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Does market mechanism promote online/mobile information disclosure? Evidence from A-share companies on Shenzhen Exchange Market

机译:市场机制是否促进在线/移动信息披露? A股公司在深圳交易所市场的证据

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摘要

As online and mobile communications have been rapidly growing in China, internet has become an important channel for investors to be exposed to information disclosed by listed firms. Contrary to previous research, we argue that a certain online/mobile information disclosure level may have different influence on the firm value in terms of different corporate performance levels. This conclusion is supported by the empirical evidence collected from A-share companies listed on Shenzhen Exchange (China) in 2011. It is found that companies with lower performance levels have strong motives to disclose less information to avoid the potential discount of the firm value. As a result, more strict supervisions from the regulatory agencies are called for since market mechanism fails to protect investors.
机译:随着中国在线和移动通信的迅速发展,互联网已成为投资者接触上市公司披露信息的重要渠道。与先前的研究相反,我们认为某个在线/移动信息披露水平可能会因公司绩效水平的不同而对公司价值产生不同的影响。该结论得到了2011年在深圳证券交易所(中国)上市的A股公司的经验证据的支持。发现,绩效水平较低的公司有强烈的动机披露较少的信息,从而避免了公司价值的潜在折扣。结果,由于市场机制无法保护投资者,因此需要监管机构进行更严格的监管。

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