CAJ | 학술논문

本文选用深交所信息披露考评结果作为信息透明度的代理变量，分析了透明度对公司绩效的影响，并在此基础上检验了信息透明度的内生性和工具变量的有效性。其中公司绩效分为经营绩效和市场价值两个方面，信息透明度对两者的影响不尽相同。在控制了内生性后，财务绩效与信息透明度显著的正相关；而信息透明度对市场价值的影响却是非线性的，本文首次发现了市场价值呈现为先降后升的“微笑”曲线效应。本文的研究支持信息透明度的内生性假设，并且从侧面验证了中国股票市场的有效性水平不高。
본문선용심교소신식피로고평결과작위신식투명도적대리변량，분석료투명도대공사적효적영향，병재차기출상검험료신식투명도적내생성화공구변량적유효성。기중공사적효분위경영적효화시장개치량개방면，신식투명도대량자적영향불진상동。재공제료내생성후，재무적효여신식투명도현저적정상관；이신식투명도대시장개치적영향각시비선성적，본문수차발현료시장개치정현위선강후승적“미소”곡선효응。본문적연구지지신식투명도적내생성가설，병차종측면험증료중국고표시장적유효성수평불고。
The paper chooses the rankings of disclosure quality made by Shenzhen Stock Exchange as the agent of disclosure level, analyzes the impacts on corporate performance, and tests the endogeneity of disclosure level and the effective of instrumental variables. Corporate performance consists of finance performance and market value, and disclosure level has different compacts on the two sides. Finance performance increases in disclosure level. Meanwhile, market value decreases in disclosure level at lower level and increases at higher level. ＂Reputation-investment effect＂ and ＂lemons effect＂ co-exists in Chinese stock market, so market value is reflected as a Left-down-and-right-up ＂smile＂ curve. The conclusions of the analysis have confirmed the endogeneity hypethesis of disclosure level, and also can be taken as a proof against the EMH in Chinese stock market.