网络关注、财务报告质量与公司价值关系研究——基于2011—2021年上市公司的数据

Research on the Relationship between Network Attention,Financial Report Quality and Company Value:Based on Data of Listed Companies from 2011 to 2021

选取2011—2021年中国A股沪深主板的上市公司数据,探究网络关注对公司价值的影响,并从数字、文本两个层面分析财务报告质量对于网络关注与公司价值之间的调节作用。结果表明:网络关注与公司价值之间呈正相关关系,且具有一定的公司治理作用;根据股权性质进行分组,网络关注对国有企业的治理作用更明显,而根据董事会特征和高管激励情况进行分组,则没有显著差异。网络关注与财务报告质量存在“互补效应”,从数字层面来看,财务报告的盈余质量越高,数字信息越真实、可靠,越有助于投资者做出正确的价值判断,促进公司价值的提升。

Based on the data of listed companies on the main board of Shanghai and Shenzhen Stock Exchanges of China A-shares from 2011 to 2021,this paper explores the impact of network attention on company value,and verifies the moderating effect of financial report quality on network attention and company value from both numerical and textual levels.The empirical results show that there is a positive correlation between network attention and corporate value,and it has a certain role in corporate governance.When grouped according to the nature of ownership,network attention has a more significant effect on the governance of state-owned enterprises,while when grouped according to the characteristics of the board of directors and executive incentives,there is no significant difference.There is a"complementary effect"between network attention and the quality of financial reports.From the digital level,the higher the earnings quality of financial reports,the more real and reliable the digital information,the more helpful investors to make correct value judgments and promote the improvement of company value.