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本文基于2007-2013年度中国上市企业数据,检验了隶属于不同政府层级的上市企业的自愿信息披露行为,换言之就是新兴经济体在自愿信息披露决策过程中是如何考虑政府层级方面因素的。本文还检验了在不同市场化环境中,国有企业与非国有企业的自愿信息披露行为存在的差异。研究发现,隶属于较高政府层级的国有企业和非国有企业自愿信息披露的水平都较低;处于市场化程度较高地区的国有企业自愿信息披露水平较低,说明在竞争激励的环境中,非国有企业为了争取投资者,具有更强的动机进行信息披露。
Based on the data of China’s listed companies in 2007-2013, this paper examines the voluntary information disclosure behavior of listed companies that belong to different levels of government, in other words, how emerging economies consider government level in the process of voluntary information disclosure decision-making. This paper also examines the differences in voluntary information disclosure between state-owned and non-state-owned enterprises in different market-oriented environments. The study found that the level of voluntary information disclosure of state-owned enterprises and non-state-owned enterprises that belong to the higher government level is relatively low. The level of voluntary information disclosure of state-owned enterprises in areas with a higher degree of marketization is lower, indicating that in a competitive environment, In order to win investors, non-state-owned enterprises have a stronger incentive to disclose information.