货币政策与会计信息披露质量——基于深交所A股上市公司的经验证据
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F822

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国家社会科学基金项目"建立区域经济发展新格局的战略研究"(11XJL001)


Monetary policy and quality of accounting information disclosure: Empirical evidences from Shenzhen A-share listed companies
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    摘要:

    文章以2010-2015年间深市A股公司年度数据为基础,采用有序逻辑回归实证检验了货币政策对不同上市板块企业会计信息披露质量的影响,并将所有权性质、区域金融发展程度纳入同一框架进行讨论。结果显示:货币政策会影响企业会计信息披露质量,且该影响在各上市板块之间存在差异,影响最大的是中小板非国有企业,银根越紧缩,中小板非国有企业的会计信息披露质量越高,而主板、创业板企业的会计信息披露质量基本不受货币政策的影响;无论在货币宽松期亦或紧缩期,不同板块的所有权性质对会计信息披露质量的影响不同,主板、中小板的非国有企业会计信息披露质量均显著低于同板块的国有企业,而创业板则不然;金融发展程度对不同板块、不同所有权性质的企业会计信息披露质量的影响是,在货币紧缩期,处于金融发展程度高区域的国有企业相较低区域的国有企业,会计信息披露质量更高,而中小板、创业板公司不受区域金融发展的影响。

    Abstract:

    This paper collects experience data from year 2010 to year 2015 from enterprises listed in China's Shenzhen A-share to empirically test the impact of monetary policy on the quality of accounting information disclosure of listed companies in different boards by ordinal logistic regression,and discusses the nature of ownership and the degree of regional financial development in the same framework.The results show that the monetary policy will affect the quality of accounting information disclosure,and there are differences in the impact of different boards,the effect is strongest on small and medium-sized non-state firms,namely,the tighter the monetary policy is,the higher the accounting information disclosure quality of small and medium-sized non-state enterprises are,but the accounting information disclosure quality of companies listed on Main Board and GEM Board is not affected by monetary policy.Besides,whether it is tight monetary policy periods or loose years,the nature of ownership has different effects on the quality of accounting information disclosure of different listed boards:the accounting information disclosure quality of non-state enterprises in Main Board as well as Small and Medium Board is significantly lower than state-owned firms,whereas GEM Board is not the case.What's more,the influences of the degree of regional financial development on the quality of accounting information disclosure of companies in different listed boards and enterprises with different ownership are as follows:in tight monetary policy periods,the accounting information disclosure quality of state-owned companies with a higher degree of financial development is higher than those with a lower degree of financial development,but accounting information disclosure quality of small and medium-sized firms and GEM companies is not affected by regional financial development.

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傅蕴英,张明妮.货币政策与会计信息披露质量——基于深交所A股上市公司的经验证据[J].重庆大学学报社会科学版,2018,24(4):52-62. DOI:10.11835/j. issn.1008-5831.2018.04.005

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  • 收稿日期:2017-10-16
  • 最后修改日期:2017-10-16
  • 在线发布日期: 2018-06-08
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