| 我国上市公司信息披露违规的动因实证研究 |
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| 引用本文： | 屈文洲,蔡志岳.我国上市公司信息披露违规的动因实证研究[J].中国工业经济,2007(4). |
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| 作者姓名： | 屈文洲 蔡志岳 |
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| 作者单位： | 厦门大学管理学院 福建厦门361005 |
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| 基金项目： | 国家自然科学基金项目“市价委托交易制度对证券市场质量及投资者交易行为的影响”(批准号70403011) |
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| 摘 要： | 本文以2001—2005年间因为信息披露违规行为被监管层处罚的188家A股上市公司及其188家配对公司为研究对象,运用条件Logistic回归模型对公司信息披露违规的动因进行实证研究,结果表明:大股东掏空程度、内幕交易程度以及盈余管理程度与公司信息披露违规行为显著正相关。本文丰富了信息披露研究的内容,为监管层加强监管、引导和规范上市公司信息披露行为提供了经验证据。
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| 关 键 词： | 信息披露违规 掏空 内幕交易 盈余管理 |
An Empirical Study on the Motive of Illegal Disclosure of Listed Companies in China |
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| QU Wen-zhou,CAI Zhi-yue.An Empirical Study on the Motive of Illegal Disclosure of Listed Companies in China[J].China Industrial Economy,2007(4). |
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| Authors: | QU Wen-zhou CAI Zhi-yue |
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| Abstract: | This paper examines 188 A-share listed companies which received enforcement actions from the regulators in China due to illegal disclosure spanning from 2001 to 2005 and the corresponding 188 control samples.Applying conditional logistic regression,this paper investigates the incentives related to illegal disclosure.We find that both the degree of tunneling and the degree of insider trading are positively related to the probability of illegal disclosure behaviors.Moreover,there is significant relation between the degree of earnings management and the probability of illegal disclosure behaviors.These findings not only extend the literature on research of disclosure,but also provide implications for the disclosure regulation. |
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| Keywords: | illegal disclosure tunneling insider trading earnings management |
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