旅游上市公司自愿性信息披露与业绩相关性研究被引量：3

Correlation between Voluntary Information Disclosure and Performance of Chinese Tourism Listed Companies

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摘要基于代理理论与信号理论,业绩优良的上市公司有动力通过自愿性信息披露来降低代理成本或传递其竞争优势。本文选取在沪深两市上市的20家旅游上市公司作为研究样本,采用实证分析方法对旅游上市公司自愿性信息披露行为进行研究,检验自愿性信息披露与公司业绩的相关性,以期促进旅游上市公司完善其信息披露制度。研究结果表明:我国旅游上市公司自愿性信息披露水平整体较低;景点类公司自愿性信息披露水平显著高于饭店类和综合类旅游上市公司。旅游上市公司自愿性信息披露与净资产收益率、总资产周转率、营业收入增长率呈现正相关关系,与资产负债率和詹森指数呈现负相关关系。 Based on agency theory and signal theory, the authors believe that listed companies with excellent performance have an incentive to reduce agency costs or to deliver competitive advantages through voluntary information disclosure. This paper selects 20 tourism listed companies in Shanghai and Shenzhen Stock Exchange markets before the end of 2006 as samples to make an empirical analysis of tourism listed companies＇ voluntary disclosure behavior for the purpose to test the correlation between voluntary disclosure and corporate performance with the intention to help tourism listed companies in improving their information disclosure. The results show that： the voluntary information disclosure of Chinese tourism listed companies is lower in overall level; attractions companies＇ voluntary disclosure level was significantly higher than that of tourist hotels and integrated companies ; Voluntary disclosure of tourism listed companies is positively correlated with Return on Equity, Turnover of Total Assets, Operating Income Growth Rate, while negative correlated with Debt to Asset Ratio and Jensen Index.

作者石晓燕刘海英许峰

机构地区山东商业职业技术学院山东大学管理学院

出处《旅游科学》 CSSCI 2012年第4期26-38,共13页 Tourism Science

基金山东省高校人文社科研究计划项目"基于博弈论的创业板上市公司理财目标战略与对策研究"(J11WG75)

关键词旅游上市公司自愿性信息披露公司业绩相关性 tourism listed companies voluntary information disclosure corporate performance correlation

分类号 F590.66 [经济管理—旅游管理]

作者简介石晓燕（1978-），女，山东商业职业技术学院会计学院讲师，主要研究方向为公司理财与资本市场。刘海英（1964-），女，博士，山东大学管理学院教授，研究方向为实证会计、资本市场财务问题和财务成本控制。许峰（1975-），男，博士，山东大学管理学院副教授，研究方向为旅游开发与规划、战略管理与营销。

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