摘要
会计信息质量对外部信息使用者做出科学及准确的决策具有重要作用。本文研究了财务报告信息可比性与分析师获取私有信息量的关系,结果表明,可比性的提升推动分析师去获取更多的私有信息;进一步研究发现,在管理层信息优势大、公司治理水平高的公司中,可比性的提升对相关分析师获取私有信息的影响显著减弱。此外,财务报告信息可比性的提升推动分析师获取私有信息能够显著提高分析师盈余预测精度。本文结论揭示了可比性质量特征影响分析师获取私有信息的内在机理,在理论上丰富了分析师获取私有信息的影响因素相关文献,在实践上有助于提高财务报告信息披露质量,规范分析师与管理层私有信息沟通行为,并为监管层提供理论依据和政策参考。
The quality of accounting information plays an important role in making scientific and accurate decisions for external information users.This paper studies the relationship between the comparability of accounting information and the amount of private information obtained by analysts.The results show that the improvement of comparability pushes analysts to obtain more private information.Further research finds that in companies with management that has information advantage and good corporate governance,the increase in the comparability of accounting information will significantly weaken the impact of relevant analysts on obtaining private information.In addition,the improvement of the comparability of accounting information promotes analysts’access to private information and can significantly improve the accuracy of analysts’earnings forecasts.The research conclusions of this paper reveal the internal mechanism of comparability quality characteristics affecting analysts’access to private information.In theory,it enriches the literature on the factors affecting analysts’access to private information.In practice,it helps to improve the quality of financial report information disclosure,to regulate the private information communication between analysts and management,and to provide theoretical basis and policy reference for its supervision.
作者
许汝俊
王霞
徐明亮
Xu Rujun;Wang Xia;Xu Mingliang
出处
《证券市场导报》
CSSCI
北大核心
2021年第8期26-35,共10页
Securities Market Herald
基金
湖北省教育厅哲学社会科学基金青年项目“大数据下科创企业融资产品及服务创新研究”(20Q046)
湖北工业大学科研启动金项目“财务报告信息可比性对分析师私有信息获取的影响及其效应研究”(BSQD2020074)
江西省社会科学基金项目“反收购条款设立对会计信息质量的影响研究”(20GL09)
江西省高校人文社科项目“上市公司反收购条款设置与投资行为研究”(GL19208)。
关键词
信息披露
分析师行为
财务报告信息可比性
私有信息
information disclosure
analyst behavior
comparability of financial report information
private information
