摘要
当前对市场有效性的研究只重视会计盈余或某一类市场效应,而缺乏从信息披露制度的整体角度研究披露效果。我们从信息披露的幅度、频率和结构角度对其提高公司透明度的贡献进行了验证,结果表明:上市公司信息披露的幅度越大、频率越快,越有助于降低市场关于公司的信息不对称水平;管理会计信息披露是投资者迫切需要的,在统计上显示出其能显著降低公司的信息不对称水平。
The managerial information, which used to play the role in the corporate internal govermace system, is tested in this article to prove its serviceability to the security market according to information disclousure curve, disclosure frequency and disclosure structure. The empirical evidences show that managerial accounting information can enhance the corporate transparency and be identified by the market participants, while this process would take more time for the market identification when managerial accounting information disclosures more. Still, this paper finds the empirical results to support that managerial accounting information could lead to more positive effect in the market than the financial one,
出处
《山西财经大学学报》
CSSCI
2007年第6期112-117,共6页
Journal of Shanxi University of Finance and Economics
关键词
信息披露
股票价格波动
披露幅度
披露频率
披露结构
information disclosure
stock price fluctuation
disclosure curve
disclosure frequency
disclosure structure
作者简介
李翔（1977-），男，江苏东海人，管理学博士，南京大学商学院会计学系教师，研究方向是资本市场财务与会计；
林树（1978-），男，江苏南京人，管理学博士，南京大学商学院会计学系教师，研究方向是行为金融与资本市场。
