摘要信息披露是证券市场的基础性制度，也是上市公司日常经营管理中最为重要
的环节之一，保证真实信息的及时性披露更是维护公平、有效市场的重要前提。
近年来，资本市场信息延迟披露现象屡禁不止，大量学者对此方面展开深入研究。
但以往研究主要将公司信息延迟披露行为视为其独立决策的结果，本文重点关注
上市公司之间信息延迟披露行为的交互影响，即同伴效应。
本文以2007-2019年我国A 股上市公司发生的被监管部门公告处罚的延迟披
露事件为研究对象，研究企业信息延迟披露行为同伴效应的存在性、影响因素以
及可能产生的经济后果。研究发现：（1）信息延迟披露过程中存在明显的同伴效
应，即因受其他同伴组信息延迟披露行为的影响而表现出“结伴延迟披露”的现
象。（2）信息延迟披露同伴效应受行业地位和企业相似性的显著影响。即行业内
处于跟随地位的企业受同伴公司信息延迟披露行为的影响更加明显。地理位置越
邻近、多元化战略越相似、产权性质越相近的企业，更容易产生信息延迟披露的
同伴效应。（3）信息延迟披露的同伴效应会导致企业的权益资本成本上升。（4）
企业之间默契合谋行为是解释信息延迟披露同伴效应的一种重要逻辑。
通过以上研究，为资本市场上普遍的信息延迟披露现状提供了新的解释，即
指出企业互动因素是导致公司信息延迟披露行为的重要前因；拓宽了企业违规披
露同伴效应的研究边界，并将违规行为同伴效应细化落脚至企业信息延迟披露这
一层面，实证检验了默契合谋机制为信息延迟披露同伴效应的内在逻辑之一，既
而为更加深入认识同伴效应提供了更加宽广的视角。本文为市场监管公司信息延
迟披露行为提供了新方向，公司之间互动所导致的行业扎堆信息延迟披露行为应
该引起监管部门和投资者的充分重视，这进一步为新《证券法》的“信息披露”
专章制度提出了借鉴和参考。对信息披露监管和维护市场有效性等方面具有重要
理论价值及现实意义。
关键词：信息延迟披露；同伴效应；权益资本成本；默契合谋
I
Abstract
Abstract
Information disclosure is not only the fundamental institution of the securities
market,but also one of the most important links in the management of listed
companies.Ensuring the timeliness of correct information is an important prerequisite
for maintaining a fair and effective market.In recent years,the delayed disclosure of
information in the capital market has been in cycle,and a large number of scholars
have carried out in-depth research in this regard.However,studies mainly regarded
the company's information delay disclosure as the result of its independent
decision-making.This paper takes delayed disclosure as the research object to study
the interactive impact of information delay disclosure among listed companies,that is,
peer effect.
Taking the delayed disclosure events of China's listed companies from 2007to
2019as the research object,this paper makes an in-depth study on the existence,
influencing factors and economic consequences of the peer effect of information
delayed disclosure.It is found that:(1)There is an obvious peer effect in information
delayed disclosure,that is,it shows the phenomenon of "partner delayed disclosure"
due to the influence of other peer groups'information delayed disclosure behavior.(2)
The peer effect of information delay is significantly affected by the industry status and
enterprise similarity.That is,the enterprises in the follow-up position in the industry
are more obviously affected by the information delay disclosure behavior of peer
companies.When the location is closer,the diversification strategy is more similar,
and the property is more similar,the more likely to produce the peer effect of
information delay disclosure.(3)The peer effect of delayed information disclosure
will lead to an increase in the cost of equity capital.(4)Tacit collusion among
enterprises is an important mechanism to explain the peer effect of delayed
information disclosure.
According the research,this paper provides a new explanation for the general
situation of delayed information disclosure in the capital market,that is,it points out
that the enterprise interaction factor is an important antecedent of corporate
information delayed disclosure;It widens the research boundary of the peer effect of
enterprise delayed disclosure,refines the peer effect of violations to the level of
enterprise information delayed disclosure,and empirically tests that the tacit collusion
mechanism is one of the internal logic of the peer effect of information delayed
II
Abstract
disclosure,which provides a broader perspective for a deeper understanding of the
peer effect.This paper provides a new direction for the market supervision of the
company's delayed information disclosure.The industry's delayed information
disclosure caused by the interaction between companies should be paid full attention
to the regulatory authorities and investors,which further provides a reference for the
special chapter system of "information disclosure"in the new 《Securities Law of the
People’s Republic of China》.It has important theoretical value and practical
significance for the supervision of information disclosure and the maintenance of
market effectiveness.
Key words:Delay of Information Disclosure;Peer Effect;Equity Cost;Tacit
Collusion
III
目录
目录
摘要.....................................................................................................................................I
Abstract ..................................................................................................................................II
第1章绪论.........................................................................................................................1
1.1研究背景与意义..............................................................................................1
1.1.1研究背景...............................................................................................1
1.1.2研究意义...............................................................................................2
1.2研究内容与技术路线......................................................................................4
1.2.1研究内容...............................................................................................4
1.2.2技术路线...............................................................................................5
1.3创新点..............................................................................................................6
第2章文献综述...................................................................................................................7
2.1同伴效应..........................................................................................................7
2.1.1同伴效应概念.......................................................................................7
2.1.2个体社会行为中的同伴效应...............................................................7
2.1.3企业财务决策中的同伴效应...............................................................8
2.1.4企业非财务决策中的同伴效应...........................................................9
2.2信息延迟披露................................................................................................10
2.2.1信息延迟披露概念.............................................................................10
2.2.2企业信息延迟披露的影响因素.........................................................11
2.2.3企业信息延迟披露的经济后果.........................................................12
2.3文献述评........................................................................................................14
第3章理论基础与研究假设.............................................................................................15
3.1同伴效应的理论基础....................................................................................15
3.1.1高管声誉假说.....................................................................................15
3.1.2模仿学习行为假说.............................................................................15
3.1.3动态竞争博弈假说.............................................................................16
3.2信息延迟披露同伴效应的存在性................................................................17
3.3信息延迟披露同伴效应的影响因素............................................................18
3.3.1行业或市场地位.................................................................................18
3.3.2企业相似性.........................................................................................19
3.4信息延迟披露同伴效应与权益资本成本....................................................20
1