【作者】 宋洪琦；

【导师】 魏建；

【作者基本信息】 山东大学 ， 政治经济学， 2011， 博士

【摘要】 信息披露质量的高低,直接关系到证券市场有效性、投资者权益保护、资源配置效率等重要问题,对于资本市场的发展具有至关重要的意义。上市公司信息披露制度是证券市场的核心制度,是证券发行和交易制度的重要组成部分,是证券市场的基础制度之一。因此,研究影响信息披露质量高低的因素、确定信息披露质量标准以及采用什么方法来测度信息披露质量,对于建设高质量的资本市场信息披露制度,强化证券市场透明度具有重要的理论与现实意义。通过整合信息披露质量测度的现有研究,本文提炼出三个研究信息披露质量的基本维度：信息披露可靠性、信息披露及时性、信息披露完整性。以这三个维度为基准,立足于中国证券市场的现实,从市场微观结构的角度建立了一个上市公司信息披露质量评价的逻辑框架：分析公司信息披露质量的影响因素→解析信息披露质量机制→实证检验信息披露质量影响因素→融合各影响指标进行熵权检验→得出研究结论与政策建议。第一章：导论。主要介绍本文的选题背景和研究意义、研究思路和研究内容、研究设计与方法、本文特色与创新。第二章：信息披露质量理论综述。首先综述了信息披露的理论基础,回顾了上市公司信息披露制度的相关理论；其次界定了信息披露质量的涵义和理论边界,阐述了信息质量和信息披露质量的辩证关系；之后,分五个方面对证券市场信息披露质量度量的研究进行了综合评述,分析了现有研究文献的特点和不足,引出了本文研究的出发点和基本思路。强调信息披露是系统性的工程,其组成要素包括信息质量、计量基础、披露内容、披露方式、披露时间、披露频率等等,都会影响上市公司信息披露的质量。信息披露质量的标准可概括为：真实性、准确性、完整性、及时性、合规性、重要性六个方面。“信息披露可靠性、信息披露及时性、信息披露完整性”是信息披露质量的基本维度；最后阐述了信息披露质量测度的基本分析框架。第三章：信息披露可靠性影响因素分析。信息生成和信息披露是两个相互依存又相对独立的阶段,高质量的信息披露需要高质量的信息生成作前提。首先,在回顾以往国内外文献的基础上,分别从企业产权制度、公司治理、内控制度、财务状况等四方面论述了影响信息披露可靠性的具体因素；然后,从沪深证券交易所2009年12月31日以前上市的上市公司中选取了1436个有效样本,对影响信息披露内容可靠性的10个因素进行实证分析,表明：股权集中度、股权制衡度、管理层持股、盈利能力、公司规模、“保壳”压力与信息可靠性负相关,控制人性质、董事会规模、董事会独立性、领导二元性与信息可靠性正相关,其中领导二元性、“保壳”压力两因素的统计意义较显著。第四章：信息披露及时性影响因素分析。及时性是指信息能够在规定的时间范围内或使用者要求的时间限度内到达使用者,既不延迟,也不能提前。基于上市公司年度报告的信息披露情况,首先详细论述了影响信息披露及时性的具体因素,重点考察了内部治理、财务状况和公司规模等三个方面的影响因素；然后,采用上市公司年度报告时滞作为信息披露及时性的代理变量,运用会计信息质量理论构建了分析框架,从沪深证券交易所2009年12月31日以前上市的上市公司中选取了1255个有效研究样本,进行了实证分析。表明：董事会规模、董事会独立性、盈利能力、公司规模与信息披露及时性呈负相关关系,管理层持股、财务杠杆、审计意见与信息披露及时性呈正相关关系,其中盈利能力、审计意见类型两因素的统计意义较显著。第五章：信息披露完整性影响因素分析。信息披露的完整性要求上市公司对全体投资者不得忽略或隐瞒任何重要的信息,是降低信息不对称程度行之有效的方法。首先,借鉴自愿性信息披露的分析范式,深入分析了信息披露不完整的六个方面的表现,重点分析了“保壳”压力等8个影响因素；然后,从沪深证券交易所2009年12月31日以前上市的上市公司中选取了1254个有效研究样本进行实证分析,表明：股权集中度、外资持股与信息披露完整性呈负相关关系,董事会独立性、领导二元性、管理层持股、主营业务利润率、财务杠杆、公司规模与信息披露完整性呈正相关关系,其中主营业务利润率、财务杠杆、公司规模三因素的统计意义较显著。第六章：信息披露质量测度：熵权理论应用。上市公司信息披露质量的影响因素既有定性指标又有定量指标,将定性指标和定量指标有机结合才能实现真正的综合测度。借助熵理论,重新设立了指标选择、设置以及处理方法,构建了上市公司信息披露质量的综合评价模型和指标体系。首先对20个基础影响因素和信息披露质量三个主要特征分别进行实证分析,然后加权汇总得出样本公司的综合信息披露质量评价排名。选取2009年度山东省区域内的59个上市公司为研究样本,分析表明：应收帐款周转率、管理层持股、是否发行外资股三个指标因素的熵权值排在前3位,即它们对信息披露质量的影响力排在前3位；信息披露质量的三个特征指标“可靠性、及时性和完整性”,其熵权值大小的排序为：及时性、完整性、可靠性,说明“及时性”是信息披露质量的最核心特征。第七章：结论与展望。对本文的主要研究结论进行归纳和总结,指出研究的创新点、存在的不足和后续研究方向。关于上市公司信息披露质量的综合研究,尤其是定量化研究在我国还是一个新兴的研究领域。本文研究取得了一些有意义的发现,对上市公司信息披露质量度量提供了有益补充,主要贡献在于：1、整合了信息披露质量影响因素的分析框架。通过分析上市公司信息披露质量的内涵和边界,从信息披露质量属性中,提炼出“可靠性、及时性和完整性”三个核心特征,着重从公司治理等方面对影响上市公司信息披露质量的因素进行了分析。2、完善了影响上市公司信息披露质量的指标体系。改善了前人在指标选择、设置以及处理方法上存在的不足之处,从信息质量内涵角度对信息披露质量进行了更为明确的界定,放弃了指标选取上过多采用“非制度性”因素的不足,更为科学地构建了上市公司信息披露质量影响因素的指标体系。3、建立了上市公司信息披露质量的熵权模型测度体系。通过对影响上市公司信息披露内外部因素的分析,构建了一个全面的信息披露质量的评价方法,使得测度结果更加客观、公正,为上市公司信息披露的市场监管提供了定量化参考思路。更多还原

【Abstract】 The level of information disclosure quality is directly related to the effectiveness of securities markets, investors rights protection and other important issues, playing a critical role for the development of capital markets. Information disclosure system of listed companies is the core of stock market system, and an important component of securities issuance and trading system, and the cornerstone of daily supervision of securities market also. So, high and low quality affecting factors of information disclosure, the standards of information disclosure quality and the methods adopted to measure, have important theoretical and practical significance in order to construct high-quality information disclosure system and strengthen the transparency of securities markets.By integration of existing research on measuring information disclosure quality, respectively study factors of information disclosure quality from three latitude: reliability of information disclosure content, timeliness of information disclosure, integrity of information disclosure. On the basis of the three dimensions, based on the reality of China’s securities market, to establish a logical quality evaluation framework for listed companies information disclosure from the perspective of market microstructure:analysis the factors affecting information disclosure quality→analysis information disclosure quality mechanism→empirically analysis factors affecting information disclosure quality→test impact indicators through entropy modle→come to conclusions and policy recommendations.ChapterⅠ:Introduction Mainly introduce the topic background and research significance, contents, research design and methods, characteristics and innovation.ChapterⅡ:Theoretical summary of information disclosure quality First to deal with the theoretical basis of information disclosure, to review the related theories of information disclosure system of listed companies; Second, to define the meaning and theoretical basis of information disclosure quality, and elaborate the dialectical relationship between information quality and information disclosure quality; After, to conduct a comprehensive review of the current stock market literature about information disclosure quality, to make a summary on five aspects, to analysis the characteristics and shortcomings of the existing literature, leading to the starting point and the basic idea of this article; Information disclosure is a systematic project, its components----information quality, measurement basis, content, methods, time, frequency, and so on, will affect the information disclosure quality of listed companies. Quality standards of information disclosure can be summarized at six aspects:authenticity, accuracy, completeness, timeliness, compliance, importance. This article thinks, "Reliability, timeliness, integrity of information disclosure" are the basic dimensions of information disclosure quality; Finally, to elaborate the overall analysis of information disclosure quality measurement framework.ChapterⅢ:Analysis influencing factors of information disclosure reliability Information and information disclosure are two stages of interdependence and relatively independent, high quality information disclosure needs high quality information. First, by reviewing domestic and foreign literature, to detail the specific factors affecting information content reliability from enterprise property system, corporate governance, internal control system and financial condition; Then, to select 1436 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31,2009, give theoretical analysis and empirical analysis of the correlation on 10 factors. Empirical analysising shows, there are negative correlations between ownership concentration, ownership checks and balances, management of holding, profitability, firm size, "shell" stress and information reliability, there are positive correlations between control human nature, board size, board independence, leadership duality and information reliability, leadership duality and "shell" stress show more significant statistically.ChapterⅣ:Analysis influencing factors of information disclosure timeliness Timeliness refers to the information within stipulated time frames or users within required time limit reaching the users, neither delay nor advance. First, based on the information disclosure of annual report, detaily to discuss the specific factors affecting information disclosure timeliness:focus on internal governance, financial situation and company size;Then, using delayed annual report as the substitution variables of information disclosure timeliness, to construct a framework and analysis correlation through accounting information quality theory, to select 1255 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31, 2009, empirical analysising shows, there are negative correlations between board size, board independence, profitability, firm size and information disclosure timeliness, there are positive correlations between managerial ownership, financial leverage, audit opinion and information disclosure timeliness, profitability and audit opinion show more significant statistically.ChapterⅤ:Analysis influencing factors of information disclosure integrity Information disclosure integrity requires listed companies must not to ignore or conceal any important information for all investors, which is an effective method of reducing information asymmetry. First, drawing on the analysis of voluntary disclosure paradigm, deeply to analysis the six aspects of inadequate(incomplete) information disclosure, and analyze the "security shell pressure" 8 factors,etc; Then, to select 1254 samples from listed companies on Shanghai and Shenzhen stock exchanges prior to december 31, 2009, empirical analysising shows, there are negative correlations between ownership concentration, foreign ownership and information disclosure integrity, there are positive correlations between board independence, leadership duality, managerial ownership, main business profitability, financial leverage, firm size and information disclosure integrity. Main business profitability, financial leverage and firm size show more significant statistically.Chapter VI:Information disclosure quality measurement:application of entropy theory The impact factors of information disclosure quality of listed companies have both qualitative and quantitative indicators, qualitative and quantitative indicators must be combined to achieve truly integrated measurement. With the entropy theory, to re-establish index options, settings, and treatment methods, to build comprehensive evaluation model and evaluation index system about information disclosure quality of listed companies.First, to analysis 20 factors and three main dimensions, then, to obtain a comprehensive summary of information disclosure quality evaluation rankings. To select 59 samples from shandong provincial listed companies, by 2009 annual report data, empirical analysising shows, receivable turnover, managerial ownership, whether issue of foreign shares are the three top indicators of among entropy factors, which means they influence information disclosure quality among the top three; The three characteristics of information disclosure quality "reliability, timeliness and completeness", the size of their ranking as entropy: "timeliness" ranks No.1, followed by "integrity", the third as "reliability", which shows "timeliness" of information disclosure is core-features.ChapterⅦ:Conclusion and outlook To summarize the main conclusions and summary, and point out innovation, shortcomings and future research directions.For the comprehensive study of information disclosure quality, which is still an emerging area especially in quantitative research in China. This paper has made some significant discoveries and provided a useful complement on information disclosure quality measurement of listed companies. Innovations of this article:1, To integrate the factors framework of information disclosure quality. By analysising the content and the border attribute of information disclosure quality, to extract the "reliability, timeliness and completeness" as the three sub-latitude features from information disclosure quality properties, and give deeply theoretical and empirical analysis from the corporate governance factors,etc.2, To improve the index system of information disclosure quality. To Improve the previous indicators deficiencies of options, settings and treatment, to analysis from the perspective of information quality content, and reject the previous selection of excessive using "non-institutional" factors, to construct a more scientific view of information disclosure quality on index system factors.3, To establish one comprehensive measurement system of information disclosure quality by entropy model. Through analysising impact factors of internal and external, to construct one more comprehensive assessment methods of information disclosure quality in order to make the measurement results more objective and fair, to provide a quantitative regulatory reference on information disclosure quality supervision for listed companies.更多还原