上市公司自愿性会计信息披露与分析师盈利预测的关系研究

发布时间：2018-03-24 20:52

本文选题：自愿性会计信息　切入点：分析师　出处：《天津商业大学》2014年硕士论文

【摘要】：会计信息披露在维持证券市场的健康运行方面发挥着非常重要的作用，一方面，上市公司可通过会计信息披露向投资者传递公司信息，另一方面，投资者可根据会计信息披露了解上市公司的财务状况和经营成果。近年来，伴随着资本市场的世界范围内扩张，上市公司在增加融资渠道的同时，相互之间的竞争也愈加激烈，为了筹集到足够的资本实现高速、稳定发展，，上市公司有充足的动机和意愿在满足了强制性披露要求之外，向投资者主动披露更多的会计信息，即自愿性会计信息。但是由于自愿性会计信息的专业性、内容形式的随意性，以及人数众多的普通投资者在知识和认知能力方面的有限性，使得普通投资者在正确解读这部分信息时存在着一定的障碍，此时，就凸显了证券分析师这一行业的重要性。本文从分析自愿性会计信息需求主体的角度出发，立足于实证研究证券分析师对于自愿性会计信息的反应，即自愿性会计信息的披露程度是否能够显著影响证券分析师的盈利预测。本文以自行构建的指标体系作为自愿性会计信息披露程度的衡量标准，从深市A股主板上市公司选取样本作为研究对象，首先，评价了我国上市公司自愿性会计信息披露状况，并对现存问题进行了原因分析；其次，通过建立多元回归方程，综合运用描述性统计分析、相关性分析以及多元回归分析等计量方法，从分析师盈利预测准确性、分析师之间盈利预测差异以及分析师跟进人数三个方面检验了分析师盈利预测对自愿性会计信息披露程度的反应。实证结果表明自愿性会计信息披露程度同分析师盈利预测准确性显著正相关，同分析师之间盈利预测差异显著负相关，同分析师跟进人数显著负相关。笔者认为分析师是上市公司自愿性会计信息披露的重要需求主体，按照供需平衡原理，加快推进分析师行业的成熟化和规范化发展，利用需求刺激供给，从而有效地提高上市公司自愿性会计信息披露程度。
[Abstract]:Accounting information disclosure plays a very important role in maintaining the healthy operation of the securities market. On the one hand, listed companies can transmit company information to investors through accounting information disclosure, on the other hand, According to the disclosure of accounting information, investors can understand the financial situation and operating results of listed companies. In recent years, with the worldwide expansion of capital markets, the competition between listed companies in increasing financing channels is becoming more and more intense. In order to raise enough capital to achieve high speed and steady development, listed companies have sufficient motivation and willingness to disclose more accounting information to investors on their own initiative, in addition to meeting the mandatory disclosure requirements. That is, voluntary accounting information. However, due to the specialty of voluntary accounting information, the arbitrariness of content form, and the limited knowledge and cognitive ability of a large number of ordinary investors, It makes ordinary investors have some obstacles in correctly interpreting this part of information, at this time, it highlights the importance of the securities analyst industry. This paper analyzes the voluntary accounting information demand from the point of view of the main body of accounting information, Based on the empirical study of securities analysts' response to voluntary accounting information, that is, whether the disclosure of voluntary accounting information can significantly affect the earnings forecast of securities analysts. This paper takes the self-constructed index system as the measure of voluntary accounting information disclosure, selects samples from Shenzhen A-share main Board listed companies as the research object, first of all, This paper evaluates the situation of voluntary accounting information disclosure of listed companies in China, and analyzes the reasons for the existing problems. Secondly, through the establishment of multiple regression equations and the comprehensive use of descriptive statistical analysis, Correlation analysis, multiple regression analysis and other measurement methods, from the analyst earnings forecast accuracy, The differences between analysts' earnings forecasts and the number of analysts' followers tested the response of analysts' earnings forecasts to voluntary accounting information disclosure. The empirical results show that the degree of voluntary accounting information disclosure is the same as that of analysis. There is a significant positive correlation between the accuracy of the teacher's profit forecast, There is a significant negative correlation between the difference of earnings forecast and the number of analysts. The author thinks that the analyst is an important demand subject of voluntary accounting information disclosure of listed companies, according to the principle of balance between supply and demand. Accelerate the development of maturity and standardization of the analyst industry, use demand to stimulate supply, so as to effectively improve the degree of voluntary accounting information disclosure of listed companies.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F233

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