上市公司自愿性信息披露对股票流动性影响的实证研究

喻凯; 龙雪晴

上市公司自愿性信息披露对股票流动性影响的实证研究

引用本文：喻凯，龙雪晴.上市公司自愿性信息披露对股票流动性影响的实证研究[J].财经理论与实践,2011,(6):71-75

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作者	单位
喻凯，龙雪晴	(中南大学商学院，湖南长沙410083）

中文摘要:以2007~2008年沪深两市A股上市公司年报作为研究基础，运用描述性统计和两阶最小二乘法分析了自愿性信息披露对上市公司股票流动性的影响。验证了自愿性信息披露会促进上市公司股票的流动性，同时发现自愿性披露信息中财务方面信息对上市公司股票流动性的提高作用最大。

中文关键词:股票流动性自愿性信息披露自愿性财务信息自愿性战略信息自愿性非财务信息

The Empirical Study on the Influence of Stock Liquidity Caused by Voluntary Information Disclosure of Listed Companies

Abstract:By the data from the annual report of A share listed companies of the Shanghai Stock Exchange and the Shenzhen Stock Exchange in 2007 & 2008, the descriptive statistics analysis and two-stage least squares methods have been used to study the impact of voluntary information disclosure on the stock liquidity of listed companies. The results show that the voluntary information disclosure, especially the voluntary disclosure of financial information, would promote the liquidity of shares.

keywords:Stock Liquidity Voluntary disclosure Voluntary disclosure of financial information Voluntary disclosure of strategic information Voluntary disclosure of non-financial information

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