公司治理与盈利预测的自愿披露

Corporate Governance and Voluntary Disclosure of Earnings

信息披露是上市公司与外部利益相关者沟通联系的重要渠道,其中的盈利预测又是外部利益相关者决策所需要的重要未来信息之一,因而盈利预测披露成为信息披露中被关注的焦点。同时,公司治理影响着上市公司的信息披露水平,而股权结构是决定公司治理结构与质量的基础性因素,因而公司治理可以通过股权结构的影响来作用于信息披露。

Information disclosure is an important channel for communication between listed- companies and interest- related outsiders, and earnings forecast is one kind of necessary information in need when outsiders make decisions, so earning forecast becomes the focus of information disclosure. At the same time, corporate governance affects listed- companies＇ information disclosure level, and ownership structure is the basic factor that determines the structure and quality of corporate governance. This paper collects all the prospectuses released from year 2001 to 2004, and then examines the relationship of voluntary disclosure and characteristics of ownership structure. The results show that except the IPO listed - companies with higher shareholding ratio for first stockholder is more voluntary to disclose earnings forecast; no other significant variances exist between two sample groups.