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Marketization Level
,
Information Transparency and Corporate Value
MA Ning & MENG Weidong
(
College of Economics and Business Administration
,
Chongqing University
,
Chongqing 400030
,
China
)
Abstract
: 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 rela鄄
tionship between information transparency and corporate market value, and at the same time it selectsthe two indicators of price鄄
to鄄book ratio and Tobin蒺s Q value to make the robustness test. The results show that: marketization level and information transpar鄄
ency 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 veri鄄
fies the " defective cars effect" of information market; there exists a “ double threshold effect冶 between enterprise information
transparency and corporate market value based on marketization level, and marketization level can well explain the nonlinear rela鄄
tionship 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 regula鄄
tion in China蒺s market reform. It also shows that a high degree of marketization level is an important guarantee to improve the in鄄
formation disclosure of the listed companies.
Key Words
: information transparency; market value; marketization level; threshold effect
(
本文责编
摇
王沈南
)
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