“言行一致”的资本市场反应——基于战略合作信息披露视角

Dose Information Disclosure of List Companies Trigger Favorable Responses from the Capital Market:A Study Centered on Strategic Cooperation Information Disclosure

作为一种典型的非财报信息,战略合作信息具有独特的价值,正受到资本市场越来越多的关注。以2007—2018年上市公司战略合作协议公告作为研究对象,采用人工评分法和文本分析法全面评价了战略合作信息披露质量,并探讨了信息披露质量、信息披露“言行一致”的“短期”市场反应及其对经营业绩的影响。研究发现,资本市场对战略合作信息披露持积极反应,即战略合作信息披露质量越高,信息披露窗口期股票超额累计收益率越高。同时,战略合作信息披露质量越高,战略合作越容易落地,即信息披露的“言行一致”性越强;公司治理水平的提高有助于强化上述“正向反馈”。此外,战略合作信息披露的“言行一致”性越强,上市公司超额累计收益率越高,经营业绩越好。但在民营企业中仅表现出超额累计收益率的提高,在国有企业中仅表现出经营业绩的提升。因此,战略合作信息的准确披露有助于利益相关者深刻理解上市公司的战略规划,对公司经营大有帮助,监管部门应加强对此类信息的披露要求和规范审核。

As a typical non-financial information,strategic cooperation information and the value of its disclosure are being increasingly recognized by the capital market.By analyzing the strategic cooperation agreement announcements of listed companies between 2007 and 2018,this paper evaluates the overall quality of strategic cooperation information disclosure by using artificial scoring method and text analysis method and examines the short-term,medium-term and long-term responses of the capital market to the quality and consistency of information disclosure.The findings show that the capital market is generally positive to strategic cooperation information disclosure.Specifically,the higher the quality of strategic cooperation information disclosure,the higher the excess cumulative return rate of stocks in the information disclosure window period.Meanwhile,the higher the quality of strategic cooperation information disclosure,the easier the implementation of strategic cooperation.In other words,more solid and consistent information disclosure can help improve corporate governance and strengthen the above-mentioned“positive feedback”mechanisms.Consistent strategic cooperation information disclosure is also strongly related to higher excess cumulative return rate and better performance for listed companies.Specifically,this effect is manifest in the increasing excess cumulative return rate for private enterprises and improved operating performance for state-owned enterprises.The findings demonstrate that accurate disclosure of strategic cooperation information can help stakeholders have a deeper understanding of the strategic planning of listed companies and therefore benefit corporate operations.Regulatory authorities should enforce the disclosure requirements on list companies and standardize the approval process for the release of such information.