内部控制、会计信息可比性与分析师行为

Internal Control,Accounting Information Comparability and Analyst Behavior

以2007〜2017年我国A股上市公司为样本,本研究实证检验了会计信息可比性在内部控制对分析师行为影响过程中所发挥的作用。结果发现:内部控制水平的提升对于分析师行为具有积极影响,会计信息可比性在其中发挥了部分中介作用。内部控制通过提升会计信息可比性,使上市公司吸引了更多分析师跟踪,并有效提升了分析师预测准确度、降低了分析师预测分歧度。在现有以会计信息可靠性作为主要解释逻辑的背景下,进一步检验发现会计信息可比性相较于可靠性具有增量解释力。结果表明,会计信息可靠性并非内部控制经济后果的唯一解释路径,至少在分析师行为层面,会计信息可比性也提供了重要的解释力。

With the dataset of A-share listed companies,we empirically test the role of accounting information comparability in the impact of internal control on analyst behavior.The results show that the improvement of internal control has a positive impact on analyst behavior,and accounting information comparability plays a partial mediation role.By improving the comparability of accounting information,companies with higher-quality internal controls attract more analyst following,and effectively improve the accuracy of analyst forecasts and reduce the dispersion,in the context of reliability as the main explanatory logic,this paper further finds that comparability has an incremental explanatory power compared to reliability.The results show that the reliability of accounting information is not the only way to explain the economic consequences of internal control.At least in terms of analyst behavior,comparability provides an important explanatory power.