摘要
上市公司业绩预告不仅影响投资者决策,也关系资本市场持续稳定发展。随着公司"脱实向虚"而配置较多金融资产,金融化公司的经营模式、收益波动性以及风险管理将会发生变化,这可能会影响到业绩预告质量。本文以我国沪深两市2007—2018年的A股非金融公司为样本,研究公司金融化对上市公司业绩预告质量的影响。研究发现,公司金融化会降低业绩预告质量。进一步研究发现,当披露的业绩预告属于强制性、坏消息情形以及上市公司曾出现违规事件时,公司金融化会提高业绩预告的质量;而非国有控股上市公司和受融资约束上市公司的金融化程度越高,则业绩预告质量会越差。此外,本文还发现,国际"四大"会计事务所审计会改善金融化程度高公司的业绩预告质量,但机构投资者却没有类似作用。
As an important part of the information disclosure of listed companies, earnings forecast not only affects investors’ decision-making, but also relates to the sustained and stable development of the capital market.As companies allocate more financial assets from "transforming the economy from substantial to fictitious",the business model, risk management, and return volatility of financialized enterprises will change, which may affect the quality of earnings forecast.Earnings forecast provides investors and analysts with forward-looking information of the company, which is an important way to affect market expectations.Financialization means significant changes in the company’s business structure and increased uncertainty in future performance.At the same time, the valuation of financial assets is very complex.In addition, the flexibility of accounting treatment of financial assets provides a tool for the company to adjust profits.These factors may lead to poor earnings forecast quality of companies with high financialization.This article uses A-share non-financial companies in Shanghai and Shenzhen stock markets from 2007 to 2018 as a sample to study the impact of corporate financialization on the quality of earnings forecast.We find that corporate financialization will reduce the quality of earnings forecasts.Further research finds that when the earnings forecast disclosed are mandatory, bad news, and there have been violations, the company will improve the quality of the earnings forecast;with non-state-controlled listed companies and financing constrained listed companies, the higher the financialization of the enterprise, the worse the quality of earnings forecasts.In addition, this article also finds that the four big international accounting firms can improve the quality of earnings forecasts of companies with high financialization, but institutional investors have no similar effect.The research contributions of this article are as follows: First, it has enriched the relevant literature on earnings for
作者
何威风
李思昊
吴玉宇
HE Wei-feng;LI Si-hao;WU Yu-yu(School of Accounting,Zhongnan University of Economics and Law,Wuhan,Hubei,430073,China)
出处
《经济管理》
CSSCI
北大核心
2021年第10期138-153,共16页
Business and Management Journal ( BMJ )
基金
国家自然科学基金项目“管理者异质性、企业风险承担与自愿性信息披露研究”(71572195)。
关键词
公司金融化
业绩预告
信息披露
corporate financialization
earnings forecast
information disclosure
