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信息不对称会导致逆向选择和道德风险,进而提高企业的代理成本,信息披露是解决信息不对称的有效途径。基于此,本文选取2009~2014年深圳证券交易所上市公司作为研究对象,采用多元回归分析和二阶段回归进行实证分析,结果表明:信息披露质量与公司代理成本显著负相关,提高信息披露质量对我国上市公司及资本市场均有重要意义。
Asymmetric information can lead to adverse selection and moral hazard, which in turn can increase agency costs. Information disclosure is an effective way to solve the asymmetric information. Based on this, this article selects the listed companies of Shenzhen Stock Exchange from 2009 to 2014 as the research object, and conducts empirical analysis by multiple regression analysis and two-stage regression. The results show that the quality of information disclosure is significantly and negatively correlated with agency costs, and the quality of information disclosure is improved China’s listed companies and capital markets are of great significance.