上市公司自愿性信息披露问题研究.pdfVIP

摘要 信息披露是证券市场向外界传达信号的有效方式，而信息披露制度是重要的市场监 管措施。在国外，上市公司进行信息披露不仅通过强制性信息披露传达信息，而且通过 自愿性信息披露提高核心竞争力与树立公司形象。在我国，上市公司还仅仅局限在强制 性信息披露，而且经常出现隐瞒真实信息、披露虚假信息的现象，导致投资者对信息披 露缺乏信心。在这种背景下，对上市公司自愿性信息披露问题研究与分析探讨是很有必 要的。 本文针对上市公司自愿性信息披露的现状，以委托代理理论、信号传递理论及印象 管理理论为基础，具体分析披露的动因、影响因素以及与强制性信息披露的区别与联系， 从自愿性信息披露存在的问题出发，对这些问题逐个进行辨析，为广大投资者了解、运 用自愿性信息披露进行投资决策提供参考，同时也进一步减少自愿性信息披露在信息使 用者心中存在的困惑。最后，通过理论分析和问题辨析，对我国上市公司自愿性信息披 露构想，主要包括公司层面实施披露构想和相关部门引导披露构想，这两方面构想是本 文主要的内容之一，通过这些构想，为公司提供披露原则和内容的指导支持，为相关部 门提供制度引导、环境支持、行为监管及保障措施上的帮助，本文希望通过研究对以后 的学者研究自愿性信息披露有所帮助。 关键字：上市公司，自愿性信息披露，问题，构想 i Abstract Information disclosure is the effective way as the stock market send signals to outside, while the information disclosure system is the important market regulatory measures. In foreign countries, the listed company information disclosure not only through the mandatory disclosure of information to convey information, but also through the voluntary disclosure of information to enhance the core competitiveness and establish a corporate image. In China, listed companies are confined to the mandatory information disclosure, and often appear to hide information, disclosure the false information, leading to that the investors are lack of confidence on the information disclosure. In this context, it is very necessary to research and analysis the voluntary information disclosure of listed companies. This paper analysis the voluntary information disclosure of listed companies under the current situation based on principal agent theory, signal theory and impression management theory, the main analysis focuses on disclosed motives, influencing factors and the relationship between the mandatory information disclosure and the voluntary information disclosure. The paper s