公司治理对自愿披露影响的实证分析-企业管理专业论文.docx

华 华 中 科 技 大 学 博 士 学 位 论 文 II II 明：上市公司的信息披露行为与其持有的私人信息特征和所吸引的信息中介数目有 关。随着关注该公司信息中介数目的增多，即使私人成本较高，公司也将自愿披露 一些私人信息，来引导信息中介的羊群行为，达到控制流向竞争者的信息，保持竞 争优势的目的。然后选取 2004 年在上海证券交易所交易的 365 家上市公司作为样本， 检验了管理层股权激励和产品市场竞争对自愿披露的交互效应。我们发现：产品市 场竞争程度较低时，管理层持股比例越高，公司的自愿披露程度越低；市场竞争程 度越低且管理层持股比例越高的公司，其自愿披露的意愿越弱。 最后在总结论文实证研究结论的基础上，从完善我国上市公司公司治理的角度， 提出提高公司自愿披露水平的政策建议。这些建议包括：1）深化政企分开，明晰产 权，进一步完善国有法人治理结构；2）大力发展机构投资者，平衡产权结构；3） 适当增加董事会会议次数，完善董事会的议事程序；4）完善独立董事制度，充分发 挥独立董事的监督作用；5）建立审计委员会制度，强化审计委员会职能；6）培育 产品市场竞争体系；7）促进信息中介行业的发展，鼓励信息中介机构定期对我国上 市公司自愿披露水平进行评级。 关键词：公司治理；自愿披露；股权结构；董事会效率；产品市场；信息中介 III III Abstract Voluntary disclosure can be defined as disclosures in excess of requirements, representing free choices on the part of company managements to provide accounting and other information deemed relevant to the decision needs of users of their annual reports. There is a close relationship between corporate governance and voluntary disclosure. Foreign scholars have done lots of empirical research on this relationship. Because of the unique economy environment, legal framework, traditional culture and unique feature of corporate governance of listed Chinese companies, many foreign research results on voluntary disclosure are not fit for listed Chinese companies effectively. While internal scholars have done a little on it, this paper analyzes the effects of corporate governance of listed Chinese compabies on voluntary disclosure systematically and examines this relationship empirically. Then provides support and policy suggestion on improving corporate voluntary disclosure. Firstly, this paper analyzes the influences of internal governance including ownership structure, board effectiveness and manager incentives on voluntary disclosure of listed Chinese companies. Then selecting 401 companies listed on the shanghai stock exchange in 2004 as our samples, we examine empirically the effects of ownership structure and board effectiveness on voluntary disclosure. And divide the samples into low-voluntary