上市公司自愿性信息披露影响因素研究

自愿性信息披露对于增强投资者系统性保护、提升上市公司治理水平具有重要意义。本文以深市样本公司数据为基础，按上市公司战略性信息、非财务主要信息和财务信息三类信息披露指数，考察公司规模、财务杠杆、经理层持股、公司盈利、外资股、审计费用对于我国上市公司自愿性信息披露的影响。研究表明，我国上市公司在自愿性信息披露方面缺乏充分的内在动机和完善的外在激励机制，自愿性信息披露行为尚侍进一步地系统性规范。

On Factors Affecting Voluntary Disclosure by Listed Companies

Voluntary disclosure by listed companies is crucial to strengthening investor protection and upgrading corporate governance. Based on data of SSE-listed companies, the author makes a survey of impact on voluntary disclosure imposed by corporate size, accounting leverage, management interests, corporate earnings, foreign interests and audit cost. Studies reveal that Chinese companies lack internal motivation and external incentive for voluntary disclosure. Systematic works have to be done to ensure corporate disclosure on voluntary basis