CAJ | 학술논문

本文分析了在以关系经济、市场发展不均衡等为显著特征的中国新兴市场环境下，公司价值对自愿披露的影响。研究发现，总体而言，在以关系为基础的经济社会中，关系成为获取资源和竞争优势的重要源泉，所以拥有更多关系网的价值越高的公司为避免由于披露所带来的高额专有成本，资本市场交易的披露动机并不显著，公司价值与自愿披露显著负相关；但是在市场化进程较高的地区，上述情况得到了一定程度的逆转。本文的研究有助于理解和认识我国自愿披露动机的特殊性，并对于制定相适应的信息披露准则具有借鉴意义。
본문분석료재이관계경제、시장발전불균형등위현저특정적중국신흥시장배경하，공사개치대자원피로적영향。연구발현，총체이언，재이관계위기출적경제사회중，관계성위획취자원화경쟁우세적중요원천，소이옹유경다관계망적개치월고적공사위피면유우피로소대래적고액전유성본，자본시장교역적피로동궤병불현저，공사개치여자원피로현저부상관；단시재시장화진정교고적지구，상술정황득도료일정정도적역전。본문적연구유조우리해화인식아국자원피로동궤적특수성，병대우제정상괄응적신식피로준칙구유차감의의。
Abstract：This paper studies the effect of corporate value on the voluntary disclosure under the specific institu- tion background- in China which is characterized by the Guanxi-based economic and uneven market. It is found that Guanxi is the main source of resource and competitive advantage in the Guanxi-based economic society. Therefore, it＇s not significant of high-value corporate＇s disclosure motivation in the capital market transaction be- cause of high proprietary costs. Moreover, there is negatively significant relationship between corporate value and voluntary disclosure. However, this is just the opposite in the higher-marketization regions. This study is helpful for us to understand the particularity of voluntary disclosure, and establish the proper standards of infor- mation disclosure in China.