本文以我国上市公司2007年1月1日开始执行新的会计准则为契机,具体考察了在各地区政府干预和金融发展水平呈现地区性差异的情况下,信息透明度对股东资产替代行为的影响。研究结果表明,我国上市公司信息透明程度与股东资产替代行为呈显著的负相关关系;当上市公司为国有控股公司时,信息透明度减弱股东资产替代行为的作用降低;在金融发展水平比较低的地区,信息透明度对股东资产替代行为的影响有所减弱。 This article took the opportunity that the listed company in our country started to implement the new accounting standards on January 1, 2007, and examined in detail the influence of information transparency on the alternative behavior of shareholders under the condition of regional differences in government intervention and financial development in various regions. The results show that the degree of information transparency of listed companies in China is significantly negatively correlated with the substitution of shareholders ’assets. When the listed companies are state-controlled companies, the transparency of the information reduces the role of shareholders’ asset substitution. In the areas with relatively low level of financial development , The influence of information transparency on the alternative behavior of shareholders’ assets has weakened.