【作者】 蓝文永；

【导师】 王治安；

【作者基本信息】 西南财经大学 ， 会计学， 2009， 博士

【摘要】 资本市场中,公司信息披露不仅对降低信息不对称和交易成本具有重要意义,而且是保护投资者和实现资源优化配置的关键所在。通过公司的信息披露,投资者可以了解到被投资公司的经营状况,而公司信息披露制度是以保护投资者利益为根本目标的。正如美国证券交易委员会主席亚瑟·莱维特(2001)所指出:“我们国家面临的首要经济问题,就是保护投资者利益,维护投资者对于市场体系的信心”,可见投资者保护对资本市场的重要性已经或者逐步成为学术界和实务界共同关注的焦点。本文以委托代理理论、市场有效理论、信息不对称理论等为理论基础,从公司信息披露、投资者保护等概念的界定入手,沿着“信息披露策略选择动因→信息披露策略→信息披露的投资者保护功能”的研究主线,以我国上市公司实际制度为背景,基于投资者保护的信息披露机制,对公司信息披露要素变化与投资者保护、信息披露策略选择动因进行了的系统分析研究,采用高级计量方法对上市公司的数据进行实证检验,挖掘我国上市公司投资者保护功能的决定机制,探究信息披露机制与投资者保护及市场信息不对称程度的影响因素,为我国今后的证券市场改革、信息披露监管和会计制度完善提供相应的理论与实证依据。全文共分8章,结构安排具体如下:第1章:绪论。本章主要介绍了本论文的研究背景和研究意义,在研究背景中分析了在我国资本市场中研究投资者保护的必要性以及从投资者保护角度研究公司信息披露机制的理论与现实意义;在借鉴大量国内外现有的研究成果基础上,对国内外有关信息披露机制与投资者保护的研究现状进行了分析和评述;对论文的研究思路、研究框架、技术路线及总体的逻辑关系进行简述,最后介绍本论文研究的主要方法以及文中相关的重要概念。第2章:公司信息披露机制与投资者保护的理论基础。本章首先简述了公司信息披露的发展历程,其次对公司信息披露目标进行分析研究,从有效市场假设理论、信息不对称理论、契约理论、信号传递理论等对公司信息披露理论进行了经济学解释。对于投资者保护理论主要从契约论和法律论两个方面进行分析,得出两者的相互补充可以有效的保护投资者利益。最后深入论述公司信息披露机制与投资者保护之间的相互关系,揭示高质量的信息披露才有可能最大限度地保护投资者利益,而投资者保护程度又影响着公司信息披露的质量,两者关系的结论为后续的研究提供了理论基础。第3章:公司信息披露机制发挥投资者保护功能的机理分析。本章利用企业理论和信息经济学的相关理论对公司信息披露在投资者保护中的功能定位及其发挥作用的基本路径进行梳理和分析。首先对财务报告质量评价的用户需求观与投资者保护观进行探讨,构建了公司信息披露机制发挥投资者保护功能的扩展分析框架,然后分析公司内外治理机制对公司信息披露的影响。因此,本章的分析研究是本文实证研究假设提出的理论基础,有助于增强对我国股票市场信息披露的认识,对投资者利益保护以及监管机构监管也具有一定的借鉴作用。第4章:制度背景与现状描述。信息披露制度是现代证券市场发展的基石,是实现证券市场公开、公平、公正的基础和维护证券投资者利益的基本保障。鉴于此,世界各国和地区的证券市场无不重视信息披露制度,均将信息披露制度的建立和实施列为证券市场发展和监管工作的重中之重。本章主要针对上市公司信息披露制度进行讨论,就目前我国有关上市公司信息披露的法规体系以及上市公司披露信息制度的具体内容进行详细论述,分析我国制度背景的特殊性,为实证研究公司信息披露机制发挥投资者保护功能以及公司信息披露策略选择动因做好铺垫。第5章:公司信息披露要素变化与投资者保护的实证分析。基于投资者保护的角度研究了上市公司信息披露问题,就是研究信息披露机制能否发挥以及如何发挥投资者保护功能,减少投资者之间的信息不对称程度,使投资者获得平等的交易权和信息权。本章以我国沪深股市的上市公司为研究对象,以信息泄露程度作为投资者保护水平的观察变量,分别考察了公司会计信息质量、计量基础、信息披露及时性、信息披露频率作为测试变量对投资者保护水平的影响。实证检验表明,会计信息质量、信息披露及时性与投资者保护之间存在显著的正相关关系;信息披露频率与投资者保护之间的关系没有通过显著性检验;计量基础与投资者保护之间呈负相关关系,但不显著。第6章:公司治理结构对会计信息质量影响的实证研究。公司治理结构,如董事会结构、股权特征、控股股东性质等对公司的代理冲突产生共同影响作用,并对公司控制人的信息披露策略产生影响。本章选取2006、2007年度沪深股市的626家上市公司作为研究样本,对我国上市公司董事会结构、股权特征与会计信息质量之间的关系进行经验分析。研究表明,监事会规模与会计信息质量呈显著正相关,审计委员会设立情况与会计信息质量呈显著负相关,而董事会规模、独立董事比例和董事长与总经理的两职分离情况与会计信息质量呈弱正相关关系,董事会会议频率与公司会计信息质量之间呈弱负相关关系,董事会会议常扮演“灭火器”角色。在股权特征方面,仅有流通比例与会计信息质量呈显著负相关,而股权制衡度则呈显著正相关;管理层持股与会计信息质量呈弱正相关,;第一大股东持股比例与会计信息质量呈弱负相关。第7章:公司治理对年度报告及时性影响的实证分析。投资者保护的关键环节是公司信息披露机制,而信息披露时间是上市公司信息披露机制的重要组成部分。本章以我国上市公司2006-2007年间公布的年度报告披露时间进行多元回归分析,从公司治理机制角度研究公司信息披露及时性问题。研究结果表明,在公司治理机制中的第一大股东持股比例、设立审计委员会和领导权二元性对年报及时性存在重要影响,而董事会成员持股、实际控制人性质和独立董事比例对年报及时性的影响不显著。第8章:结论、创新点与未来研究方向。本章作为全文的结束语,在对论文的主要研究结论进行总结和归纳的基础上,指出本论文研究的创新点、存在的不足和后续的研究方向。本文的创新之处:1.本文将保护投资者公平交易权和信息获取权作为研究公司信息披露的出发点,为公司信息披露的研究提供了一个崭新的视角,在公司信息披露和投资者保护的理论分析基础上,对上市公司信息披露机制发挥投资者保护功能做了机理分析,建立我国上市公司信息披露机制发挥投资者保护功能的系统分析框架,对信息披露与投资者保护的制度背景和现状进行深入分析。2.本文以“信息披露策略选择动因→信息披露策略变化→信息披露的投资者保护功能”为研究主线,立足我国证券资本市场,进行了深入的理论分析和实证检验。研究发现,公司的会计信息质量和信息披露的及时性能够发挥投资者的保护功能;但由于信息披露的质量不高,通过提高公司信息披露的频率还远远不够,还要在提高信息披露的质量方面进一步完善;公允价值计量基础没有成为投资者保护的有效促进因素,反而可能成为公司进行盈余管理的手段。3.整合公司信息披露策略选择动因的分析框架,从股权特征、管理者动机、公司治理等方面对我国上市公司信息披露策略的影响因素进行了系统深入的实证检验,特别是对公司治理机制的深度探讨和验证,一定程度上为目前国内有关信息披露影响因素的研究增加了厚度,以投资者行为和公司信息披露机制的影响方面检验信息披露的经济后果,这为我国上市公司信息披露制度建设以及资本市场如何保护投资者利益问题提供了科学的实证依据。4.国内有关上市公司信息披露策略选择动因的研究中,大部分是定性的理论分析。从公司治理结构、股权特征和控制权人性质等进行实证研究也较少,其研究也忽略了其他众多的治理结构要素,不够系统和全面。而本文是分别从理论和实证两个角度展开研究的,从股权特征、董事会特征和经理层特征三个方面分析了公司信息披露策略选择动因。因而本文在研究内容上较以往有了明显的创新。本文的研究局限:1.本文虽然对我国的制度背景进行了分析,但在分析信息披露机制发挥投资者保护功能和公司信息披露策略选择动因时,主要以西方发达国家的成熟市场经典理论为理论基础,这样会对本文实证研究结果的解释和逻辑推理的合理性造成一定的影响。2.本文用盈余管理程度作为会计信息质量的衡量指标,但是衡量会计信息质量的指标很多,如盈余的持续性、稳健性等等,还应该从其他角度做进一步研究。另外就盈余管理来说,本文用的是操控性应计数绝对值,但是很多研究已证实,我国上市公司盈余管理的手段种类繁多,很多上市公司直接通过资产重组、关联交易等进行盈余管理,因此也可以采用其他更好的方法和指标来捕捉上市公司的盈余管理行为。3.本文在实证检验我国的会计信息质量和年报及时性的影响因素时,由于我国2006年颁布的新企业会计准则从2007年1月1日起才在上市公司中实施,2008年上市公司年报截至论文初稿形成还尚未发布,只有2007年年度报表执行新准则,这会对本文的研究结论稳健性造成影响。因此未来的研究可以延长研究跨度,以进一步验证新企业会计准则实施的经济后果。更多还原

【Abstract】 Capital markets, the company not only to reduce information asymmetries and transaction costs of information is of great significance, but also the protection of investors and optimize the allocation of resources to achieve the key, Through the company’s information disclosure, investors can be aware of the operation of investment companies, and disclosure of corporate information system is to protect the interests of investors as a fundamental goal. As the United States Securities and Exchange Commission Chairman Arthur Levitt (2001)pointed out: "our country is facing economic problems first and foremost, is to protect the interests of investors and maintaining investor confidence in the market system", can be seen on the capital market investor protection had, or the importance of academics and practice has gradually become the focus sector.In this paper, the principal-agent theory, market effective theory, asymmetric information theory, based on the disclosure of information from the company, investor protection, such as the definition of the concept of starting down the "information disclosure strategy selection motivation→Information disclosure strategy→disclose information the disclosure of information investors protection, "the main line of research to the actual system of listed companies in China against the backdrop of investor protection based on the information disclosure mechanism, elements of the company’s disclosure of information changes and investor protection, information disclosure strategy for the selection of cause analysis framework, the use of advanced Measurement data of listed companies to carry out empirical tests, mining investors in China’s Listed Companies decide protection mechanism, to explore mechanisms for information disclosure and investor protection and market impact of the degree of information asymmetry for the future of our country’s securities market reform, the disclosure of information improve the monitoring and accounting system provide the basis of theoretical and empirical.The full text is divided into 8 chapters, the structure of the arrangements as follows:Chapter 1: Preface. This chapter introduces the research background of this thesis and research significance of the study analyzed the background of the capital market in our country Study on the need for investor protection, as well as protection from the investors point of view the company information disclosure mechanism theory and practical significance; at draw a large number of existing research results at home and abroad, based on information the disclosure of the relevant domestic and foreign investor protection mechanisms and research analysis and comments; dissertation research on the ideas and research framework, technology and route the logic of the relationship between the overall brief Finally, the introduction of this thesis research, as well as the primary means of text related to the important concepts.Chapter 2: Company information disclosure mechanism and the theoretical basis for investor protection. This chapter outlines the company first disclosed in the course of development of information, followed by the company’s goal to analyze the disclosure of information studies, from the efficient market hypothesis theory, asymmetric information theory, contract theory, signaling theory, such as the company’s disclosure of information theory in economics to explain . Protection for investors, mainly from lease of the theoretical and legal aspects of both analysis between the two complement each other can effectively protect the interests of investors. Finally go into the disclosure of company information investor protection mechanism and the relationship between the quality of the information revealed will it be possible to minimize the disclosure to protect the interests of investors, and investor protection and disclosure of information affects the quality of the company, the relationship between the two concluded that follow-up study provides a theoretical foundation.Chapter 3: Company information disclosure mechanism to investors analyze the mechanism of protection. This chapter the use of business theory and information theory in economics-related information the disclosure of the company’s investor protection at the function and its role to sort out the basic path and analysis. First of all, the evaluation of the quality of financial reporting requirements of the users view and explore the concept of investor protection, disclosure of information to build the company’s investor protection mechanism to the expansion of analytical framework, and then analysis of the company internal and external governance mechanisms on companies to disclose the impact of information. Therefore, the analysis of this chapter, empirical research in this article are the theoretical basis for the assumption made, it helps to strengthen the disclosure of information on China’s stock market awareness, protection and benefits to investors, regulatory bodies must also have the regulatory role of the draw.Chapter 4: System described in the background and current situation. Information disclosure system is the cornerstone of the modern development of the securities market, realize the securities markets are open, fair and just basis and to maintain the fundamental interests of securities investors protection. In view of this, countries around the world and regional importance of the information disclosure of all stock market system, information disclosure regime will be set up and implementation of stock market development and regulation as the most important job. This chapter aimed at information disclosure system of listed companies to discuss our country on the current information disclosure of listed companies on the system of laws and regulations, as well as listed companies to disclose the specific content of the information system to conduct a detailed exposition of the background analysis of the specificity of our system for information disclosure of Empirical Research the mechanism investors, as well as exert protection strategy for the company to disclose information to do a good job paving the way cause selection.Chapter 5: Change the company information disclosure and investor protection elements of the empirical analysis. Based on the investor protection point of view of the information disclosure of listed companies the problem is to find out whether the information disclosure mechanism and how to exert protection of investors, reduce information asymmetry between investors, ensure that investors have equal trading rights and the right to information. This chapter in our country’s listed companies in Shanghai and Shenzhen stock markets for the study to the extent disclosure of information as to observe the level of investor protection variables, respectively, visit the company’s accounting information quality, basic measurement, the timeliness of information disclosure, the frequency of information disclosure to investors as a test variable From the impact of the level of protection. Empirical testing showed that the quality of accounting information, the timeliness of information disclosure and investor protection between the significant positive correlation between; information disclosure frequency and the relationship between investor protection did not pass the test of significance; measurement between investor protection and basic was a negative correlation between, but not significantly.Chapter 6: corporate governance quality of accounting information on the impact of empirical studies. Corporate governance structure, such as board structure, ownership characteristics, the nature of the controlling shareholder of the company’s agent have a common impact of conflict, and control of the person have an impact on information disclosure strategies. This chapter to select the year 2006,2007 Shanghai and Shenzhen stock market listed companies in 626 samples for the study of the structure of our board of directors of listed companies, shares the characteristics of the quality of accounting information and the relationship between the empirical analysis. Studies have shown that the size of the board of supervisors and the quality of accounting information was a significant positive correlation, the Board set up with the quality of accounting information was negatively correlated, and the Board of Trustees of the scale, the proportion of independent directors and chairman and general manager of the separation of the two grades with the quality of accounting information was weak correlation between the frequency of board meetings and the quality of accounting information between the companies was a weak negative correlation between the regular meetings of the Board to play a "fire-fighting" role. Characteristics at stake, only the flow of the quality of accounting information and the proportion was negatively correlated, while the share of checks and balances while a significant positive correlation; management ownership and the quality of accounting information was a weak positive correlation; shareholding ratio of the largest and the quality of accounting information was a weak negative correlation.Chapter 7: Corporate Governance annual report on the impact of the timeliness of the empirical analysis. Investor protection is the key to information disclosure mechanism and information disclosure time information disclosure of listed companies are an important part of the mechanism. This chapter of our listed companies to announce its 2006-2007 annual report time for the disclosure of multiple regression analysis, from the perspective of corporate governance research firm, the issue of timely disclosure of information. The results show that corporate governance mechanisms at the first major shareholder ownership, the establishment of the Audit Committee and the dual leadership of the annual report of the existence of an important impact on the timeliness, and Board Member holdings, the actual control of the nature of people and the proportion of independent directors on the Annual Report of the timeliness of no significant impact.Chapter 8: Conclusions, innovation and future research directions. The full text of this chapter as the conclusion, the main thesis in the conclusion of the study summed up and summarized on the basis of the thesis of this study pointed out that the existence of deficiencies and follow-up research.Innovation of this article:First of all, In this paper, the right of fair trading to protect investors and the right to obtain information as a research starting point for disclosure of information, the disclosure of information for the company’s research provides a new perspective, in the company’s information disclosure and investor protection on the basis of the theoretical analysis of listed companies investors, information disclosure mechanism to make the mechanism of protection analysis, our country set up mechanisms for information disclosure of listed companies to play a function of investor protection framework for the analysis of information disclosure and investor protection system to conduct in-depth background and analysis of the status quo. Publicly accessible in the literature, have been found similar to China’s listed companies to disclose information of the systematic study of the mechanism.Secondly, In this paper, "Information disclosure strategy selection cause information disclosure strategy→Information disclosure strategy→Change the disclosure of information protection of investors," the main line for the study, based on China’s equity capital markets, conducted an in-depth theoretical analysis and empirical testing. The study found that the company’s accounting information quality and timeliness of information disclosure to investors to play a protective function; However, due to the quality of information disclosure is not high, by increasing the frequency of disclosure of corporate information is still far from enough, but also in enhancing the disclosure of information further improve quality; the basis of fair value does not become effective investor protection constraints, but the company may become a means of earnings management.Thirdly, Disclosure of company information integration strategy selection framework for the analysis of motives, from the equity characteristics, management motivation, and other aspects of corporate governance of listed companies on China’s strategy for information disclosure system factors affect the depth of empirical testing, especially for the corporate governance mechanism to explore the depth of and validated, to some extent on the current information the disclosure of the relevant factors to increase the thickness of the research to investors and company information disclosure mechanism to test the impact of the economic consequences of disclosure of information, which for our system of information disclosure of listed companies and capital construction market, how to protect the interests of investors to provide the empirical basis of science.Fourthly, Relevant strategy for information disclosure of listed companies choose to move because of the study, most of the theory of qualitative analysis. From the corporate governance structure, ownership and control characteristics of the nature of the right people to carry out empirical studies, such as less, the study also ignores the many other elements of the governance structure, are not systematic and comprehensive. This article is from the theoretical and empirical study of two angles, from the equity characteristics, characteristics of the board of directors and managers to analyze the characteristics of the three information disclosure strategy the company’s choice of driving forces. And therefore the content of this article than in the past, innovation has been evident.In this paper, the limitations of the study:First of all,In this paper, although the background of our country’s system of analysis, but the analysis of information disclosure mechanism to investor protection and disclosure of company information fixed by selection strategy, the main developed countries in the mature markets of Western classical theory as the theoretical basis, so this article will be evidence The results of the interpretation and the rationality of logic have been affected. Secondly,In this paper, the extent of earnings management as a measure of the quality of accounting information target, but the quality of accounting information to measure a lot of the target, such as the sustainability of earnings, stability and so on, but also from other point of view should be to do further study. Also on the earnings management is used in this article are in absolute control and should be counted, but a lot of research has confirmed that the earnings management of listed companies in China a wide range of means, a lot of listed companies directly through the reorganization of assets, related party transactions such as earnings management, so can also be used for other and better ways to capture the target market and the company’s earnings management behavior.Thirdly,In this paper, empirical testing of our country the quality of accounting information and annual reports of the impact of the timeliness of factors, our country in 2006 because of the promulgation of the new Accounting Standard for Business Enterprises from January 1, 2007 only at listed companies in the implementation of the 2008 annual report of listed companies as of Thesis the formation of the first draft has not yet been released, only the year 2007 guidelines for the implementation of the new Report, which will study the conclusions of this article the robustness of the impact. Therefore future research studies span can be extended to further study to verify the implementation of new accounting standards for business enterprises of the economic consequences.更多还原