管理者能力对业绩预告形式与频率影响研究

Research on the Influence of Managerial Ability on the Form and Frequency of Earnings Preannouncement

本文选取2008-2013年沪深A股上市公司作为研究样本,从业绩预告形式和频率的视角探讨了管理者能力对企业业绩预告的影响。研究发现,管理者能力越强,越可能发布定量的业绩预告;管理者能力越强,业绩预告的频率越高。本文利用DEA-Tobit二阶段模型和历史行业调整的ROA两种方式计量的管理者能力都证明了这一结论,说明管理者业绩预告中包含了管理者能力的信息,管理者有动机通过业绩预告彰显其能力。这有助于引导市场参与者的投资决策,提高中小投资者的投资效率。

Using data of A-share companies listed in Shanghai and Shenzhen stock exchanges in the period 2008-2013, this paper studies the impact of managerial ability on the earnings preannouncement from the perspective of the form and frequency of earnings preannouncement. The study found that the stronger the managers' ability, the more likely they'd like to publish quantitative results and the frequency of earnings preannouncement will be higher. And we use two methods to measure the ability of management to prove this conclusion. This result indicates that the managerial ability information is contained in the earnings preannouncement,managers have motivation to use preannouncement to highlight their ability, and guide the investment decision of market participants,improve the efficiency of medium and small investors in their investment behavior.