信息披露质量影响资本配置效率实证检验
Empirical Analysis of the Effect of Information Disclosure Improvement on Capital Allocation

文章以深市上市公司2003-2012年的数据为样本,从行业和公司两个层面实证检验上市公司信息披露质量对资本配置效率的影响。研究发现：信息披露质量的提高可显著增加行业和公司的资本投入增长率对其资本产出增长率的灵敏程度,使资本更快地实现由低效率领域向高效率领域的转移,从而提高资本的配置效率。
The effect of information disclosure on capital allocation efficiency is verified with data of A-share companies listed in Shen Zhen Stock Exchanges from year 2003 to 2012. We find that with the increase in the information disclosure quality, the reaction of investment alteration to its capital output alteration becomes more sensitive, which means that information disclosures with higher quality promote capital transfer rapidly from lower returning fields to higher returning fields, thus realizes the efficient allocation of capital.