制度环境、信息披露质量与投资者保护

Institutional Environment, Information Disclosure Quality and Investor Protection

中文关键词:  信息披露质量  投资者保护  制度环境  市场监管  市场化程度

英文关键词:information disclosure quality  investor protection  institutional environment  market supervision  marketization degree

中文摘要:

      加强信息披露监管和评价,增加信息有效供给和监管供给,切实维护投资者利益,是推进资本市场供给侧结构性改革的一项重要内容。以深市2009—2015年间A股主板上市公司为样本,实证检验了信息披露质量对投资者保护的影响。研究发现,企业信息披露质量的提高有助于促进投资者保护水平的提升；进一步发现,相比于制度环境好的地区,在制度环境差的地区,企业信息披露质量对投资者保护的影响更为显著。研究结果表明,近年来,深圳证券交易所推出的信息披露质量考评相关制度在投资者保护方面起到了积极的效果,为企业加强自身信息披露建设、政府推进投资者保护提供了经验证据和可行路径。

英文摘要:

      In pushing the supply-side structural reform in capital market, it is an important content to strengthen the supervision & evaluation of information disclosure, increase the effective information supply and supervision supply, and firmly protect the investors' interests. Using a panel sample of the A-share listed companies on Shenzhen Stock Exchange during the years from 2010 to 2014, this study empirically examines the effect of information disclosure quality on investor protection. We find that improving the quality of firms' information disclosure helps to promote investor protection. Further, we find that, compared with the high-level marketization areas, in the low level of marketization areas, the quality of firms' information disclosure has an significant effect on investor protection. The research results show that, in recent years, the information disclosure evaluation system introduced by Shenzhen Stock Exchange has a positive effect and it provides evidence and a viable way for companies to enforce their information disclosure and for government to promote the investor protection. 