业绩快报自愿披露行为存在信号传递效应吗?——基于投资者情绪调节效应的经验证据  

Does the Voluntary Disclosure Behavior of Performance Express Have a Signaling Effect?——Empirical Evidence Based on the Moderating Effect of Investor Sentiment

作　　者：龙立[1,2] 龚光明[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南商学院会计学院,湖南长沙410205

出　　处：《华东经济管理》2017年第9期144-151,共8页East China Economic Management

基　　金：湖南省教育厅科学研究项目(14C0634)

摘　　要：文章以中国A股主板上市公司作为样本,检验业绩快报的自愿披露行为是否存在信号传递效应,以及这一效应是否受到投资者情绪的调节影响。实证结果表明:控制了其他影响因素之后,公司未来总资产报酬率(ROA)与本年度是否披露业绩快报显著正相关,这意味着业绩快报的披露实质上传递了公司未来业绩向好的信号;投资者情绪对业绩快报的信号传递效应具有显著的正向调节作用。分析认为公司自愿披露业绩快报的行为具有信号传递动机,而这一动机受到了投资者情绪的影响。Taking companies listed on the main board of China＇ s A-share market as samples, this paper empirically tests whether the vol- untary disclosure behavior of performance express has signaling effect and whether this effect is affected by investor sentiment. The empiri- cal results show that： After controlling other influencing factors, the company＇s future return on total assets （ROA） is significantly positive- ly related to the disclosure of performance express of this year, which indicates that the disclosure of performance express in fact sends the signal that the company＇s future performance tends to be good ; Investor sentiment has a significant positive moderating effect on the signal- ing effect of performance express. The analysis shows that the voluntary disclosure behavior of performance express has a signaling motiva- tion and then the motivation is affected by investor sentiment.

关 键 词：业绩快报 自愿性披露 信号传递效应 投资者情绪 

分 类 号：F275.2[经济管理—企业管理]