財務報表資訊揭露程度與資訊不對稱－中國大陸深圳上市公司剖析

Financial Statement Disclosure and Information Asymmetry: Evidence from Shenzhen Listed Companies

張敏蕾(Ming-Lei Chang)

《遠景基金會季刊》 7卷2期 (2006/04) Pp. 179-215

https://doi.org/10.7063/PQ.200604.0179

摘要

本文以中國大陸深圳上市公司為樣本，比較分析兩類不同財務報表資訊的揭露程度，對證券市場投資人在解讀資訊上的影響。由於深圳市場中，有部分的上市公司同時提供按國際會計準則與中國大陸會計準則編製的財務報表；亦有單獨提供以中國大陸會計準則編製的財務報表。研究企圖以實證資料分析，提出以下論述的佐證：同時提供兩類財報資訊的公司，比起只提供按中國大陸會計準則編製財報資訊的公司，前者較能夠降低市場資訊不對稱的程度。本文以兩種指標加以檢測，分別為買賣價差與股票的週轉率，在控制其他影響上述兩指標的變數後，分析財報資訊揭露程度對股票交易市場的影響。整體而言，研究結果支持財務報表多提供一種會計準則資訊的揭露，的確能提升會計的資訊品質和降低市場資訊不對稱的程度。

關鍵字

國際會計準則 ； 資訊揭露 ； 資訊不對稱 ； 中國大陸會計準則 ； 買賣價差

並列摘要

The main purpose of this research is to analyze whether disclosure more financial statement information will decrease the degree of information asymmetry in Shenzhen Stock Market. There are at least two different types of financial statement which is disclosed in Shenzhen listed companies right now. One type of financial statement is prepared under People's Republic of China Accounting Standard (PRC-GAAP). The other type of financial statement is prepared in accordance with PRC-GAAP and International Accounting Standards (IAS). This research adopts the empirical analysis to test that companies which provide the financial statement in accordance with both PRC-GAAP and IAS are more informative than companies which provide financial statement only under PRCGAAP, i.e., financial information disclosure from the former companies can reduce the information asymmetry in the stock market. Using the bid-ask spread and share turnover as two proxies for information asymmetry, this research finds that companies which provide financial statement in accordance with PRC-GAAP and IAS really can reduce the degree of information asymmetry in Shenzhen Stock Market.

並列關鍵字

International Accounting Standards ； Information Disclosure ； Information Asymmetry ； People's Republic of China Accounting Standards ； Bid-Ask Spread

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