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本文以2009-2015年沪市非金融类A股上市公司共4510个样本作为分析对象,以上海证券交易所上市公司诚信档案中财务信息披露考核结果界定为企业财务信息失真的替代变量,从私有信息交易理论及信息经济学的角度深入探讨了企业财务信息质量对上市公司股票流通权价值的影响。研究结果证实,企业财务信息失真与上市公司股票流通权价值显著负向相关,即企业财务信息失真度越高,在股票流通市场中经由交易融入股票流通的私有信息就越多,上市公司股票流通权价值越低。
In this paper, a total of 4510 samples of non-financial A-share listed companies in Shanghai stock market from 2009 to 2015 were selected as the analysis objects. The financial information disclosure examination results of the integrity files of listed companies in Shanghai Stock Exchange were defined as the substitute variables of financial information distortions. The theory of information transaction and the economics of information, this paper discusses in depth the impact of the quality of corporate financial information on the value of stock rights of circulation of listed companies. The results of the study confirm that the distortion of corporate financial information is significantly and negatively correlated with the value of stock rights of listed companies, that is, the higher the degree of corporate financial information distortion, the more private information is circulated into stock through the transaction in the stock market, The lower the value of the right.