财经理论与实践Issue(5)：40-45,6.
信息透明度对资本配置效率的影响来自中国制造业上市公司的经验证据
The Influence of Information Transparency on Capital Allocation Efficiency Empirical Evidence from Chinese Listed Manufacturing Companies
摘要
Abstract
This paper takes A-share manufacturing listed companies in Shanghai and Shenzhen Stock Exchanges from 2001 to 2012 as a sample,using Wurgler model to estimate the efficiency of resource allocation,discussed the influence of information transparency on the capital alloca-tion efficiency under the background of China's reality from the perspective of earnings manage-ment.The empirical results show that,both at the industry and the company levels,the trans-parency of information and the capital allocation efficiency are positively related,which the modi-fied DD model measuring earnings management has the strongest explanation.Then,we take the Shenzhen Stock Exchange information disclosure evaluation results as an alternative index for ro-bustness test,the conclusion remains the same.It is clear that it improves listed companies earn-ings quality,and promotes the transparency of information,thus becoming the key to correctly guiding the effective allocation of capital stock market.关键词
资本配置效率/信息透明度/盈余管理Key words
Capital allocation efficiency/Information transparency/Earnings management分类
管理科学引用本文复制引用
黄政,吴国萍..信息透明度对资本配置效率的影响来自中国制造业上市公司的经验证据[J].财经理论与实践,2014,(5):40-45,6.基金项目
国家自然科学基金委主任基金(71350015)、吉林省社会科学基金一般项目(2012B51) （71350015）
