摘 要
财务报告透明度作为公司治理的重要组成部分，对投资者保护具有深远意义。在资本市场全球化背景下，提高财务信息质量成为各国监管机构关注焦点。本研究旨在探讨财务报告透明度与投资者保护之间的内在联系，通过构建理论框架并运用实证分析方法，选取沪深两市A股上市公司2015 - 2020年数据为样本，采用多元回归模型进行检验。研究发现，财务报告透明度的提升能够显著增强投资者信心，降低信息不对称程度，进而有效保护投资者权益。具体而言，高透明度的财务信息披露有助于减少股价波动性，抑制盈余管理行为，改善公司治理结构。此外，本研究还引入了法律环境这一调节变量，结果显示，在法律制度较为完善的地区，财务报告透明度对投资者保护的正向影响更为明显。这表明良好的外部制度环境可以强化内部信息披露机制的作用。本研究创新地将财务报告透明度细分为多个维度进行考察，并首次验证了不同维度对投资者保护的影响差异，为完善我国资本市场信息披露制度提供了重要参考依据，也为监管部门制定相关政策提供了理论支持。
关键词：财务报告透明度 投资者保护 信息不对称
Abstract
Financial reporting transparency, as an essential component of corporate governance, plays a profound role in investor protection. In the context of globalized capital markets, enhancing the quality of financial information has become a focal point for regulatory bodies worldwide. This study aims to explore the intrinsic relationship between financial reporting transparency and investor protection by constructing a theoretical fr amework and employing empirical analysis methods. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2020, we apply multiple regression models for testing. The findings indicate that increased financial reporting transparency significantly boosts investor confidence and reduces information asymmetry, thereby effectively safeguarding investors' rights. Specifically, high levels of transparent financial disclosure help decrease stock price volatility, curb earnings management practices, and improve corporate governance structures. Furthermore, this study introduces the legal environment as a moderating variable, revealing that in regions with more comprehensive legal systems, the positive impact of financial reporting transparency on investor protection is more pronounced. This suggests that a favorable external institutional environment can strengthen the effectiveness of internal information disclosure mechanisms. Innovatively, this research subdivides financial reporting transparency into multiple dimensions for examination and, for the first time, verifies the differential impacts of these dimensions on investor protection. These insights provide crucial reference points for refining China's capital market information disclosure system and offer theoretical support for policy formulation by regulatory authorities.
Keyword:Financial Report Transparency Investor Protection Information Asymmetry
目 录
引言 1
1财务报告透明度的理论基础 1
1.1财务报告透明度的概念界定 1
1.2透明度与信息不对称的关系 2
1.3国内外研究现状综述 2
2投资者保护机制分析 3
2.1投资者保护的内涵与外延 3
2.2法律法规对投资者的保障 3
2.3市场机制在保护中的作用 4
3透明度对投资决策的影响 4
3.1信息质量与投资判断 4
3.2透明度提升决策效率 5
3.3投资者信心的建立与维护 5
4提高透明度的具体措施 6
4.1完善信息披露制度建设 6
4.2加强内部治理结构优化 7
4.3推动外部审计监督强化 7
结论 8
参考文献 10
致谢 11
财务报告透明度作为公司治理的重要组成部分，对投资者保护具有深远意义。在资本市场全球化背景下，提高财务信息质量成为各国监管机构关注焦点。本研究旨在探讨财务报告透明度与投资者保护之间的内在联系，通过构建理论框架并运用实证分析方法，选取沪深两市A股上市公司2015 - 2020年数据为样本，采用多元回归模型进行检验。研究发现，财务报告透明度的提升能够显著增强投资者信心，降低信息不对称程度，进而有效保护投资者权益。具体而言，高透明度的财务信息披露有助于减少股价波动性，抑制盈余管理行为，改善公司治理结构。此外，本研究还引入了法律环境这一调节变量，结果显示，在法律制度较为完善的地区，财务报告透明度对投资者保护的正向影响更为明显。这表明良好的外部制度环境可以强化内部信息披露机制的作用。本研究创新地将财务报告透明度细分为多个维度进行考察，并首次验证了不同维度对投资者保护的影响差异，为完善我国资本市场信息披露制度提供了重要参考依据，也为监管部门制定相关政策提供了理论支持。
关键词：财务报告透明度 投资者保护 信息不对称
Abstract
Financial reporting transparency, as an essential component of corporate governance, plays a profound role in investor protection. In the context of globalized capital markets, enhancing the quality of financial information has become a focal point for regulatory bodies worldwide. This study aims to explore the intrinsic relationship between financial reporting transparency and investor protection by constructing a theoretical fr amework and employing empirical analysis methods. Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2020, we apply multiple regression models for testing. The findings indicate that increased financial reporting transparency significantly boosts investor confidence and reduces information asymmetry, thereby effectively safeguarding investors' rights. Specifically, high levels of transparent financial disclosure help decrease stock price volatility, curb earnings management practices, and improve corporate governance structures. Furthermore, this study introduces the legal environment as a moderating variable, revealing that in regions with more comprehensive legal systems, the positive impact of financial reporting transparency on investor protection is more pronounced. This suggests that a favorable external institutional environment can strengthen the effectiveness of internal information disclosure mechanisms. Innovatively, this research subdivides financial reporting transparency into multiple dimensions for examination and, for the first time, verifies the differential impacts of these dimensions on investor protection. These insights provide crucial reference points for refining China's capital market information disclosure system and offer theoretical support for policy formulation by regulatory authorities.
Keyword:Financial Report Transparency Investor Protection Information Asymmetry
目 录
引言 1
1财务报告透明度的理论基础 1
1.1财务报告透明度的概念界定 1
1.2透明度与信息不对称的关系 2
1.3国内外研究现状综述 2
2投资者保护机制分析 3
2.1投资者保护的内涵与外延 3
2.2法律法规对投资者的保障 3
2.3市场机制在保护中的作用 4
3透明度对投资决策的影响 4
3.1信息质量与投资判断 4
3.2透明度提升决策效率 5
3.3投资者信心的建立与维护 5
4提高透明度的具体措施 6
4.1完善信息披露制度建设 6
4.2加强内部治理结构优化 7
4.3推动外部审计监督强化 7
结论 8
参考文献 10
致谢 11
