企业自愿性信息披露行为的“同伴效应”研究 ——来自管理层业绩预告的实证证据

“Peer effect”in Corporate Voluntary Disclosure Behavior ——Evidence from Management Earnings Forecasts

摘要:

信息披露关乎整个资本市场的运行质量和健康发展，但现有研究主要关注企业内部特征和制度环境对信息披露行为的影响，较少考察企业间的相互作用。借助同伴效应的分析逻辑，以2010—2019年沪深A股上市公司发布的业绩预告为样本，对自愿披露同伴效应的形成机制、情境因素及经济后果进行探究。结果表明：企业业绩预告披露行为存在明显的“同伴效应”；且异质性研究发现：环境不确定性高、对外融资依赖强的企业更易受到同伴披露行为的影响；此外，基于同伴效应的信息披露行为，可以提升个体企业的未来价值。本研究不仅为企业策略性信息披露提供一种新解释，而且有助于提高企业信息披露管理能力，对于加强信息披露监管和金融风险防范等方面均具有重要现实意义。

Abstract:

Information disclosure is related to the operation quality and healthy development of the entire capital market. However, most studies mainly focus on the influence of its internal factors and institutional environment, but consider the interaction between corporations less. With the analysis logic of the peer effect, taking the earning forecasts issued by A-share listed companies from 2010 to 2019 as a sample, to explores the formation mechanism, situational factors and economic consequences of voluntary disclosure interaction among corporations. The results show that earnings forecasts made by industry peers induce firm disclosure; and there exists differences within this kind of peer effect: corporations with high environmental uncertainty and strong external financing reliance are more susceptible to peer disclosure; in addition, The disclosure behavior caused by the peer effect can increase the future value of the corporations. Not only can this research provide a new explanation for the strategic information disclosure, but also helps to improve disclosure management capabilities of corporations, which has important practical significance for strengthening information disclosure supervision and preventing financial risk prevention.