盈余透明度对企业绩效的影响研究——来自中国A股上市公司的证据

Study on the Influence of Earnings Transparency on Enterprise Performance:Evidence from Chinese A-share Listed Companies

近年来,所有者和债权人等利益相关者更加关注公司对于盈余信息的披露,盈余透明度是最直接反映公司一定时期内经营成果的指标,能够解决信息不对称问题。基于2014—2020年A股上市公司面板数据,实证分析盈余透明度对企业绩效的影响及中介与调节效应。研究表明:第一,盈余透明度对企业绩效的影响显著为正;第二,融资约束和代理成本在“盈余透明度—企业绩效”中发挥部分中介作用;第三,年报问询函可以调节“盈余透明度—企业绩效”关系,且这种调节作用具有所有权层面和地域层面的异质性,主要体现在非国有企业和中东部地区企业。研究对提升企业盈余透明度、企业绩效,健全资本市场制度具有一定的启示意义。

In recent years,stakeholders such as owners and creditors pay more attention to the disclosure of earnings information of enterprises.Earnings transparency is the most direct indicator reflecting the operating results of a company in a certain period,which can solve the problem of information asymmetry.Based on the panel data of A-share listed companies from 2014 to 2020,this paper empirically analyzes the impact of earnings transparency on firm performance and the mediating and moderating effects.The research shows that:first,the impact of earnings transparency on corporate performance is significantly positive;Second,financing constraints and agency costs play a partial intermediary role in earnings transparency corporate performance;Third,the inquiry letter of the annual report can adjust the relationship between“earnings transparency and enterprise performance”,and this regulation has heterogeneity at the ownership level and regional level,mainly reflected in non-state-owned enterprises and enterprises in central and eastern regions.This study has a certain enlightenment significance to enhance the transparency of corporate earnings,improve corporate performance,and improve the capital market system.