Transparency,Operating Performance and Market Value:An Analysis Based on the View of Endogenous Perspective
以深交所信息披露评级衡量透明度，发现财务绩效随透明度提高而上升，但市场价值在低透明度时下降、高透明度时上升，呈左低右高微笑曲线，证实了透明度内生性假设。
The paper chooses the rankings of disclosure quality made by Shenzhen Stock Exchange as the agent of disclosure level,analyzes the impacts on corporate performance,and tests the endogeneity of disclosure level and the effective of instrumental variables.Corporate performance consists of finance performance and market value,and disclosure level has different compacts on the two sides.Finance performance increases in disclosure level.Meanwhile,market value decreases in disclosure level at lower level and increases at higher level.Reputation -investment effectandlemons effectco-exists in Chinese stock market,so market value is reflected as a Left-down-and-right-upsmilecurve.The conclusions of the analysis have confirmed the endogeneity hypothesis of disclosure level,and also can be taken as a proof against the EMH in Chinese stock market.