证券市场导报Issue(4)：45-57,13.
分行业信息披露能提高业绩预告质量吗?
摘要
Abstract
The information disclosure by industries is a reflection of high-quality regulation under the registration-based IPO system.This paper constructs a difference-in-differences model based on the phased issuance of Industry Information Disclosure Guidelines by the Shanghai and Shenzhen Stock Exchanges,which serves as a quasi-natural experiment,to empirically analyze whether the industrial information disclosure obligation changes companies'strategic information disclosure behavior.Our findings suggest that requiring listed companies to disclose industry operational information can improve the quality of the management earnings forecast.Additionally,information transparency,analyst coverage,legal environment,attributes of the earnings forecast,and operational risks play a moderating role in the impact of information disclosure by industries on the quality of earnings forecasts.Accounting conservatism and the comparability of accounting information are potential mechanisms.This study contributes to understanding the impact of industry-specific information disclosure policies on the disclosure behavior of listed companies regarding earnings forecasts and provides insights for improving the earnings forecast system in China.关键词
分行业监管/信息披露/业绩预告/公司治理Key words
regulation by industries/information disclosure/earnings forecasts/corporate governance分类
管理科学引用本文复制引用
张家慧,宋顺林,赵玲,王彦超..分行业信息披露能提高业绩预告质量吗?[J].证券市场导报,2024,(4):45-57,13.基金项目
国家社会科学科基金重大项目"新时代中国特色管制会计制度体系与智能化实践研究"(项目批准号:21&ZD145)、国家自然科学基金青年项目"分行业信息披露与资本市场定价效率:基于一项准自然实验的研究"(项目批准号:72102187)、中国博士后科学基金面上项目"分行业信息披露改革对高管自利性归因的治理效应及作用机制研究"(批准号:2023M734074) （项目批准号:21&ZD145）
