信息透明度对资本配置效率的影响来自中国制造业上市公司的经验证据

摘要

以2001~2012年沪深两市 A股制造业上市公司为研究样本，借鉴 Wurgler 的资源配置效率估算模型，从盈余管理角度探讨了中国现实制度背景下信息透明度对资本配置效率的影响。实证结果表明，无论是在行业层面还是公司层面，信息透明度与资本配置效率均呈显著的正相关关系，其中以修正的 DD模型衡量的盈余管理解释力度最强。进一步采用深交所信息披露考评结果作为稳健性检验的替代指标，结论依然不变。可见，改善上市公司盈余质量，提高信息透明度，是正确引导证券市场资本有效配置的关键。%This paper takes A-share manufacturing listed companies in Shanghai and Shenzhen Stock Exchanges from 2001 to 2012 as a sample,using Wurgler model to estimate the efficiency of resource allocation,discussed the influence of information transparency on the capital alloca-tion efficiency under the background of China's reality from the perspective of earnings manage-ment.The empirical results show that,both at the industry and the company levels,the trans-parency of information and the capital allocation efficiency are positively related,which the modi-fied DD model measuring earnings management has the strongest explanation.Then,we take the Shenzhen Stock Exchange information disclosure evaluation results as an alternative index for ro-bustness test,the conclusion remains the same.It is clear that it improves listed companies earn-ings quality,and promotes the transparency of information,thus becoming the key to correctly guiding the effective allocation of capital stock market.