企业国际化战略与管理层业绩预告准确度被引量：6

Corporate Internationalization Strategy and the Accuracy of Management Earnings Forecasts

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摘要以2007—2020年中国A股上市公司为样本,深入探讨企业实施国际化战略对管理层业绩预告准确度(管理层业绩预告偏差)的影响。研究发现,国际化战略与管理层业绩预告偏差之间并非存在简单的线性相关关系,而是存在一种类似“U型”曲线的相关关系,说明随着企业国际化经营程度的提高,管理层业绩预告偏差会呈现出先减后增的变化趋势。机制检验结果表明,企业实施国际化战略所引发的企业经营风险、盈余操纵动机与代理成本的“U型”变化是“U型”曲线关系产生的重要原因。进一步分析发现,这种“U型”曲线关系主要出现在非国有、外资股东持股比例较低、非双重监管、分析师治理水平较差和审计师治理水平较差的企业中。研究结论对于引导证券监管部门防范国际化经营企业业绩预告违规风险具有一定的实践意义。 Based on the sample of Chinese A-share listed companies from 2007 to 2020,this paper discusses the impact of corporate internationalization strategy on the accuracy of management earnings forecasts.It is find that there is not a simple linear correlation between the corporate internationalization strategy and management earnings forecasts bias,but a correlation similar to the U-shaped curve,which shows that with the increase of the degree of international operation,the deviation of management earnings forecasts will show a trend of first decrease and then increase.The mechanism tests show that the U-shaped changes of enterprise operation risk,earnings manipulation motivation and agency cost caused by the implementation of internationalization strategy are the important reasons for the above U-shaped curve relationship.Further analyses show that the above U-shaped relationship mainly occurs in non-state-owned enterprises,enterprises with low shareholding ratio of foreign shareholders,non dual supervision enterprises,enterprises with poor analyst governance and poor auditor governance.The research conclusions have practical significance for guiding the securities regulatory authorities to guard against the risk of management earnings forecasts fraud of international operating enterprises.

作者朱杰 ZHU Jie(School of Management,South-Central Minzu University,Wuhan 430073,China;Research Center for University Risk Prevention and Control, South-Central Minzu University, Wuhan 430073, China)

机构地区中南民族大学管理学院中南民族大学高校风险预警防控研究中心

出处《审计与经济研究》 CSSCI 北大核心 2022年第4期90-100,共11页 Journal of Audit & Economics

基金中南民族大学中央高校基本科研业务费项目(CSQ16002,CSQ22005)。

关键词企业国际化战略管理层业绩预告准确度经营风险盈余操纵动机代理成本分析师治理审计师治理 corporate internationalization strategy accuracy of management earnings forecasts operational risk earnings manipulation motivation agency cost analyst governance auditor governance

分类号 F275.5 [经济管理—企业管理]