治理环境、治理机制与信息披露质量:来自深交所的证据

本文以2001～2004年深圳证券市场A股上市公司为研究样本,以深交所公布的上市公司信息披露考核结果作为信息披露质量的衡量指标,考察了上市公司所处地区的治理环境、治理机制与信息披露质量的关系。研究结果发现,上市公司信息披露质量与第一大股东之间呈现先上升后下降的倒U型关系;审计委员会的存在有利于上市公司信息披露质量的提高;同时上市公司信息披露质量还与其所处的治理环境密切相关,上市公司所处地区的市场化程度越大、政府干预程度越小,信息披露质量越高。因此,从根本上改善治理环境或许是一条能有效提高上市公司信息披露质量的新路径。

Governance Environment, Governance Mechanism and Disclosure Quality: Evidence From Shenzhen Security Market

This paper,by using Chinese listed companies in Shenzhen security market from 2001 to 2004 and the index of disclosure quality of the disclosure result of listed company,investigates the relationship between governance environment,governance system and disclosure quality.It indicates that the relationship between ownership structure and disclosure quality is non-linear,that the company with an audit committee has a high disclosure quality,and that the governance environment has an important effect on the disclosure quality.Therefore,improvement of governance environment may help to improve the disclosure quality.