| | | | | 上市公司信息披露失信行为的经济后果 | | | 张俊生;曾亚敏 | | | 上市公司信息披露失信行为对股东财富、股票系统性风险以及股票市场波动等都有一定影响。从这三个方面进行研究,定量性评估上市公司信息披露失信行为的经济后果,则能为市场监管与处罚提供依据。研究结果表明,上市公司信息披露失信行为在被揭露的时窗内平均使股东财富损失2.35%,价值平均500多万元;股票的系统性风险也因为上市公司的失信行为而被显著性放大;股票市场的整体波动则随着失信案例的增多而加剧。
【作者单位】：中央财经大学会计学院 北京100081(张俊生);清华大学经济管理学院 北京100084(曾亚敏)
【关键词】：诚信;股东财富;系统性风险;市场波动
【基金】：教育部人文社会科学青年基金(07JC630008)
【分类号】：F276.6
【DOI】：CNKI:SUN:SJYJ.0.2008-02-020
【正文快照】：
一、引言中国上市公司作为20世纪90年代出现的新型组织形式,可以通过资本市场利用巨额财富,所以其诚信状况尤其引人关注,其中会计信息披露的诚信问题更是重中之重。这是因为会计信息披露是投资者了解上市公司经营状况的主要途径,在理论上亦是降低企业与投资者之间信息不对称的 | | |  推荐 CAJ下载  PDF下载 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | Economic Consequence of Dishonest Information Disclosure by Listed Companies | | | ZHANG Jun-sheng1;ZENG Ya-min2(1.School of Accounting;Central University of Finance and Economics;Beijing 100081;China;2.School of Economic Management;Tsinghua University;Beijing 100084;China) | | | The dishonest behavior information disclosure by listed companies affects the shareholders' wealth,stock systematic risks and fluctuation of stock market.From the above three aspects,the economic consequences caused by the dishonest behavior of listed companies on the basis of quantitative assessment provide a foundation of market supervision and punishment.The research indicates such dishonest behavior,when disclosed,causes 2.35 per cent loss of shareholders' wealth at the announcement window on average,approximately worth over$5 million.Stock systematic risks will be increased on account of such dishonest behavior.Thus the overall fluctuation of stock market will be worsening with the increase of dishonest cases exposure to the public.
【Keyword】：fidelity;shareholders' wealth;systematic risks;market fluctuation |
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