内外部治理机制对公司年度业绩预告行为及其信息特征的影响!

发布时间：2017-12-31 11:11

本文关键词：内外部治理机制对公司年度业绩预告行为及其信息特征的影响!　出处：《华东师范大学学报(哲学社会科学版)》2014年04期 　论文类型：期刊论文

【摘要】：以跟踪分析师数量衡量公司来自外部的监督力度,以股权性质、股权制衡程度、盈余管理程度衡量公司内部治理效率,据此考察内外部治理机制对公司年度业绩预告行为及其信息特征的影响,其实证结果发现,分析师的存在有效推动了年度业绩预告的发布,从而提高了公司的信息透明度,且跟踪分析师越少,公司越倾向于延迟预告并以"坏消息"居多,但不必然影响预告用语的精确度;相对于国有企业而言,非国有企业更愿意预告年度业绩,但一旦决定预告,非国有企业预告用语更模糊,并以"好消息"居多;大股东间股权制衡程度越高,公司发布业绩预告的可能性越小,但一旦预告,这类公司的预告用语更精确、时点更滞后;公司年度业绩预告行为有一定的延续性。总的来说,内外部治理机制都对公司年度业绩预告行为及其信息特征产生了重要影响。
[Abstract]:To measure the number of analysts tracking supervision from outside the company, with the nature of equity, equity balance degree, the extent of earnings management to measure the corporate governance efficiency, impact on internal and external governance mechanisms notice behavior and feature information of the company's annual results, the empirical results show that the existence of analysts to effectively promote the release of the notice of annual results. In order to improve the company's information transparency, and analysts tracking the less, the company is more inclined to delay notice and to "bad news" are, but not necessarily affect the accuracy of forecast terms; compared with the state-owned enterprises, state-owned enterprises are more willing to notice the annual performance, but once the decision notice, the non state-owned enterprises notice more fuzzy language, taking the "good news" are; the higher the degree of equity restriction between major shareholders, the possibility of released results notice the company is small, but once the notice, this kind of company The prediction language is more precise and the time lag is more. The company's annual performance announcement behavior has a certain continuity. In general, the internal and external governance mechanisms have a significant impact on the company's annual performance notice behavior and its information characteristics.

【作者单位】：华东师范大学商学院会计系;
【分类号】：F275;F832.51
【正文快照】： 一引言业绩预告是上市公司在正式发布定期报告前,预先披露公司该会计期间业绩的大致情况,在性质上属于一种内部预测信息,兼具内部性和前瞻性。我国业绩预告制度始于证监会1998年12月9日的要求:“如果上市公司发生可能导致连续三年亏损或当年重大亏损的情况,应当根据《股票发行

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