【作者】 彭江雪；

【导师】 徐刚；

【作者基本信息】 重庆工学院 ， 会计学， 2008， 硕士

【摘要】 自愿性信息披露是在强制性信息披露的规范以外,上市公司主动向公众提供公司相关信息。自愿性信息披露是强制性信息披露的补充和扩展,能够提高公司的透明度,降低信息不对称性,保护投资者和利益相关者的利益,对于上市公司,投资者、利益相关者和整个证券市场都有重要意义。但是,我国上市公司最近几年才开始披露自愿性信息,虽然有逐年上升趋势,但是其水平还是很低下,还有很大的上升空间。因此,怎样提高上市公司自愿性信息披露水平成为了一个颇具现实意义的问题。除了外部经济环境以外,影响自愿性信息披露水平的关键性因素是上市公司的公司治理。因此,本文采用理论研究和实证研究相结合的研究方法来分析论证公司治理对我国上市公司自愿性信息披露的影响,以期从完善公司治理和信息披露制度的角度提出提高自愿性信息披露的水平建议,提高我国上市公司自愿性信息披露水平,从而提高上市公司信息质量。本文共分四个部分。第一部分为导论部分,提出了本文的研究背景、意义及内容。第二部分,归纳、比较和分析了中外学者在自愿性信息披露方面的研究成果,以此作为本文研究的基础。第三部分界定了公司治理和自愿性信息披露的定义,并从理论上分析公司治理对自愿性信息披露的影响。本文认为公司治理与自愿性信息披露存在着互补效应,即公司治理越完善,自愿性信息披露的水平就越高。第四部分实证研究了公司治理对我国上市公司自愿性信息披露的影响。依据理论研究,本文提出股权结构和董事会特征两方面的解释变量,包括股权集中度、控股股东性质、机构投资者持股比例、监事会持股人数比例、两职合一状态、独立董事比例以及独立董事参与度,同时将公司规模、盈利能力、上市地点作为控制变量。而后利用2007年只发行A股的机械行业156家上市公司作为研究对象,采用多元线性回归实证研究方法对假设进行验证。研究发现控股股东性质(国有股)以及独立董事参与度与自愿性信息披露水平显著正相关,监事会持股人数比例与自愿性信息披露水平有微弱的正相关关系,而股权集中度、机构投资者持股比例、两职合一状态以及独立董事比例与自愿性信息披露的相关性并不显著。第五部分,依据理论和实证分析,提出建设性的意见。本文主要提出了优化上市公司股权结构、完善董事会和监事会以及完善信息披露制度的意见,以期提高自愿性信息披露的水平。更多还原

【Abstract】 Voluntary disclosure can be defined as disclosure providing the public with related information in the excess of requirements. Voluntary disclosure is the supplement and extension of mandatory disclosure, capable of improving the transparency of companies, eliminating the information asymmetry between the internal and the external, protecting investors and interest parties, and meaningful to investors, interest parties, security market as well as listed companies. However, listed companies in China only began to disclose information voluntarily very recently which is of low quality. Hence, it becomes a quite practical problem how to improve voluntary disclosure of listed companies in China. And the critical factor influencing the voluntary disclosure, besides the external economic environment, is corporate governance. So the paper examines the influence of corporate governance on voluntary disclosure empirically and theoretically in order to improve the voluntary disclosure and information quality of listed companies in China by making some suggestions about corporate governance and information disclosure.The paper is composed of mainly 5 sections. Firstly, the paper brings forward the background and significance of the subject. Secondly, I sum up, compare and analyze studies about voluntary disclosure by scholars abroad and at home which can be considered as the foundation of my research. Thirdly, the paper states definition of voluntary disclosure and corporate governance, and analyzes the influence of corporate governance on voluntary disclosure theoretically. There is complementary relationship between corporate governance and voluntary disclosure, which means more perfect the corporate governance is, the better voluntary disclosure will be. Furthermore, the paper makes an empirical study on influence to voluntary disclosure by corporate governance. Based on theoretical analysis, the attributes of ownership structure and features of the board of directors are set up, including ownership concentration, controlling ownership identity, the proportion of institutional investor ownership, the proportion of shareholding supervisors to the total number of supervisors on the board, CEO duality, the proportion of independent directors to the total number of directors on the board and participation of independent directors. Meanwhile, 3 controlling variables are set up, including company size, profitability and the market. The study is based on a sample of 156 listed companies in machinery industry which only have A-shares on either Shanghai or Shenzhen Stock Exchange. Then a linear multiple regression equation is established to test the conjecture. The result indicates that controlling ownership identity, participation of independent directors relate notably to voluntary disclosure positively, and the proportion of shareholding supervisors to the total number of supervisors on the board relate weakly to voluntary disclosure positively. The correlation between other independent variables and dependent variable is insignificant. Finally, based on theoretical and empirical research, some advises are provided mainly including the improvement of ownership structure, board of directors, board of supervisors and disclosure systems.更多还原