| 信息披露、信息中介与企业过度投资 |
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| 引用本文： | 张纯,吕伟.信息披露、信息中介与企业过度投资[J].会计研究,2009(1). |
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| 作者姓名： | 张纯 吕伟 |
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| 作者单位： | 1. 上海财经大学会计与财务研究院,200433
2. 南京大学会计系,210093 |
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| 基金项目： | 上海财经大学会计与财务研究院资助项目 |
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| 摘 要： | 本文基于中国上市公司的经验数据,对信息披露、信息中介与企业过度投资之间的关系进行了探索,研究结果表明:信息披露水平提高和信息中介的发展,将减轻信息不对称程度,进而提高了企业的投资效率,抑制过度投资行为。本文还发现上述机制之间存在互补关系,信息中介作用的发挥依赖于信息披露机制,而更多的信息中介参与营造了较好的信息传播环境,增强了信息披露机制的抑制效果。
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| 关 键 词： | 信息披露 分析师 投资效率 过度投资 |
Disclosure,Information Intermediary and Over-investment |
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| Zhang Chun,Lv Wei.Disclosure,Information Intermediary and Over-investment[J].Accounting Research,2009(1). |
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| Authors: | Zhang Chun Lv Wei |
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| Abstract: | Economics of information believes that disclosure and analyst are the effective mechanism to resolve information asymmetry,and the information asymmetry also has effect on investment efficiency.This paper,using data from china listed company,find that improvement of disclosure and analyst following will improve corporate transparency and investment efficiency.We also find that there is complementary effect between disclosure and analysts following,in a good information environment disclosure mechanism will ... |
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| 本文献已被 CNKI 万方数据 等数据库收录！ |
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