摘要
本文以我国A股上市公司2007年第一季度至2017年第四季度发布点值及范围值业绩预告的公司样本为例,检验了投资者注意力对上市公司管理层业绩预告精确性选择的治理作用。检验结果发现:投资者注意力对上市公司管理层业绩预告精确性选择具有积极的监督作用,即随着投资者注意力的提高,管理层发布了更精确的业绩预告。这一结果对好消息与坏消息的业绩预告均成立,投资者构成的变化、公司业绩的好坏总体上也不会影响这一作用结果。相较于预告期发生兼并或重组的公司,预告期未发生兼并或重组的公司投资者注意力对管理层业绩预告精确性发挥了更好的积极监督作用。稳健性检验均支持原有结果。本文的研究对于积极发挥投资者注意力的监督作用,突出市场参与主体的利益相关性,促进监管方式由行政主导向市场主导转变具有积极的实践意义。
Based on the samples of China’s A shares listed companies which releasing their earnings forecast by point and range value from the 1 st quarter of 2007 to the 4 th quarter of 2017,we test the governance effect of investor attention on the accuracy choice of management earnings forecast.We find that investor attention plays a positive supervisory role on the accuracy choice of management earnings forecasts,namely,as investor attention improves,management releases a more accurate earnings forecast.This conclusion holds for both good news and bad news earnings forecasts,and changes in the composition of investors and the performance of companies will not affect the results of this effect in general.Compared to the companies merged or reorganized in the forecast period,investor attention plays a better positive supervisory role on the accuracy choice of management earnings forecasts in the companies that have not been merged or reorganized.The results of the robustness test also support the original results of this paper.The research of this paper has positive practical significance for the change of supervision approach from administration leading to market leading,by actively playing the supervisory role of investors’ attention,and highlighting the interest relevance of the market participants.
作者
孟焰
王英允
Yan Meng;Yingyun Wang
出处
《中国会计评论》
2019年第3期371-396,共26页
China Accounting Review
关键词
投资者注意力
业绩预告精确性
信息披露
积极监督
过度压力
Investor Attention
Accuracy of Earnings Forecast
Information Disclosure
Positive Supervision
Excessive Pressure
