CFO事务所经历与公司自愿信息披露——基于业绩预告的经验证据

CFOs with Public Accounting Experience and Corporate Voluntary Information Disclosure:Evidence from Earnings Forecasts

CFO作为公司财务负责人,对公司盈余信息披露具有重要影响。基于业绩预告披露视角,以2006—2020年沪深A股上市公司为研究样本,探究CFO事务所经历对公司自愿信息披露的影响,研究发现,CFO有事务所经历的公司更倾向于自愿发布业绩预告并提高业绩预告精确度。并且,上述效应在CFO有“四大”会计师事务所经历时更为显著。横截面分析发现,当外部环境不确定性较高或公司信息环境较差时,CFO事务所经历更可能通过自愿发布精确度高的业绩预告来改善信息环境。业绩预告异质性分析表明,CFO有事务所经历的公司会发布更及时、高频和准确的盈余信息,从而提高业绩预告披露质量。

As the chief financial officer of listed companies,CFOs have important influence on the disclosure of earnings information.This paper,based on the perspective of performance forecast disclosure,uses Chinese A-share listed companies from 2006 to 2020 as the research sample,and examines the impact of CFOs with public accounting experience on the corporate voluntary information disclosure.We find that CFOs with public accounting experience are more likely to voluntarily issue earnings forecasts and improve the precision of the forecasts.The effect is more pronounced when CFOs have experience with“Big Four”accounting firms.Further analyses show that when the external environment is highly uncertain or the corporate information environment is poor,CFOs with public accounting experience are more inclined to voluntarily disclose highly precise forecasts to improve the corporate information environment.The heterogeneity analysis shows that CFOs with public accounting experience will release more timely,high-frequency and accurate earnings information,hence improving the quality of the forecasts.