摘 要
财务报告透明度作为公司治理的重要组成部分，对提升企业运营效率和市场信任具有关键意义。本研究旨在探讨财务报告透明度与公司治理效率之间的内在关系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证分析。研究发现，财务报告透明度的提高能够显著增强公司治理效率，具体表现为降低代理成本、优化资源配置、提升决策质量。进一步研究表明，信息透明度对公司治理的正向影响在不同产权性质、行业特征和区域经济发展水平下存在差异，民营企业、竞争性行业以及东部发达地区的企业表现更为明显。创新之处在于首次将信息披露质量指数引入公司治理评价体系，并结合文本分析技术量化非结构化信息，为后续研究提供新的视角。此外，本研究还构建了多维度透明度评价指标体系，从会计信息质量、自愿性披露、管理层沟通等多个角度全面衡量企业透明度水平，丰富了现有理论框架。研究结果不仅验证了财务透明度对公司治理的积极作用，也为监管机构完善信息披露制度提供了实证依据，有助于推动资本市场健康发展。
关键词：财务报告透明度 公司治理效率 信息披露质量
Abstract
Financial report transparency, as a crucial component of corporate governance, plays a pivotal role in enhancing corporate operational efficiency and market trust. This study aims to investigate the intrinsic relationship between financial report transparency and corporate governance efficiency using panel data from Chinese A-share listed companies from 2010 to 2020, employing a fixed-effects model for empirical analysis. The findings indicate that increased financial report transparency significantly enhances corporate governance efficiency, specifically through reducing agency costs, optimizing resource allocation, and improving decision-making quality. Further analysis reveals that the positive impact of information transparency on corporate governance varies across different ownership structures, industry characteristics, and regional economic development levels, with more pronounced effects observed in private enterprises, competitive industries, and companies in the economically advanced eastern regions. An innovative aspect of this study is the introduction of an information disclosure quality index into the corporate governance evaluation system, combined with textual analysis techniques to quantify unstructured information, providing new perspectives for future research. Additionally, this study constructs a multi-dimensional transparency evaluation indicator system, comprehensively measuring corporate transparency levels from various angles such as accounting information quality, voluntary disclosures, and management communication, thereby enriching the existing theoretical fr amework. The results not only confirm the positive role of financial transparency in corporate governance but also provide empirical evidence for regulatory authorities to improve disclosure systems, contributing to the healthy development of capital markets.
Keyword:Financial Report Transparency Corporate Governance Efficiency Information Disclosure Quality
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信息不对称与财务透明度 2
1.3国内外研究综述 2
2公司治理效率的影响因素 3
2.1公司治理结构分析 3
2.2内部控制机制的作用 4
2.3外部监督体系的影响 4
3财务透明度对治理效率的影响 5
3.1信息披露质量与决策效率 5
3.2透明度提升股东信任 5
3.3风险管理与透明度关系 6
4提升财务透明度的策略 6
4.1完善会计准则体系 6
4.2强化内部审计职能 7
4.3建立外部评价机制 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，对提升企业运营效率和市场信任具有关键意义。本研究旨在探讨财务报告透明度与公司治理效率之间的内在关系，基于中国A股上市公司2010 - 2020年的面板数据，采用固定效应模型进行实证分析。研究发现，财务报告透明度的提高能够显著增强公司治理效率，具体表现为降低代理成本、优化资源配置、提升决策质量。进一步研究表明，信息透明度对公司治理的正向影响在不同产权性质、行业特征和区域经济发展水平下存在差异，民营企业、竞争性行业以及东部发达地区的企业表现更为明显。创新之处在于首次将信息披露质量指数引入公司治理评价体系，并结合文本分析技术量化非结构化信息，为后续研究提供新的视角。此外，本研究还构建了多维度透明度评价指标体系，从会计信息质量、自愿性披露、管理层沟通等多个角度全面衡量企业透明度水平，丰富了现有理论框架。研究结果不仅验证了财务透明度对公司治理的积极作用，也为监管机构完善信息披露制度提供了实证依据，有助于推动资本市场健康发展。
关键词：财务报告透明度 公司治理效率 信息披露质量
Abstract
Financial report transparency, as a crucial component of corporate governance, plays a pivotal role in enhancing corporate operational efficiency and market trust. This study aims to investigate the intrinsic relationship between financial report transparency and corporate governance efficiency using panel data from Chinese A-share listed companies from 2010 to 2020, employing a fixed-effects model for empirical analysis. The findings indicate that increased financial report transparency significantly enhances corporate governance efficiency, specifically through reducing agency costs, optimizing resource allocation, and improving decision-making quality. Further analysis reveals that the positive impact of information transparency on corporate governance varies across different ownership structures, industry characteristics, and regional economic development levels, with more pronounced effects observed in private enterprises, competitive industries, and companies in the economically advanced eastern regions. An innovative aspect of this study is the introduction of an information disclosure quality index into the corporate governance evaluation system, combined with textual analysis techniques to quantify unstructured information, providing new perspectives for future research. Additionally, this study constructs a multi-dimensional transparency evaluation indicator system, comprehensively measuring corporate transparency levels from various angles such as accounting information quality, voluntary disclosures, and management communication, thereby enriching the existing theoretical fr amework. The results not only confirm the positive role of financial transparency in corporate governance but also provide empirical evidence for regulatory authorities to improve disclosure systems, contributing to the healthy development of capital markets.
Keyword:Financial Report Transparency Corporate Governance Efficiency Information Disclosure Quality
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信息不对称与财务透明度 2
1.3国内外研究综述 2
2公司治理效率的影响因素 3
2.1公司治理结构分析 3
2.2内部控制机制的作用 4
2.3外部监督体系的影响 4
3财务透明度对治理效率的影响 5
3.1信息披露质量与决策效率 5
3.2透明度提升股东信任 5
3.3风险管理与透明度关系 6
4提升财务透明度的策略 6
4.1完善会计准则体系 6
4.2强化内部审计职能 7
4.3建立外部评价机制 7
结论 8
参考文献 10
致谢 11
