交叉上市、管理层盈利预测与自愿披露信息效应

发布时间：2018-02-04 05:49

本文关键词： 交叉上市自愿披露盈利预测信号发送　出处：《当代财经》2017年08期 　论文类型：期刊论文

【摘要】：管理层自愿披露的盈利预测信息相比历史会计信息具有更高的相关性和信息含量。以2008—2015年自愿披露盈利预测信息的公司为研究样本,首次将交叉上市与盈利预测信息的自愿披露行为相结合进行实证研究。研究结果一方面确认了普通公司发布盈利预测信息的信号发送作用,同时验证了交叉上市公司自愿披露盈利预测信息的"双重信号"发送机制,另一方面也证实了盈利预测信息在资本市场分割与一体化进程中所体现的价值。实证检验结果发现:交叉上市公司比普通公司更倾向于发布盈利预测信息,发布的盈利预测信息的准确度更高,降低融资成本的效果更加显著;此外,交叉上市公司发布盈利预测信息显著影响了不同市场间的股价溢酬方向,但都增加了交叉上市公司的价值,即交叉上市同时具有融资效应和上市效应。
[Abstract]:Compared with historical accounting information, the profit forecast information voluntarily disclosed by management has higher relevance and information content. For the first time, cross-listing and voluntary disclosure of earnings forecast information are combined to conduct empirical research. On the one hand, the results confirm the role of common companies in issuing profit forecast information. At the same time, it verifies the "double signal" sending mechanism of the cross-listed companies' voluntary disclosure of profit forecast information. On the other hand, it also confirms the value of profit forecast information in the process of capital market segmentation and integration. The empirical results show that cross-listed companies are more inclined to publish profit forecast information than ordinary companies. The accuracy of the profit forecast information released is higher, and the effect of reducing the financing cost is more remarkable. In addition, the earnings forecast information issued by cross-listed companies significantly affects the direction of stock price overpayment among different markets, but both increase the value of cross-listed companies, that is, cross-listing has both financing effect and listing effect.
【作者单位】：中南财经政法大学会计学院;
【基金】：国家自然科学基金项目“管理层盈利预测信息披露的偏误动因与监管研究”(71302193)
【分类号】：F275;F832.51
【正文快照】： 一、研究背景交叉上市(Cross-Listed)一般指同一上市公司在两个不同的证券交易所(通常是跨国或跨境)挂牌上市的行为。在全球金融市场上,由于国际资本流动的政策和其他壁垒逐步放松乃至消失,越来越多的大型跨国企业出于各种动机试图在国际资本市场交叉上市,这成为近年来国际金

【相似文献】