摘要
注册制改革及社交媒体的发展极大地影响了上市公司信息披露环境及其效果。本文以我国A股上市公司2007年一季度至2017年四季度发布管理层业绩预告的公司样本为例,检验了业绩预告精确性与预告效应的关系以及社交媒体关注对两者关系的调节作用。检验结果发现:业绩预告精确性越高,预告效应越强;社交媒体关注强化了两者之间的正向关系。进一步检验发现,在低机构投资者持股比例的样本中,业绩预告精确性对预告效应的影响更为显著;在预告消息为好消息的样本中,社交媒体关注则发挥了更为显著的调节作用。本文的研究有助于资本市场参与者更好地理解信息披露精确性及社交媒体关注对信息披露效应的影响。
The reform of registration system and the development of social media have greatly affected the information disclosure environment and effect of listed companies. This paper takes a sample of Chinese A-share listed companies that issued management performance forecast from the first quarter of 2007 to the fourth quarter of 2017 as an example to test the relationship between the accuracy of performance forecast and the forecast effect, and the moderating effect of social media attention on the relationship. The results show that: the higher the accuracy of performance forecast, the stronger the forecast effect;social media attention strengthens the positive relationship between the two. Further tests show that in the samples with low institutional investors’ shareholding ratio, the impact of performance forecast accuracy on the forecast effect is more significant;in the samples with good forecast news, social media attention plays a more significant moderating role. This study helps capital market participants better understand the accuracy of information disclosure and the impact of social media attention on information disclosure effect.
作者
王英允
孟焰
季蕴慈
WANG Ying-yun;MENG Yan;JI Yun-ci(School of Economics and Management,Tianjin Agricultural University,Tianjin 300392,China;School of Accounting,Central University of Finanee and Economics,Beijing 100081,China;Head Office,The Export-Import Bank of China,Beijing 100031,China)
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
2022年第6期91-110,共20页
Modern Finance and Economics：Journal of Tianjin University of Finance and Economics
基金
天津市哲学社会科学规划项目(TJGL21-028)。
关键词
社交媒体关注
管理层业绩预告
策略选择
预告效应
social media attention
management performance forecast
strategy selection
forecast effect
