提高盈余透明度能带来资本市场和企业双赢吗?——基于企业投资行为视角

Can Improving the Earnings Transparency Achieve a Win-win for Both the Capital Market and Enterprises?——Based on the Perspective of Enterprise Investment Behavior

盈余透明度作为企业盈余质量是否有效传递的关键,连接着资本市场与企业。在未来更加市场化的股票发行注册制下,盈余信息直接关系着投资者的判断与决策。盈余透明度的提高减少信息不对称,有利于抑制企业机会主义行为,有效保护投资者权益。但盈余透明度提高在有利于资本市场发展的同时,能否给企业自身发展带来好处呢?本文以我国2009-2018年A股上市公司为样本,探究盈余透明度与企业投资行为的关系,找出盈余透明度对企业投资效率的正向影响,证明提高企业盈余透明度是一种双赢的行为,既是机会主义行为防治的有效手段,优化资本市场环境,又是企业健康发展的有力助推因素。

As the key to the effective transmission of earnings quality,earnings transparency connects the capital market and enterprises.Under the more market-oriented stock issuance registration system in the future,earnings information is directly related to the judgment and decision of investors.The improvement of earnings transparency reduces information asymmetry,which is conducive to restraining enterprises’opportunistic behavior and effectively protecting investors’rights.However,can the improvement of earnings transparency bring benefits to the development of enterprises while it is beneficial to the development of capital market?Based on China’s A-share listed companies from 2009 to 2018 as samples,the research explores the relationship between earnings transparency and corporate investment behavior.It finds out the positive influence from the earnings transparency to corporate investment efficiency,and improves that earnings transparency is a win-win behavior,which is not only an effective means for prevention and control of opportunistic behavior optimizing the environment of the capital market,but also strong factors for the healthy development of enterprises.