上市公司自愿性信息披露决策机理研究.pdf

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1、AbstractAbstractWiththedevelopmentofscience-technologyandconstantlyimprovedcapitalmarkets,wehaveenteredtheeraofinformationeconomyfromtraditionaleconomy.Stakeholdershavehigherdemandonthedepthandthebreadthofinformation,atthesametime.Mandatorydisclosureofinfo

2、rmationcannotfullymeettheneedsofinvestors,listedcompaniesarewillingtodisclosuremoreinformationvoluntary.Fullydisclosureofinformationnotonlycanimprovemarkettransparencybutalsocaneaseinformationasymmetrybetweenmarketparticipants.Butdisclosuretoomuchisunfavor

3、ableforlistedcompany.Inordertomeasuretheoptimalamount,wemustconsiderthecostsandbenefitsofinformationdisclosureatthesametime.Thepaperwillintroducethecost-benefitanalysisandbaseontheperspectiveofproductmarketcompetitiontosystematicallyanalyzethecriticalvalue

4、.Firstofall,Inordertoconstructthecostfunctionandthebenefitsfunction,wedividedtheproductionfactorsofproductintotangibleandintangible.Thecostofthevoluntarydisclosureinformationisdividedintoinevitablecostandprobablecost.Thebenefitsofthevoluntarydisclosureinfo

5、rmationisdividedintoinevitablebenefitsandprobablebenefits.Tobuildupthecost-benefitsfunctionexactly,weintroducedtwovariablesPandK.PrepresentstheProbabilityofcostorrevenuebecauseofvoluntarydisclosure.Krepresentsthecoefficientofcostorrevenuebecauseofvoluntary

6、disclosure.Secondly,throughtheanalysisofthecostfunctionandtherevenuefunctionofvoluntarydisclosureinformationoflistedcompany,Wecangetthemarginalcostfunctionandmarginalrevenuefunction.Accordingtothegoalofprofitmaximizationwecanobtainthecriticalvalueofvolunta

7、rydisclosureinformationoflistedcompanies.Sowecanconcludedthatthecriticalvalueofvoluntarydisclosureinformationoflistedcompaniesinthetraditionaleconomyistheminimum,butcriticalvalueoftheinformationeconomyeraisthemaximum.Finally,thispaperrespectivelyanalyzedth

8、ecriticalvalueofvoluntarydisclosureinformationoflistedcompaniesunderthefourdifferentmarketstructures.wecanconcludedthatvoluntarydisclosureofinformationofthelistingCorporationiscompleteandsufficientintheperfec