技术创新和信息环境对市场对信息披露改革的反应产生温和影响
1School of Economics, Ocean University of China, Qingdao, Shandong, China.
Heliyon
|November 5, 2024
概括
公司增加信息披露 (ID) 显示出U形的市场反应 (MR). 高透明度和技术创新 (TI) 可以改善投资者的看法,减轻披露的缺陷的负面影响.
科学领域:
- 资本市场 资本市场
- 金融经济学 金融经济学
- 公司治理 公司治理
背景情况:
- 信息披露 (ID) 是资本市场改革的核心.
- 了解市场对增强的ID的反应对于机构发展至关重要.
研究的目的:
- 调查股票市场对科技创新委员会 (STIB) 上市公司加强信息披露的反应.
- 分析信息环境 (IE) 和技术创新 (TI) 对ID-MR关系的温和影响.
主要方法:
- 利用了中国STIB上市公司 (2019-2023) 的数据.
- 采用了信息不对称理论和利益相关者理论.
- 进行了包含IE和TI变量的经验分析.
主要成果:
- 在信息披露水平和市场反应之间发现了显著的"U形"关系.
- 信息环境和技术创新的信号效应在各利益相关者之间存在差异.
- 高水平的信息环境透明度和强大的技术创新能力减轻了市场对披露的缺陷的负面反应.
结论:
- 增强信息披露与市场表现有着复杂的,非线性关系.
- 信息环境和技术创新在塑造市场对企业信息的看法方面发挥着关键作用.
- 调查结果支持改善金融监管,企业信贷质量和投资者保护的改革.
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