Dose increment of information disclosure enhance corporate value?——the model of Reputation Investment and proof in Chinas securities market
In order to find out the intrinsic correlation between information disclosure and corporate value, we make up models of Signal Transmission and Reputation Investment with the aid of information economics, and we infer the proposition that the more information disclosures the higher corporate value listed company gains, and then we prove high-quality companies have the impetus to disclosure more to avoid value depreciation caused by Lemon market effect. To verify the proposition that the listed companies can enhance their corporate value by disclosing more information, and for the purpose of finding the theory support, we carry through empirical study through Tobin’s q with the datum of China’s securities market. The results show that Tobin’s q has a significantly positive relation with information disclosure increment, those adopting active disclosure strategy have higher market value comparing with listed companies supplying less information. And the empirical results indicate high-quality companies in China’s securities market pay emphasis on information supply, apt to communicating with investors through adopting active disclosure strategy. This has become an efficient way to mold social image and appreciate reputation capital, and the value effect of such kind of information disclosure is shown especially progressively.
张宗新 朱伟骅
复旦大学金融研究院, 200433
国际会议
昆明
英文
2005-07-05（万方平台首次上网日期，不代表论文的发表时间）