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公司治理信息披露具有内外两种制度的约束和动力。从强制性治理和自主性治理两个方面考察公司信息披露与公司绩效之间的关系。通过对2006年928家上市公司的实证研究,发现上市公司自主性信息披露水平的提高与公司绩效显著正相关,从而为自主治理有助于公司业绩的提高提供了证据。进一步研究自主性信息披露影响公司业绩的原因,发现“公司是否积极开展投资者关系管理工作,是否制定投资者关系管理工作制度”与公司绩效ROA在5%水平上显著正相关。
Corporate governance information disclosure has both internal and external system constraints and motivation. Examining the relationship between corporate information disclosure and corporate performance from the two aspects of compulsory governance and autonomous governance. Through the empirical research of 928 listed companies in 2006, it is found that the improvement of independent disclosure of listed companies has a significant positive correlation with corporate performance, which provides evidence for the self-governance to contribute to the improvement of corporate performance. To further study the reasons why independent disclosure affects corporate performance, we find that there is a significant positive correlation between company performance ROA and corporate performance ROA at 5% level, whether the company actively carries out the management of investor relations and whether it establishes the system of investor relations management.