CAJ | 학술논문

研究我国上市公司信息透明度与股票流动性的关系，对促进监管部门完善信息披露政策、加强监管和促进上市公司努力提高信息透明度具有积极意义。实证研究表明，上市公司信息透明度的提高可以增强股票的流动性，对减少投资者投机行为、持续稳定发展资本市场具有积极作用；深交所的信息披露考评工作是有成效的，上交所也应该披露此类信息披露考评结果，同时应该进一步完善信息披露考评体系，使考评结果更加科学化。
연구아국상시공사신식투명도여고표류동성적관계，대촉진감관부문완선신식피로정책、가강감관화촉진상시공사노력제고신식투명도구유적겁의의。실증연구표명，상시공사신식투명도적제고가이증강고표적류동성，대감소투자자투궤행위、지속은정발전자본시장구유적겁작용；심교소적신식피로고평공작시유성효적，상교소야응해피로차류신식피로고평결과，동시응해진일보완선신식피로고평체계，사고평결과경가과학화。
It is very important to study the relationship between the listed companies＇ information transparency and the stocks＇ liquidity, which will promote supervision departments to improve listed companies＇ information disclosure regula- tions and arouse listed companies improving their information transparency. It is empirically proved that the promotion of the listed companies＇ information transparency follows the more liquidity of the stocks, and that the evaluation of listed companies＇ information disclosure made by Shenzhen Stock Exchange is effective. So Shanghai Stock Exchange should dis- close such evaluation. Both Shenzhen Stock Exchange and Shanghai Stock Exchange should improve their evaluation of listed companies＇ information disclosure.