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摘要
自愿性信息披露是企业经营管理层与外部投资者沟通的重要途径，是改善企业与
投资者关系的有效措施，近年来越发引起国内理论学术和实践操作相关领域的研究与
重视，研究自愿性信息披露与企业价值二者之间的关系更是对于所有上市企业和整体
资本市场都具有理论和实践意义。近两年国企改革加快式推进，国企的发展改革走向
将成为我国整体资本市场的风向标，其示范和影响作用意义深远。由于自愿性信息披
露相关研究数据获取的复杂性，故选定极具代表性和研究意义的样本——上市的中央
企业为研究对象。这类企业经营业绩较好、资金雄厚，在国民经济中占强有力的市场
份额，对其研究可以对其他上市企业有广泛的参考借鉴价值。

本文以 2014 年上市央企年报和社会责任报告披露的自愿性信息为依据，结合我
国央企现状和背景，参考国内外已有的研究成果，设计出一套衡量上市央企自愿性信
息披露水平的评价体系，根据年报中的披露信息来对每个样本具体指标项目进行评
分；并构建出自愿性信息披露水平与企业价值相关的研究模型，在模型中同时加入其
他企业财务数据作为控制变量，研究各变量共同作用对企业价值的经济效果。创新性
地选用近年来国资委考核央企绩效的重要指标 EVA 来衡量企业价值，对选取央企样
本的经济增加值进行核算，对于自愿性信息具体项目也分类别和分欧亿·体育（中国）有限公司进行了描述性
统计分析，其后对自愿性信息披露整体水平、分类别自愿性信息与企业价值均进行相
关和回归分析，探讨自愿性信息披露整体水平、不同类别自愿性信息对于企业价值的
影响效果，最终通过反应企业市场价值的托宾 Q 指标进行稳健性检验。

通过实证结果得出整体央企自愿性信息披露水平与经济增加值和托宾 Q 指标都
呈现正相关关系，即与企业价值呈现出正向的相关性；提高自愿性信息水平，需先从
具体信息项入手提高其管理披露水平，从而逐渐提高整体信息披露水平，来对其企业
的价值产生促进作用；通过分析央企披露现状的影响因素，从多方面入手提出建议对
策，为提升我国上市央企自愿性信息披露水平，促进央企乃至整个资本市场健康持续
发展做好理论性铺垫。

关键词：上市央企；自愿性信息披露；经济增加值；信息监管；央企发展
II
Abstract
The voluntary disclosure of information is one of important ways for the
communication between managers and outside investors, which is also one of effective
measures to improve the relations between them. In recent years, there are more and more
studies and practices concerning this area, which will play a theoretical and practical role in
the entire listed companies ,and even entire capital market. In recent years，state owned
enterprises reform to speed up the advance ，the development of state-owned enterprises
will be an indicator of overall capital market in China, it has demonstration effect and
far-reaching significance. Because of the complexity of the voluntary disclosure of
information research data acquisition, so the selected representative and the research
significance of sample - listed state owned enterprises as the research object. The operating
performance and current situation of this kind of enterprises are in good conditions, they
stand a strong market share in the national economy, the study can be a wide range of
reference value to other listed companies.
This paper takes 2014 listed state owned enterprises annals and voluntary
information disclosure of social responsibility report as the research object, combined with
the present situation and background of state in China, refer to the existing research results
at home and abroad. The paper designs a set of measure of the evaluation system of listed
state owned enterprises voluntary information disclosure level, according to the disclosure
of information in the annual report for each sample specific to rate the project；then build
the voluntary information disclosure level and enterprise value related research model, at
the same time to join other enterprise financial data in the model as control variables, the
research of the enterprise value of each variable combination economic effect. Creatively
selects the important index of EVA by the state-owned assets supervision and
administration to evaluate the performance of state-owned enterprises to measure the
enterprise value. Accounting the EVA of the sample , specific projects for the voluntary
information classification and descriptive statistical analyses, followed by the overall level
of voluntary information disclosure. Then analysis the relation and regression between the