XBRL标准应用能有效提升分析师盈余预测质量吗?——基于成本粘性的分析视角

Can the Application of XBRL Standards Effectively Improve the Quality of Financial Analysts' Earnings Forecasts Quality?

XBRL标准的应用为上市公司财务报告使用者提供异质化信息,通过反映公司之间经营环境、交易事项等方面的差异,弥补通用财务报告标准化披露方式的缺陷,帮助信息使用者深度解读上市公司财务信息,提高资源配置效率。本文基于2005～2015年沪深A股制造业上市公司数据,研究在收入波动的情形下,行业属性、企业自身特征和高管决策行为放大经营风险形成成本粘性、进而降低财务分析师盈余预测质量的现象和作用机理、以及XBRL标准的应用提供的异质化信息有助于提升财务分析师的风险识别能力和盈余预测质量的重要路径。研究发现:成本粘性降低财务分析师盈余预测质量,增加财务分析师盈余预测误差和分歧度;XBRL标准的应用能够有效缓解成本粘性与财务分析师盈余预测质量之间的负相关关系,并且此效应在规模较大的上市公司中更加显著。

The application of XBRL standard provides heterogeneous information for financial report users of listed companies.It reflects the defects of the standardized disclosure methods of general financial reports in the different business environment and transaction matters among companies which helps information users to deeply interpret the financial information.Based on the data of listed manufacturing companies in Shanghai and Shenzhen A-share from 2005 to 2015,the study finds that cost stickiness reduces the quality of financial analysts'earnings forecast and increases the financial analyst's earnings forecast error and divergence,and the application of XBRL standard effectively alleviates the negative correlation between cost stickiness and the financial analyst's earnings forecast quality.This effect is more prominent in larger listed companies.This paper provides a useful enlightenment from the perspective of cost stickiness increasing corporation management risks,that the implementation of XBRL standard providing heterogeneous information supply of listed companies will help improve the quality of financial analysts'earnings forecast.