上市公司资本结构对自愿性信息披露的影响分析

通过建立多元线性回归模型研究了资本结构对上市公司自愿性信息披露的影响,并以2008年我国沪市上市公司为样本进行了实证检验。研究发现:短期财务杠杆、总财务杠杆与上市公司的自愿性信息披露指数没有显著的正相关关系;短期财务杠杆对自愿性信息披露的影响幅度高于总财务杠杆,但两者的参数估计都比较小。这种实证分析的结果与我国目前的现状相符,与我国上市公司股权融资偏好和证券市场发育尚不完善有关。

An Analysis on the Effect of Capital Structure of Listed Companies on Voluntary Information Disclosure in China

An empirical research has been conducted on linkage between capital structure and voluntary information disclosure from short-term financial leverage,total financial leverage by employing multivariate linear regression. The research randomly selects 104 listed companies’2008 annual financial reports in Shanghai Stock Exchange. Empirical study shows that there is no positive and highly significant association between short-term financial leverage,total financial leverage and voluntary information index,and the magnitude of the short-term financial leverage on the impact of the voluntary information disclosure is higher than total-term financial leverage. Such empirical results of the analysis are related to the equity financing preference of listed companies and the imperfect stock market growth in China.