业务财务信息整合与上市公司信息环境

Business and Financial Information Integration and Corporate Information Environment

本文旨在探讨业务信息与财务信息整合(简称“业财融合”)对优化上市公司信息环境的影响。业财融合能够降低企业内部信息不对称性并减少管理层的投机机会,从而抑制管理层的盈余管理行为,提高企业的信息环境质量。本文从2009—2018年上市公司年报管理层讨论与分析中提取公司是否进行业财融合的数据,实证结果表明进行业财融合公司的盈余质量更高,信息环境更好;机制方面,企业可以通过降低风险承担水平、抑制非效率投资的方式来优化信息环境。进一步研究发现,(1)仅采用ERP系统不能显著优化公司信息环境,而绩效考核业财融合、人力整合业财融合、部门业财数据互联互通均能显著提升信息环境质量;(2)业财融合能够进一步提升会计信息披露的及时性。在一系列稳健性检验后,本文回归结果依然显著。

This paper investigates the effect of business and financial information integration(BFII)on improving information environment of listed firms in China.The adoption of BFII can help enterprises to reduce information asymmetry and restrain the speculative opportunities of the management,which reduces earnings management and improve information environment quality.This paper extracts the BFII data from the MD&A part of annual reports of Chinese listed firms between 2009 and 2018.The empirical results show that BFII firms have lower earnings management and higher information environment quality.Besides,the reduction of risk-taking and inefficient investment are two effective mechanisms to improve the information environment.This paper further finds that(1)Mere adoption of ERP system cannot significantly optimize corporate information environment,while performance evaluation,human resource integration,and business-finance data interconnection can help;(2)BFII could further improve the timeliness of corporate information disclosures,the results are still significant after a series of robustness tests.