通过完善信息披露，提高投资效率

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-02-27 DOI:10.1016/j.frl.2025.107103

Liang Pan, Yong Yang

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引用次数: 0

摘要

本文研究了2018-2022年中国a股上市公司信息披露对投资效率的影响。我们的研究结果表明，信息披露质量的提高导致投资效率的大幅提高。充分的信息披露通过减少信息不对称，起到信号机制的作用，促进投资者倾向和投资规模的扩大，最终提高投资效率。此外，我们发现，提高信息披露质量可以减轻融资约束的成本，从而减轻与投资不足相关的财务压力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Enhancing investment efficiency through improved information disclosure

This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance