媒体报道与分析师跟踪能够提高信息披露质量吗?——基于我国上市公司业绩预告的分析  

Can media and analysts' reports improve the quality of information disclosure?——An analysis based on the performance prediction of listed companies in China

作　　者：杨世鉴[1] 

机构地区：[1]国家开放大学

出　　处：《中国注册会计师》2013年第7期72-77,3,共6页The Chinese Certified Public Accountant

基　　金：国家自然科学基金项目"基于数据挖掘的上市公司会计舞弊识别问题研究"(项目编号:70872082)

摘　　要：随着我国资本市场的不断完善,媒体报道和分析师作为信息中介向市场的投资者传递信息的同时也发挥着信息治理的作用。本文利用2007-2010年上市公司业绩预告的季度样本数据检验了媒体报道和分析师跟踪对业绩预告披露质量的影响。研究发现,媒体报道和分析师对业绩预告披露质量产生影响,有利于上市公司业绩预告披露质量的提高,而且分析师跟踪的影响仅限于业绩预告自愿披露的情况。同时研究还发现,媒体报道和分析师之间相互影响,二者在发挥外部公司治理作用时具有相互的增进效应。本文研究结论为媒体报道和分析师跟踪发挥公司外部治理的作用提供了进一步的证据。With increasing improvement of capital market in China,media and analysts,as intermediary of information,have been playing the role of information governance as well as providing information to investors in market.This article selects a sample of quarterly data of performance prediction of listed companies from 2007 to 2010,and tests the impact of media and analysts' reports on the quality of performance prediction disclosure.It finds that media and analysts' reports have a positive influence on the quality of performance prediction disclosure.The findings also show analysts' reports make impact only when companies voluntarily disclose their performance prediction.Furthermore,media and analysts have a complementar y effect and achieve mutual improvement when helping with external company governance.

关 键 词：媒体报道 分析师跟踪 业绩预告 披露质量 自愿披露 

分 类 号：F233[经济管理—会计学] F832.51[经济管理—国民经济] F224