| Author: | 朱建钦 Zhu, Jianqin |
| Title: | 信息披露质量及其经济后果 : (来自香港证券交易所的经验据) Xin xi pi lu zhi liang ji qi jing ji hou guo : (lai zi Xianggang zheng quan jiao yi suo de jing yan ju) |
| Other Title: | Disclosure quality and its economic consequences : empirical evidence from Hong Kong |
| Advisors: | 俞伟峰 (AF) |
| Degree: | D.Mgt. |
| Year: | 2015 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Stock exchanges -- China -- Hong Kong Disclosure of information -- China -- Hong Kong |
| Department: | Faculty of Business |
| Pages: | 107 pages |
| Language: | Chinese |
| Abstract: | 本文以2010年-2013年在香港联合交易所上市交易的公司为研究样本，利用"股价或成交量不寻常波动"而被监管方责令发出的解释公告，依据公告的披露动机、频次、以及内容明晰程度分项赋值，构建一个度量信息披露质量的披露指数，并进一步从投资者的视角出发，检验其产生的经济后果:衡量投资价值的Tobin'SQ值;衡量投资风险的股票收益波动性、特质波动率、贝塔系数和衡量股票流通风险的买卖价差。本文首先运用OLS多元回归分别对实验样本及全样本进行了实证分析，研究发现，控制了相关因素后，信息披露质量与企业价值呈现显著的正相关关系;信息披露质量与股票收益波动性呈现显著的负相关关系;信息披露质量与股票特质波动性呈现显著的负相关关系;信息披露质量与股票的流动性呈现显著的正相关关系。接着，本文引入披露指数的预测值使用2SLS回归方法减少解释变量的内生性，最后，证明了结果是稳健可靠的。本文试图减少基于经营者提供的各种报告及发布会内容进行赋值而存在的主观修饰成份，从信息的市场反应入手，依据股价敏感信息公告的披露动机、频次、以及内容清晰程度构建一个直观简单的披露指数，进而研究其所带来的经济后果，对投资者而言，可以获得信息披露质量及其经济后果的直观经验，对经营方而言，可以促进主动进行信息披露的动机及提高信息披露质量管治水平以获得较好的经济后果，提升公司的企业价值;对监管方而言，可以利用及平衡好信息披露制度的侧重点来调节监管政策，并为进一步保护投资者、改善信息披露制度提供实证证据。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b28563761.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.63 MB | Adobe PDF | View/Open |
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