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目前在中国市场,信息披露质量是较数量更为有效的衡量公司信息透明度的方面。基于信息披露质量,我们分别以深交所上市公司考评中不及格和优秀等级的公司、沪深违规信忠披露公司及其配对公司作为两组研究样本,同时全面考察公司的信息透明度对投资者交易行为的影响以及相应的市场效应。两组样本检验结果一致表明,低透明度和严重的信息不对称是某些知情者诈取广大不知情的中小投资者利益的温床,并扭曲了资本市场的原有功能;从2001年至2004年,尽管公司信息透明度对大量中小投资者的股票选择没有显著影响,但其的确也帮助了投资者对所选择的股票进行定价。健全法律制度、培育理性投资者与信息中介、提高公司信息透明度,是促进市场有效的根本。
Currently in the Chinese market, the quality of information disclosure is a more effective measure of the transparency of corporate information than quantity. Based on the quality of information disclosure, we respectively take the companies failing the outstanding and outstanding ratings of the listed companies of Shenzhen Stock Exchange, Shanghai Xin and Shanghai Zhongsheng Disclosing Company and their counterpart companies as two groups of research samples, and simultaneously inspect the company’s information transparency on the investor transaction behavior The impact and the corresponding market effect. Both sets of sample test results consistently show that low transparency and serious information asymmetry are some hotbeds for some insiders to defraud the interests of most unknown small and medium investors and distort the original functions of capital markets. From 2001 to 2004 Although corporate information transparency has no significant effect on the stock selection of a large number of small and medium-sized investors, it does help investors to price the stocks they choose. Perfecting the legal system, fostering rational investors and information intermediaries, and improving the transparency of corporate information are fundamental to the effective promotion of the market.