年报篇幅与股价崩盘风险:信息冗余还是信息传递

Annual Report Length and Stock Price Crash Risk:Information Redundancy or Information Transmission

本文以2007~2019年中国A股上市公司为研究样本,从股价崩盘风险视角检验年报篇幅增加究竟是信息的冗余还是信息的传递。研究发现:公司年报篇幅与股价崩盘风险显著负相关,表明中国资本市场中的年报篇幅增加有利于缓解外部投资者的信息不对称,体现为信息传递效应。进一步的作用机制检验发现,年报篇幅是通过影响信息披露质量、分析师预测精度及跟踪人数、高质量审计师选聘以及内部控制缺陷来抑制股价崩盘风险。拓展性研究显示,年报篇幅的信息传递效应更多地体现在非交叉上市公司和竞争程度较高的行业,且年报篇幅与股价崩盘风险之间未呈现出明显的非线性关系。

Using listed companies in Chinese A-share market from 2007 to 2019 as the research sample,this paper empirically tests whether the annual report length is information redundancy or transmission from the perspective of the stock price crash risk.The results show that companies with longer annual reports have lower crash risk of stock price,indicating that longer and more detailed annual reports have an information transmission effect on alleviating the problem of information asymmetry.Further test for information transmission effect mechanism shows that firms with longer annual reports are subject to better information disclosure,higher quality auditors,more accurate analyst forecast,more analysts,and less internal control defect.In addition,the negative relationship between annual report length and crash risk of stock price is more pronounced in non-cross-listed companies and high competition industry.And there is no nonlinear relationship between annual report length and stock price crash risk.