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ID:50186200
大小:1.51 MB
页数:68页
时间:2020-03-04
《上市公司自愿性信息披露决策机理研究.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、AbstractAbstractWiththedevelopmentofscience-technologyandconstantlyimprovedcapitalmarkets,wehaveenteredtheeraofinformationeconomyfromtraditionaleconomy.Stakeholdershavehigherdemandonthedepthandthebreadthofinformation,atthesametime.Mandatorydisclosureofinfo
2、rmationcannotfullymeettheneedsofinvestors,listedcompaniesarewillingtodisclosuremoreinformationvoluntary.Fullydisclosureofinformationnotonlycanimprovemarkettransparencybutalsocaneaseinformationasymmetrybetweenmarketparticipants.Butdisclosuretoomuchisunfavor
3、ableforlistedcompany.Inordertomeasuretheoptimalamount,wemustconsiderthecostsandbenefitsofinformationdisclosureatthesametime.Thepaperwillintroducethecost-benefitanalysisandbaseontheperspectiveofproductmarketcompetitiontosystematicallyanalyzethecriticalvalue
4、.Firstofall,Inordertoconstructthecostfunctionandthebenefitsfunction,wedividedtheproductionfactorsofproductintotangibleandintangible.Thecostofthevoluntarydisclosureinformationisdividedintoinevitablecostandprobablecost.Thebenefitsofthevoluntarydisclosureinfo
5、rmationisdividedintoinevitablebenefitsandprobablebenefits.Tobuildupthecost-benefitsfunctionexactly,weintroducedtwovariablesPandK.PrepresentstheProbabilityofcostorrevenuebecauseofvoluntarydisclosure.Krepresentsthecoefficientofcostorrevenuebecauseofvoluntary
6、disclosure.Secondly,throughtheanalysisofthecostfunctionandtherevenuefunctionofvoluntarydisclosureinformationoflistedcompany,Wecangetthemarginalcostfunctionandmarginalrevenuefunction.Accordingtothegoalofprofitmaximizationwecanobtainthecriticalvalueofvolunta
7、rydisclosureinformationoflistedcompanies.Sowecanconcludedthatthecriticalvalueofvoluntarydisclosureinformationoflistedcompaniesinthetraditionaleconomyistheminimum,butcriticalvalueoftheinformationeconomyeraisthemaximum.Finally,thispaperrespectivelyanalyzedth
8、ecriticalvalueofvoluntarydisclosureinformationoflistedcompaniesunderthefourdifferentmarketstructures.wecanconcludedthatvoluntarydisclosureofinformationofthelistingCorporationiscompleteandsufficientintheperfec
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