经营分部信息披露对企业现金流的影响研究

Research on the Impact of Operational Segment Information Disclosure on Corporate Cash Flow

高质量经营分部信息是资本市场健康发展的重要根基。文章以2014—2019年中国制造业上市公司数据为样本,从分部划分确定性、会计信息完整性、经济特征差异性三个维度逐层深入,检验经营分部信息披露对经营性现金流的影响及作用机制,并以是否产能过剩分组进行异质性检验。研究结果显示:上市公司提高分部划分确定性、会计信息完整性并不会对经营性现金流造成显著影响,但提升不同分部间经济特征差异将对企业竞争地位产生不利影响,进而降低经营性现金流;进一步研究发现,经济特征差异性对企业经营性现金流的负面影响仅存在于产能过剩企业中。研究为企业制定披露决策、监管部门修订有关政策以进一步明确分部划分、规范会计信息、界定经济特征差异提供思路。

High quality operational segment information is an important foundation for the healthy development of the capital market.This paper takes data from Chinese manufacturing listed companies from 2014 to 2019 as a sample,and delves deeper into three dimensions:segment division certainty,accounting information integrity,and economic characteristic differences.It examines the impact and mechanism of operating segment information disclosure on operating cash flow,and conducts heterogeneity testing based on whether there is overcapacity grouping.The research results show that improving the certainty of segment division and the completeness of accounting information by listed companies will not have a significant impact on operating cash flows.However,enhancing the differences in economic characteristics between different segments will have a negative impact on the competitive position of enterprises,thereby reducing operating cash flows;further research has found that the negative impact of differences in economic characteristics on the operating cash flow of enterprises only exists in overcapacity enterprises.The research provides ideas for enterprises to make disclosure decisions,regulatory authorities to revise relevant policies to further clarify division,standardize accounting information,and define differences in economic characteristics.