“中国式业绩”与企业财务业绩诉求——基于A股上市公司获奖信息披露的基本事实发现与探讨

“Chinese-style Performance” and Corporate Demands for Financial Performance: Discovery and Discussion of Basic Facts of the Disclosure about Enterprise Awards of A-Share Listed Companies

本文通过聚焦并讨论中国A股上市公司年报中普遍披露的获奖信息这一基础事实,提出了获奖是一种"中国式业绩"的假说。为了验证该假说,本文检验了其与管理层财务业绩诉求之间的关系。经验证据表明,企业获奖会降低管理层对于财务业绩的诉求水平,既体现在降低企业管理层通过当期正向应计盈余管理手段提升当期财务业绩的动机,也体现在降低那些通过当期负向应计盈余管理以达到未来财务业绩诉求的动机。研究还发现,企业获奖也存在一定的行业溢出效应,即企业获奖会增加行业内未获奖企业对于财务业绩的诉求程度,且企业所在的行业竞争程度与未获奖企业所在地区市场化程度越高,该溢出效应越明显。

Through focusing on and discussing the basic fact that award-winning information is generally disclosed in the annual reports of A-share listed companies in China, this paper holds that the award-winning enterprises represent the achievements made by the award-winning enterprises in status competition and promote the inflow of external economic resources on the basis of establishing a good market image for the enterprises, and puts forward the hypothesis that award-winning is a 'Chinese-style performance'. In order to verify this hypothesis, we examine its impact on management’s appeal for traditional financial performance. Empirical results show that the award-winning of enterprises reduces the level of management’s appeal for traditional financial performance. From the perspective of time, 'Chinese-style performance' not only reduces the management’s appeal for financial performance currently, but also reduces the appeal for financial performance of some enterprises in the next period;from the perspective of space, the award-winning of enterprises has the industry spillover effect, that is, to stimulate the appeal for financial performance of enterprises without awards in the same industry. The higher the level of competition and marketization, the more significant the spillover effect is. In addition, this paper further strengthens the existence of the 'Chinese-style performance' through examining the relationship between the award-winning and the use of real earnings management rather than accrued earnings management. As a kind of non-financial performance, the award-winning information of enterprises provides more reference information for investors after being disclosed in the annual report of companies, but presently, there is no corresponding attention and research in this field in the academic circles of our country. What the essence of award-winning enterprises is, what the significance and consequences of award-winning information disclosure of listed companies are, and what the impacts of award-winning phenomenon on the capital market of our country in the process of economic transition are, which are worthy of further study in the future.