中國上市公司遵循法規之揭露品質-以審計公費揭露為例

Abstract

本研究之研究主旨為了解中國上市公司之揭露品質，根據中國證券監督管理委員會之公開發行證券的公司信息批露規範第六號，支付會計師事務所報酬及其批露，內文詳細規定公開發行公司應揭露有關支付會計師審計公費等，本研究詳細了解各中國上市公司揭露情形，發現大部分公司並未遵循中國證券監督管理委員會之規定揭露相關資訊，故本研究欲了解公司遵循法規，揭露資訊品質與公司特性、結構之相關性。 本研究樣本來自深圳與上海交易所，研究期間為2007~2010年。本研究實證結果為公司為四大會計師事務所所查核、公司規模、國營企業與獲利率和公司資訊揭露品質指數呈顯著正向相關；經理人與董事長為同一人與資訊揭露指數呈顯著負向相關。

In this paper we examine the disclosure quality of firms in China. According to the disclosure rules for public companies by CHINA SECURITIES REGULATORY COMMISSION stipulated that firms should disclose audit fees and other related information. We find that rarely firms followed the regulations made by CHINA SECURITIES REGULATORY COMMISSION. Therefore, this thesis attempts to investigate how firms comply with regulations and the relations between disclosure quality and firm’s characteristics. Based on the data from Shanghai and Shenzhen stock exchanges from 2007 to2010, we find that that companies’ disclosure quality is positively correlated with whether the firms are audited by the Big Four, Size, SOE and Profit. However, CEO duality is negatively correlated with the companies’ disclosure quality.