摘要
本文以2010~2019年深市A股上市公司为研究样本,实证分析了机构投资者实地调研对管理层业绩预告精确度的影响。研究发现,机构投资者实地调研次数和参与机构数越多,管理层业绩预告的精确度越高,并且在盈余管理程度较高以及市场化程度较低的情况下,机构调研对业绩预告精确度的促进作用更显著。进一步区分业绩预告的类型后发现,机构投资者进行实地调研更有助于促进乐观业绩预告精确度的上升。本文从外部治理视角验证了机构调研对提升业绩预告精确度的积极作用,为更有效地理解业绩预告信息以及完善业绩信息披露提供了经验证据。
This paper takes the A-share listed companies in Shenzhen from 2010 to 2019 as the research sample,empirically analyzes the impact of institutional investors’site visits on the accuracy of the performance prediction.It is found that the more times institutional investors conduct site visits and the number of participating institutions,the higher the accuracy of management performance forecast.And in the case of a higher degree of earnings management and a lower degree of marketization,institutional investors5 site visits have a more significant role in promoting the accuracy of performance forecasts.After distinguishing the types of performance forecasts further,it is found that the site visits by institutional investors is more helpful to promote the increase in the accuracy of optimistic performance forecasts.This article confirms the positive effect of institutional investors’site visits on improving the accuracy of performance forecasts from the perspective of external governance,and provides empirical evidence for stakeholders to understand performance forecast information more effectively and improve performance information disclosure.
作者
廖义刚
李玉昊
杨雨馨
LIAO Yi-gang;LI Yu-hao;YANG Yu-xin
出处
《财务研究》
CSSCI
2021年第2期40-50,共11页
Finance Research
基金
国家自然科学基金项目(72072077,71762015)。
关键词
机构投资者实地调研
业绩预告精确度
盈余管理
市场化进程
institutional investors9 site visits
performance forecast accuracy
earnings management
marketization process
