摘要
从公司信息披露的角度,研究声誉机制的有效性,以及声誉机制有效性受公司实际控制人性质的影响。研究发现,良好的声誉会带来高质量的信息披露,但是声誉机制的这种效果受到公司实际控制人性质的影响,声誉机制对于国有企业更加有效。本文的这一发现为声誉机制的效果提供了具体的经验证据,而且证明了正式制度安排(实际控制人性质)会对非正式制度(声誉机制)的运行效果产生影响。
From the perspective of corporate information disclosures,the paper researches the effectiveness of reputation mechanism and the influence of nature of corporate actual controllers on effectiveness.We find that good reputation induces high-quality information disclosure,but this effect is influenced by the nature of actual controller of the corporate.State-owned enterprises （SOEs） pay more attention to maintaining their reputations than private enterprises do,so reputation mechanism is more effective for SOEs than that for private enterprises.These results provide empirical evidence for the effectiveness of reputation mechanism,and prove that formal system（nature of actual controller） can influence the effectiveness of informal system（reputation mechanism）.
出处
《财经论丛》
CSSCI
北大核心
2011年第3期93-98,共6页
Collected Essays on Finance and Economics
基金
国家社会科学基金青年项目(09CJY087)
教育部人文社会科学研究青年项目(09YJC630104)
广东商学院校级科研项目(10BS79001)
关键词
声誉机制
实际控制人性质
信息披露
reputation mechanism
nature of actual controller
information disclosure
