自愿性信息披露、媒体治理与市场效率——基于盈利预测披露的实验研究  

作　　者：王鹏程[1] 李建标[2] 

机构地区：[1]天津财经大学商学院 [2]南开大学商学院

出　　处：《企业经济》2018年第1期60-68,共9页Enterprise Economy

基　　金：国家自然科学基金项目"制度环境与民营企业适应性非市场行为的实验研究--基于企业社会责任和资源获取视角"(项目编号:71602138);国家自然科学基金项目"存款保险的制度效应:行为和神经科学的实验研究"(项目编号:71673152)

摘　　要：对于自愿性信息披露,正式制度作用的发挥存在一定局限,媒体治理等非正式机制的补充作用愈发重要。本文利用比较制度实验方法,构建盈利预测披露实验市场,考察媒体对盈利预测披露行为的治理效应,及其对市场效率和投资者行为的影响。研究发现:高媒体治理水平能够在市场中迅速形成声誉机制,进而有效提高盈利预测披露准确性,提高市场效率。在竞争性媒体治理环境中,公司行为具有外部性,信息准确性能够产生额外溢价。因此,企业应主动提高信息质量,获取媒体治理红利。监管部门应充分重视媒体治理,完善相匹配的正式机制,发挥协同治理效果。同时,自组织时代的投资者应作为媒体治理的一部分,强化媒体治理效能。For the voluntary information disclosure, formal institutions play roles with certain limitations, and informal mechanisms like media governance become more and more important. This paper used a comparative institutional experiment method to study the effect of media on the governance of profit forecasting disclosure behaviors and on market efficiency and investor behaviors, by constructing profit forecasting disclosure markets. Results showed that high-level media governance could form reputation mechanism quick/y, thus effectively promoting the accuracy of the profit forecasting disclosure and market efficiency. In a competitive media governance environment, as the externalities of company behaviors, information accuracy can generate additional premium. Therefore, enterprises should actively improve the quality of information and obtain the media governance dividends. The supervision department should give full attention to media governance, perfect the formal matching mechanism and exert synergistic effect. At the same time, investors from the era of self-organization should be part of media governance to build an atom-type media governance network and strengthen the effectiveness of media governance.

关 键 词：自愿性信息披露 盈利预测 媒体治理 准确性 比较制度实验 

分 类 号：F272[经济管理—企业管理] F276.6[经济管理—国民经济]