市场化进程对自愿披露与公司价值调节效应的统计验证

本文从关系经济、新兴市场特征角度出发，验证了市场化进程在自愿性信息披露对公司价值影响中的调节作用。采用面板数据回归详细分析了我国上市公司自愿性信息披露与公司价值的关系，以及在不同市场化进程下，上市公司自愿性信息披露与公司价值之间的关系。研究发现，总体上公司价值与自愿性信息披露显著负相关；但是在市场化进程较高的地区，二者关系发生了变化，呈现显著的正相关关系。本文的贡献在于验证了市场化进程的调节效应，揭示了我国上市公司自愿性信息披露与公司价值之间关系的特殊性。

Adjustment Effects of the Process of Marketization to Voluntary Disclosure and Corporate Value

This paper studies the adjustment effects of the process of Marketization to voluntary disclosure and corporate value based on the Guanxi economic and emerging market characteristics. Then a linear multiple regression equation is established to test the association between voluntary disclosure and enterprises’ value and the relationship between voluntary disclosure and corporate value of Chinese listed companies in the different processes of Marketization. It is found that there is negatively significant relationship between corporate value and voluntary disclosure. However, this is just the opposite in the higher-marketization regions. Contribution of this paper is to verify the adjustment effects of the process of Marketization, revealing the particularity of relationship between voluntary disclosure and corporate value.