摘要
本文分析了在以关系经济、市场发展不均衡等为显著特征的中国新兴市场环境下,公司价值对自愿披露的影响。研究发现,总体而言,在以关系为基础的经济社会中,关系成为获取资源和竞争优势的重要源泉,所以拥有更多关系网的价值越高的公司为避免由于披露所带来的高额专有成本,资本市场交易的披露动机并不显著,公司价值与自愿披露显著负相关;但是在市场化进程较高的地区,上述情况得到了一定程度的逆转。本文的研究有助于理解和认识我国自愿披露动机的特殊性,并对于制定相适应的信息披露准则具有借鉴意义。
Abstract：This paper studies the effect of corporate value on the voluntary disclosure under the specific institu- tion background- in China which is characterized by the Guanxi-based economic and uneven market. It is found that Guanxi is the main source of resource and competitive advantage in the Guanxi-based economic society. Therefore, it＇s not significant of high-value corporate＇s disclosure motivation in the capital market transaction be- cause of high proprietary costs. Moreover, there is negatively significant relationship between corporate value and voluntary disclosure. However, this is just the opposite in the higher-marketization regions. This study is helpful for us to understand the particularity of voluntary disclosure, and establish the proper standards of infor- mation disclosure in China.
出处
《金融研究》
CSSCI
北大核心
2011年第8期111-127,共17页
Journal of Financial Research
基金
国家自然科学基金项目(71072095
70771048)
教育部人文社会科学重点研究基地-南开大学公司治理研究中心重大项目(2009JJD630001)
国家社科重大项目(10ZD&035)的资助
关键词
自愿披露
公司价值
市场化进程
corporate value
voluntary disclosure
marketization
