市场化水平、信息透明度与企业价值

Marketization Level, Information Transparency and Corporate Value

中文关键词:  信息透明度  市场价值  市场化水平  门槛效应

英文关键词:information transparency  market value  marketization level  threshold effect

中文摘要:

      以深交所上市公司为研究对象,采用Hansen面板门槛模型,选择市场化水平作为门槛变量,对信息透明度与企业市场价值的关系进行了实证分析,同时选取市净率和托宾Q值两个指标对实证结论进行稳健性检验。结果显示:市场化水平和信息透明度都与企业市场价值显著负相关,前者表明上市公司的治理效率并未因外部市场化环境的改善而有所提高,后者则验证了信息市场的“次品车效应”；信息透明度对企业的市场价值存在显著的基于市场化水平的“双门槛效应”,而且市场化水平可以很好地解释二者之间的非线性关系；随着市场化程度的提高,信息透明度对企业市场价值的影响存在由负到正的变化,说明在特定条件下,外部市场化环境不仅有助于提高企业的信息披露程度,更能提升企业的市场价值。研究结论为我国市场化改革中提升上市公司治理水平和提高政府监管效率提供了重要启示,同时也说明较高的外部市场化程度是完善我国上市公司信息披露制度的重要保证。

英文摘要:

      Taking the listed companies on Shenzhen Stock Exchange as research object, this paper uses the panel threshold model of Hansen and selects marketization level as the threshold variable to make an empirical study on the influence of the relationship between information transparency and corporate market value, and at the same time it selectsthe two indicators of price-to-book ratio and Tobin‘s Q value to make the robustness test. The results show that:marketization level and information transparency have significantly negative correlation with enterprise market value, the former of which indicates that governance efficiency of the listed companies has not been improved due to the improvement in external market environment andthe latter of which verifies the "defective cars effect" of information market; there exists a “double threshold effect” between enterprise information transparency and corporate market value based on marketization level, and marketization level can well explain the nonlinear relationship between the both; with the improvement of marketization degree, the influence of information transparency upon corporate market value changes from negative to positive, which means under certain condition, the external market environment will not only help improve the information disclosure of enterprise but also improve the market value. The research conclusions provide important enlightenment to enhance the level of governance of listed companies and improve the efficiency of government regulation in China‘s market reform. It also shows that a high degree of marketization level is an important guarantee to improve the information disclosure of the listed companies.