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信息披露质量是否会受到财务绩效的影响,以及如何影响,是揭示资本市场中公司管理层实施信息披露管理行为一个关键的研究视角。本文以深交所上市公司为样本研究了管理层不同信息披露努力程度形成的信息披露质量与其不同经营管理努力程度形成的财务状况、经营业绩等财务绩效之间的相关性,此外还进一步检验了信息披露质量的变化对财务绩效变化的反应。研究发现,信息披露质量与公司的经营业绩、资产管理效率、财务风险具有显著的相关性,公司财务业绩的恶化和好转会驱动公司信息披露质量的恶化和好转,这一经验证据支持我国上市公司管理层的信息披露行为受到财务绩效驱动的理论观点。
Whether the quality of information disclosure will be affected by the financial performance and how it affects is a key research perspective to reveal the management of information disclosure in the capital market. This paper studies the relationship between the quality of information disclosure formed by the efforts of different levels of information disclosure by management and the financial status and operating performance as well as the financial performance resulting from different efforts in management. In addition, the paper further tests the information The changes in disclosure quality respond to changes in financial performance. The study found that the quality of information disclosure has significant correlation with the company’s operating performance, asset management efficiency and financial risk. The deteriorating and improving transfer performance of the company’s financial performance has deteriorated and improved the quality of information disclosure. This empirical evidence supports the listed companies The management’s information disclosure behavior is driven by the theory of financial performance.