上市公司披露客户名称真的有益吗——基于投资者感知的视角

Is It Really Beneficial for Listed Companies to Disclose Customer Identities?——From the Perspective of Investor Perception

本文基于2012-2019年沪深A股上市公司的研究样本,实证检验了公司披露其客户名称对投资者的影响。本文利用长期盈余反应系数度量投资者对风险的感知,分析自愿性信息披露的利弊。结果发现:公司在年报中同时披露前五大客户名称以及明细金额,相比于只披露了明细金额的公司,有显著更低的长期盈余反应系数;异质性检验发现,当公司的专有成本更高、投资者专业能力更强或者市场交易风险更高时,会加剧这种负向关系;经济后果检验发现,披露客户名称后,公司下期的市场表现、经营业绩以及盈余持续性都显著更差。由于专有成本的存在,客户名称的披露会增强投资者对公司未来经营风险的感知,投资者能够理性预期到上市公司披露客户名称并非完全有益。鉴于客户、特别是大客户对公司的重要影响,本文的研究结论有助于分析目前客户信息披露规定的政策效果,也为后续制定相关披露政策提供了依据。

Our paper empirically tests the impact of companies’disclosure of their customer identities on investor perception of risk,which is measured by the long-term earnings response coefficient(ERC),and analyzes the pros and cons of voluntary disclosure.The results show that,compared with the companies that only disclose detailed transaction amounts with their top five customers,companies which disclose both identities and detailed transaction amounts in the annual report have a significantly lower long-term ERC.Due to the proprietary costs,customer identity disclosure would enhance investors’perception of the company’s future business risks.Investors can reasonably expect that the disclosure is not entirely beneficial.Furthermore,we find when companies have higher proprietary costs,their investors are more expertise,or experience higher transaction risks,there would be a more negative relationship.After disclosure,companies’next-period market performance,operating performance,and earnings persistence would be significantly worse.