信息披露质量影响资本配置效率实证检验
发布时间：2024-02-14 16:53
文章以深市上市公司2003-2012年的数据为样本,从行业和公司两个层面实证检验上市公司信息披露质量对资本配置效率的影响。研究发现:信息披露质量的提高可显著增加行业和公司的资本投入增长率对其资本产出增长率的灵敏程度,使资本更快地实现由低效率领域向高效率领域的转移,从而提高资本的配置效率。
[Abstract]:The article takes the data of listed companies from 2003 to 2012 as a sample. This paper empirically tests the effect of the quality of information disclosure on the efficiency of capital allocation in listed companies from the two aspects of industry and company. The improvement of the quality of information disclosure can significantly increase the sensitivity of the growth rate of capital input to the growth rate of capital output of industries and companies. The transfer of capital from low efficiency to high efficiency can be realized more quickly, so as to improve the efficiency of capital allocation.
【作者单位】： 海航集团;对外经济贸易大学国际经济贸易学院;
【基金】：对外经济贸易大学研究生科研创新项目“融资租赁与环保设备、节能减排的投融资”(A201004019)
【分类号】：F224;F275;F276.6
【正文快照】： 著名经济学家路德维希·冯·米瑟斯早在1922年就提出,能否获得有关资本的相对稀缺信息是资本配置效率的关键。哈耶克也认为信息对资本配置效率具有决定性的作用。信息质量如何影响资本的配置效率呢?投资者和公司间的信息不对称普遍存在,从而容易引发公司权益融资中的逆向选择
本文编号：1434542
[Abstract]:The article takes the data of listed companies from 2003 to 2012 as a sample. This paper empirically tests the effect of the quality of information disclosure on the efficiency of capital allocation in listed companies from the two aspects of industry and company. The improvement of the quality of information disclosure can significantly increase the sensitivity of the growth rate of capital input to the growth rate of capital output of industries and companies. The transfer of capital from low efficiency to high efficiency can be realized more quickly, so as to improve the efficiency of capital allocation.
【作者单位】： 海航集团;对外经济贸易大学国际经济贸易学院;
【基金】：对外经济贸易大学研究生科研创新项目“融资租赁与环保设备、节能减排的投融资”(A201004019)
【分类号】：F224;F275;F276.6
【正文快照】： 著名经济学家路德维希·冯·米瑟斯早在1922年就提出,能否获得有关资本的相对稀缺信息是资本配置效率的关键。哈耶克也认为信息对资本配置效率具有决定性的作用。信息质量如何影响资本的配置效率呢?投资者和公司间的信息不对称普遍存在,从而容易引发公司权益融资中的逆向选择
本文编号：1434542
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