高管背景特征与农业上市公司业绩预告披露动机研究

发布时间：2018-08-14 18:57

【摘要】：上市公司管理层业绩预告作为一种重要的信息披露方式，越来越受到投资者和社会各方的重视。以美国为代表的发达市场经济国家，已经建立起相对完善的预测性信息披露制度，特别是管理层盈余预测已成为缓解公司管理层与投资者之间信息不对称的重要工具。与此同时，我国的业绩预告披露制度自1998年确立实施以来仍在不断健全和完善中。业绩预告制度不完善以及预测本身不确定的特点，给上市公司管理层进行信息披露操纵留下了空间。以业绩预告为切入点研究上市公司的信息披露行为，对于投资者理解上市公司的经营业绩以及市场监管者进行有效的市场管理都有重要意义。一直以来，以古典经济学和代理理论为基础的研究试图解释公司管理层决策行为并取得了相当数量的理论研究成果。但很多研究结论不一致引发了人们对这一问题进一步的思考。我们认为，不一致的原因很大程度上源自传统理论研究仅仅考虑了制度环境、公司内部结构和特征等外在因素对公司信息披露的影响，而将管理者通常视为是同质的和完全理性的，从而忽视了管理者自身因素所发挥的作用。通过借鉴了高阶梯队理论的研究成果，以管理者才能信号假说为基础，我们从上市公司管理者的角度研究了上市公司高管背景特征对业绩预告披露行为的影响。本文重点回答农业上市公司业绩预告披露动机问题，即上市公司为什么要披露。围绕高管背景特征是否会对公司业绩预告披露动机产生影响，本文展开了一系列的研究。我们采用规范分析与实证检验分析相结合的研究方法，并运用经济学、管理学和心理学等学科的知识对上市公司信息披露行为进行深入分析。同时，利用2007—2012年农业上市公司业绩预告披露数据，结合高管背景特征，实证检验了高管背景特征对上市公司业绩预告披露行为的影响。我们研究得出的基本结论如下：高管背景特征影响了业绩预告自愿披露动机。高管的年龄、性别年龄、性别和学历都和业绩预告的披露动机显著相关，财务背景特征与业绩预告的披露动机显著负相关，法律背景特征也与披露动机负相关，但相关关系不显著。高管的政治背景特征与业绩预告的披露动机显著正相关。全文一共6章，，其中第一章绪论。主要介绍论文的研究背景和意义、国内外研究现状、研究内容、研究思路以及研究创新等内容进行了阐述；第二章，理论基础和制度背景；第三章，我国农业上市公司业绩预告披露现状分析；第四章，高管背景特征与上市公司业绩预告披露动机的理论分析，并提出了研究假说；第五章，高管背景特征与上市公司业绩预告披露动机的实证分析；第六章，对全文内容进行总结，并提出相关政策建议。
[Abstract]:As an important way of information disclosure, management performance forecast of listed companies is paid more and more attention by investors and society. Developed market economy countries, represented by the United States, have established a relatively perfect predictive information disclosure system, especially the forecast of management earnings, which has become an important tool to alleviate the information asymmetry between management and investors. At the same time, the performance notice disclosure system in our country has been being perfected and perfected since it was established and implemented in 1998. The imperfection of performance forecasting system and the uncertainty of forecast itself leave room for the management of listed companies to manipulate information disclosure. It is of great significance for investors to understand the operating performance of listed companies and for market regulators to carry out effective market management. The research based on classical economics and agency theory has been trying to explain the decision-making behavior of corporate management and has achieved a considerable amount of theoretical research results. However, many of the findings of the study inconsistency has triggered further thinking on this issue. In our opinion, the reasons for the inconsistency to a large extent stem from the fact that the traditional theoretical research only considers the influence of external factors, such as the institutional environment, the internal structure and the characteristics of the company, on the disclosure of corporate information. Managers are generally regarded as homogenous and completely rational, thus neglecting the role of managers themselves. By referring to the research results of higher echelon theory and based on the talent signal hypothesis of managers, we study the influence of executive background characteristics on the performance disclosure behavior from the perspective of managers of listed companies. This paper focuses on the motivation of agricultural listed companies' performance disclosure, that is, why the listed companies should disclose. Focusing on whether the executive background characteristics will have an impact on the motivation of corporate performance disclosure, this paper has carried out a series of studies. We adopt the research method of combining normative analysis and empirical analysis, and use the knowledge of economics, management and psychology to analyze the behavior of information disclosure of listed companies in depth. At the same time, using the disclosure data of agricultural listed companies from 2007 to 2012, combined with the executive background characteristics, the paper empirically examines the impact of executive background characteristics on the performance disclosure behavior of listed companies. The basic conclusions of our study are as follows: executive background features influence the motivation of voluntary disclosure of performance forecasts. The age, gender and educational background of senior executives are significantly correlated with the motivation of disclosure, the characteristics of financial background are negatively correlated with the motivation of disclosure of performance forecast, and the characteristics of legal background are negatively correlated with the motivation of disclosure. But the correlation is not significant. There is a significant positive correlation between the political background characteristics of executives and the motivation of disclosure of performance forecasts. There are six chapters in this paper, the first chapter is the introduction. This paper mainly introduces the research background and significance, domestic and foreign research status, research content, research ideas and research innovation; chapter two, theoretical basis and institutional background; chapter three, The fourth chapter, the theoretical analysis of the background characteristics of senior executives and the motivation of disclosure of listed companies' performance, and put forward the research hypothesis; chapter five, The empirical analysis of executive background characteristics and the motivation of disclosure of listed companies' performance forecast. Chapter VI summarizes the content of the full text and puts forward relevant policy recommendations.
【学位授予单位】：中国农业科学院
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

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