse boards) affect the market reaction to company specific news. The results of the paper point to the analysis of the impact of governance characteristics on the market reaction to news being a new and complementary research agenda within corporate governance.     

信息披露、公司治理与现金股利政策——来自深市A股上市公司的经验证据

本文以2003~2010年深市A股上市公司为研究样本,采用面板数据logit模型和tobit模型,从信息披露的角度实证检验了上市公司股利政策与公司治理机制之间的关系。本文研究发现:上市公司现金股利支付倾向和支付水平均与信息披露质量显著正相关;信息披露质量较高的上市公司,现金股利支付水平与其成长性显著负相关,而信息披露质量较差的上市公司并不存在这种关系。本文的研究结果表明我国上市公司现金股利政策是公司信息披露质量提升的结果,信息披露质量的提升有助于增强上市公司现金股利支付意愿,提高上市公司现金股利支付水平。     

货币政策、信息披露质量与公司债务融资

信息透明度是影响企业债务融资成本的重要因素。本文以2002-2010年深圳A股公司为样本,研究发现:信息披露质量较好的公司在货币政策趋紧时获得了更多的银行借款,且随着融资需求的增大,获得的银行借款更多,银行借款的利率也更低。结果表明,较高的信息披露质量有助于降低银企间的信息不对称程度,增强企业获得银行贷款的资信度,降低企业的债务融资成本,从而减轻货币政策变动对企业债务融资带来的不利影响。     

企业社会责任会计信息披露的研究

社会责任会计是会计学的一个新分支,它要求企业在追求经济利益的同时,也必须注重社会效益。我国应尽快建立社会责任会计准则和制度,实施企业社会责任审计制度,编制独立的社会责任会计报告,以促进我国经济与社会的和谐发展。     

Dissemination of Price-sensitive Information and Management of Voluntary Corporate Disclosure

This paper aims to describe how 27 large UK case companies sought to adapt their City and stock market disclosure policies to cope with the changes brought about by the publication in March 1994 of the Stock Exchange's Guidance on the Dissemination of Price-sensitive Information. Legislators and regulators have long sought to define and regulate the corporate decision problem in the price-sensitive information area. This paper employs corporate case interview data to describe models of corporate behaviour and to investigate how the case companies have dealt with this problem area. The paper concludes by (a), considering the effectiveness of regulation in providing a clear boundary for corporate behaviour, and (b), by discussing the relationship between this research and another major field study of corporate disclosure management (Gibbins, Richardson and Waterhouse, 1990), developing the disclosure model that they present.     

公司治理生态与会计信息的可靠性问题研究

本文认为公司治理生态是发现会计信息可靠与否的一种重要机制 ,在此基础上 ,侧重于管理当局、注册会计师审计、财务分析师、会计准则等视角 ,着力提出了若干提高会计信息可靠性的政策性建议。     

Corporate Governance, Idiosyncratic Risk, and Information Flow

We study the relationship of corporate governance policy and idiosyncratic risk. Firms with fewer antitakeover provisions display higher levels of idiosyncratic risk, trading activity, private information flow, and information about future earnings in stock prices. Trading interest by institutions, especially those active in merger arbitrage, strengthens the relationship of governance to idiosyncratic risk. Our results indicate that openness to the market for corporate control leads to more informative stock prices by encouraging collection of and trading on private information. Consistent with an information‐flow interpretation, the component of volatility unrelated to governance is associated with the efficiency of corporate investment.     

信息不对称、公司治理与现金持有价值——基于知情交易概率的非平稳面板数据

本文为了研究中国上市公司信息不对称、公司治理和现金持有价值之间的关系,以沪深上市公司2004-2009年数据为基础,利用知情交易概率作为管理者和投资者之间的信息不对称代理变量,以高管持股比例作为公司治理代理变量,利用公司各种财务指标作为控制变量,发现信息不对称与中国上市公司现金持有价值呈显著负相关,高管持股比例和现金持有价值显著正相关,支持自由现金流理论和委托代理理论,信息不对称程度越高,管理者越可能滥用现金,导致现金持有价值下降,而提高公司治理,加强投资者保护可以提高现金持有价值。