分行业披露与公司盈余信息含量——基于“准自然实验”的经验证据

Disclosure by Industry and the Earnings Informativeness:Evidence from Aquasi-Natural Experiment in China

以沪深交易所交错发布分行业信息披露指引作为准自然实验,结合2009—2019年A股上市公司数据建立双重差分模型,实证检验分行业披露对公司盈余信息含量的影响。回归结果显示,分行业披露政策的实施显著提升了盈余信息含量。这一效应在内部控制水平较高、外部监管环境较强的公司样本中表现得更为明显。影响机制检验结果表明,分行业披露一方面能抑制管理层的机会主义操纵行为,增强投资者对盈余信息的信赖程度;另一方面,也能吸引更多的分析师关注,增加信息的传播和专业解读,使得投资者对盈余信息的理解和认知得以增强。最后的拓展性分析发现,分行业披露能显著提升财务报告的可读性,改善投资者决策信息环境。

Based on the quasi-natural experiment of the Shanghai-Shenzhen Stock Exchange’s staggered release of information disclosure guidelines for listed companies by sub-sector, this paper empirically tests the impact of disclosure by industry on the content of earnings information. The difference-in-difference model result shows that the implementation of disclosure policies in different industries has significantly improved the content of earnings information. Moreover, this effect is more pronounced in firms with high-quality internal control and better external supervision. Further mechanism analysis shows that, on the one hand, disclosure by the industry can inhibit the opportunistic manipulation of management, improve the quality of earnings information, and enhance investors’ trust in earnings information;on the other hand, it can also attract more analysts’ attention, increase the dissemination of information and professional interpretation, so that investors’ understanding and cognition of earnings information can be enhanced. Finally, this paper also finds that disclosure by the industry can significantly improve the readability of financial reports, which further verifies the conclusion that the implementation of disclosure by industry policy has a positive impact on the content of earnings information.