上市公司信息披露透明度研究：基于实际控制人控制与制衡的视角.pdf

书书书!#$!%!&!(!)*+,-./!0123!45!6!7!#$%&!#(!89:;?ABCD!EFGHI5JI5K5LMNOPQR#S$#TU!VWXYZ$%&()!*+,-./0.01)201 3 20/!(8%!#(P%!$(89:;0/_0CD0a!%(4%.-(%2)!abcde!#fghi&%&j&-2)kdl!)*+,-./012345!#$%&%&(&)*+,!PQR#!$!VWXYZ%!&!TU9mnopmq%2k&)&)1!(!VWXYZ)!*!*+,-./0.01)201 3 20/+!,!rstu4vw-./0!2/5 56%&5 5+!1!.(12!3!/.xi$!4!%&y)zj+!4!%&y)zj4v5!6!/(&|!$789:7;W?bd$?Kb?(?!/1 2&/2&/1 2&).&/1 2&/&%3!?#?!)&)1Xbcd?4?$?Z?(?!7 7 7(8 9:;5(9?书书书!#$%&(!)*+,-./0123456789:;?AB+CDEFGH5IJKLMNOPKQR!SEFGH5TUV)*+,W8XYUVKZ_#ab!)*+,-cd*eKfVIJgh!Zij-klcdmno%&mpqrKst!uvwKxyz|cd*e?K?#?!)*+,UVb?ijGHZ!?ZU?5?b?)*+,K?G9K_!?ccd*eKx?#?Kcd*eXJ?!)*+,KZijLz?fK!Zij?“!?fifl?&D?L!”?D?#?!)*+,KZij?!?!?!?G?$#$%&$%?l$&%()*&+%Df?Zij!?E?$,-%+-(-.%#?f?5KZ!?cd*e?K?#?”“?KZij?!S?=?S?WxZij?!?K?“Ga!?-?ZijK?4-!a#X/-,&%.-D$0 0 0%K#$?!%&K#$#)*+,K/2R?(?&)?*-+,-?h.!(?&!)*+,T/?0123!?K)*+,3-45$6#?0123.7u8/K122-?)*+,K9?/fV|!:;Zij!?#$W?Wx)*+,KZij?AB?0123?!?B12o2CDEFG?Zij?#$HI#“a?vK?0123?$KJ?K?_I)?LKMN!?)*+,K9J?“aK|!?#$?012312o2C?Zij?K|b9Oa?0123KP5GRQ#?#$R-?9?S!=?T,U=V,U=zW%&12K)*+,$?*XY,U)*+,%T?=V?=zW%&12K)*+,$?*XY?)*+,%KTZ+,12K)*+,$?*XYZ)*+,%9?!#$?012312K2C?“aP5K)*+,?Zij?K|#?#$V?*_&1Zij?K(haKbm#?#$B)*+,KZijcd!(e?ZijK(?S!?BZij89fKFW?Zij?Kgh!?Ei?jhaKkG?Zij?bmH5!OH5KbmRlamncdopqKZijrsRlLtGH#!1?012312?Zij?K|#?#$uvwx?“aP5K?012312*K)*+,Zij?KyN#?!B?0123K122#z2122o#z2h|K12DF#$u?Zij?K|#Rl#!Z)*+,KZij?Lty7,U)*+,K?)*+,?0123122#z2K?!,U)*+,K?)*+,KZij?Lt?!-Z)*+,KZij?/LtW?0123122o#z2h|?K?!Z)*+,Zij?!#$%&()*+,-./Lt?y!-,U)*+,K?)*+,KZij?/Lt?012312K?!?)*+,KZ)*+,Zij?Lt?y!-,U)*+,KZij?/Lt?#2 1?01232C?Zij?K|#?#$B/0?K?B?DE?#$?2C?0123K?w?Zij?K|#H7/02C?Zij?K|!?#$?/0?PNh9?/0?5K,?/0!hNwx“aP5/0K2C?w?Zij?K|#Rl#!?Z)*+,!?L?/0?Zij?/LtK?|!-?,U)*+,K?)*+,!?|?“LtH7?/0KQQ?Zij?K|!?(-,U)*+,?)*+,!?-Z)*+,!O|?“Lt?)*+,KZ)*+,!?z9$6K?5?Zij?/LtKR?|!-?,U)*+,!O|?“Lt?7?o/0?BK,?/0?!u?/?E,?/0?/K?SP5K)*+,?Zij?Lt|!?u3)?,U)*+,KZ)*+,?Zij?/LtKR?|!-?)*+,O|?“Lt#H7?Zij?K|!?#$B?BK?br?/)w?X?B)?%&)wB?)wK?9DF?!wx?Zij?K|#Rl#!?,U)*+,K?)*+,!Zij?a?K?/)w?%&)wLtRGH!a?6?V?R?Lt?GH!a?K?br?X?B)KB?)w?LtGHHM?2!Z)*+,!Zij?a?6?V?R?Lt?GH!a?K?br?/)w?%&)w?X?B)KB?)w?LtGHHM#!?#$#B?au“?G?#Zij?K?/LtyN!-?/B?xK?G?7u“?#Zij?K?#H7?B?fi?Zij?K|!?#$BflH?&DFwx?B?q?Zij?K|#Rl#!?7,U)*+,?!S?P5KB?qqrfi?vw?/LtM#-?7?)*+,KZ)*+,?!ouW7aL?K“?/snKB?qG?7u“B?qfi?Lty!-”?fi?K?Ltx!?fi?vwy!?Zij?J?|#G?7,U)*+,!?)*+,KZ)*+,?fi?vwyKB?q#?#$Kq?7&Ei?jhaKkG?Zij?bmH5!?l?H5?)*+,KZij?bm?#$FBK36?0123!?B12o2CDEFG?Zij?#$HI#G?7Zij?xb!Zij?yb?W?V?K?Ltx!-”B?#Zij,?K?au“?G?/LtyN!?-?/B?xK?#Zij,?K?G?7u“?#3#$%&()*+,-./书书书!#!$!%!#$%&!#$()!*#$+,-./01!2#$34!#!5#./678!#!&#!()*+,!$!#9:;?!$!#ABCDBC-9:;!%&!*#ABCDCE-9:;!%!2#FGHI!(#!-#!./012345678!(!#9:;JK.LM!(!#9:;?JN)!#)!*#9:;?HO!&!2#PQRS!&$!9#!:;=?./01234$%AB!&)!#TUABCDVWJXY!&)!#ABCDZ-9:;?!(!*#ABCDBC-9:;?!2#PQRS!$)!C#!:;=?./01234$:DEF!$!#PTU!$!#$_!)*!*#abc!)#!2#PQRS!*!G#!:;=H?./01234$%AB!*%!#deCE-9:;?!*%!#fghiCE-9:;?!*!*#jklmCE-9:;?!%*!2#PQRS!(*!I#!:;=H?./01234$:DEF!(%!#PTU!(%!#$_!(!*#abc!(!2#PQRS!J#!KLM%5NOPQ!%*!#$S.!%*!#nopq!%*(!*#$rstuv!%*&!RS)*!%*!T!U!%!%#$%&()*+,-./书书书!#!$!%!#$%&()*+,-./0123!*456789:;?ABCD!EFGH456()%&IJKLMNOP!QRST()%&UVWXYGHZ._abc*defghi!#$()%&jklm!nopqST()%&UVWi1arisblmfg#lmtu#lmvw#Cbxyz|#y?sb?v?jk?!#$%$!%#$%!?E?!456?Y?EF?7?q?7?!dEF?y,ST456i“*7kfi#fl5?!?45a”!?“yd?!?*G()?()?y!45?i?!e?9:?!?j?9:?9?!?9:;?.!#!$!%!?T?q4569:;?!EFGH?O?N()%&?!XYCD?7?#?$%&!(?)*?4567?+H4567?,-?!.W/-01!2*!#$()%&IJKL3,?7#E?$#4567?789:#;,2?#$?()%&IJKL!#E?%#4?!+H()%&IJKLAB4?!&CW?!#$()%&IJ?DEFGHIJK?LM?NR,O!?!%&4q#!4!P?$Q!#$#RST()%&Ud?VW!#!4!X!CD:7Y?$()*+)%#$?Z()IJDEO?O?!?,%-_+9a?+Hbc!#$IJ?d!?$?X6E$.+*/0 1+2%#$()IJ?eO?O?!f?#$IJ?dgh!i?jklmno$3 4 5 6)7%#pq$8 9 5+%#rs$:6*+;%etuvw?xyz?XY()IJQ#|#4!+HZ?$%?H?“?i!%$4?#4!?4!#$?ZIJ?y?jk?lm!?7&!%$4?#4!?4!d?4 5?$?A(%#?$?=A B=C%H+H45?$=D(:%?-,%,Q!#$!?ZIJH?OIF?Z_?xy?!#$?q?-,&Q!?C?!#$!#d?!i?Y*?E 8?Y/+,3 6*)+4 7 FG H 4 I J K 6#$vw()%&d#4?6?!t?&()*+,-./012!?L?ZIJ6?&?4 D(L&?qN!#&M L?L?ZIJ6?&?4 D(L&?qN!#&,L+7Y“$N H*2 H/H 7%#$?xIJ?d#M4DE!6”fiflxO?O?&!O!()*+,-./012&fl?:&?H45?|?#!45?H45?()x?”H4TC7?456!?!?#?#!#$()%&IJ?5*#E?%#4O#?H?Q!#$()%&IJKL?6!%$4q!%-4?7?:#EHv?()%&IJKL#4?#?V?#?!#!4?N?q#?IJ?L!?*()%&IJ?T?!?6#4?#M4#,4?#&4q?DN()%&IJ?456?!”H!?Q!#$()%&IJ?q4?#45?!?o!O!?N!?!#$fl?dM!#!$!%!4?H45?i()%&I?vO0C-?!4?r“*#R?#!zH?!45?#$?r%?&?y?#R(H?!?45?#$&?y?H#R(v#M4N?h)*+!2*d#!)#$4y!,-4?*+!?fi.*vw()%&/0#1!fi?!#$()%&_2?3N4?!,&()*+,-./012!”H?Z?5!%4$X?76?#7*?8?PHH?Z?Z()?89#z+!#6?89?Z():;!?!#QUdO?W?Z()?_=#zP89?Z?Z!#Q!-!Qv79PM$P Q!_!-MQv7?/;,P Q P!_!-%Qv7+AP$P,$_B=#zP89?!&%Q!?9O?!,$Q!Pv9!-P,-_!vC9,P$&_!9?W#P%&,?/;,O?!&Q!Pv?/;,!%P M Q_!vC?/;,!-P!$_!?/;,?W P-,+ADO?!&$Q!Pv+A!,P$_!vC+A!%P,M_!+AD?WM M P,E=#zP89?M#QHKF!7?89KF9O$M P$&_!+AOM&P!_?!9O/Gd!?!H+AO/Gd!#?!?89F&#H&$H=#zP89?I#JK?k!%Q!P9N9O!&_!?/;,O,P _!+AO,P _?!9O&?!?M QQ!?fl!-P$&,+AO!#?!?!#MQ!?fl&M P Q,+A(?!vLM!%Q!y?L+!P M&_!NMO!P$_!vML-Q!y?MO!P Q _!NL+,P!M_,?QUdPhQP_R=#zP9N!&Q9O-&P-_!?/;,O,!P M-_!+AO-P$_,9O/G&?!MQ!?S9!&P!M,+AO/G!#?!-Q!?S9&M P%&!+A(?O!vLM?&Q!?y?L+M&!T!NMO!P&_!vML?QQ!?y?MO!P,_!NL+,_,?!QQIQPhP#=#zP89&Q!#$!7!#Q!#$YUVWO?WUd?Z()?_=#z7XYX?Z?#$+$hHZ$P _?O?P!?a%b9cd!?hef#$XYg?#$?hi4jk?kU!P&_!?lm?$!#$9_,n?o?#$#&4v?:?!v