强制或是自愿?重要性原则在信息披露决策中的作用——以上市公司业绩预告为例  

Compulsory or Voluntary? The Role of Importance Principle in Information Disclosure Decision Making

作　　者：任汝娟[1] 周晋 

机构地区：[1]桂林电子科技大学商学院

出　　处：《财会通讯（下）》2018年第9期103-110,共8页Communication of Finance and Accounting

基　　金：国家自然科学基金项目(项目编号:71071166;71372063)的阶段性研究成果

摘　　要：自愿性信息披露理论认为,只有当披露带来的收益超过成本时,管理者才会自愿披露该信息。然而,基于重要性原则的考虑却对公司的自愿披露行为提供了另一种解释。与美国的自愿披露原则不相似的是,对我国业绩预告行为的研究,要考虑三个方面的因素,即强制披露的门槛,重要性原则和自愿性动机。本文剖析了上市公司信息披露的决策过程,以深沪A股上市公司2013-2015年业绩预告的情况为例,分组进行logistic回归分析,研究了上述三因素对公司业绩预告行为的影响。发现强制性披露要求对上市公司业绩预告有重大约束,重要性因素和自愿性动机中的反映披露收益的变量随净利润变动程度的增加边际效应递减,而即便有强制披露要求,激烈的产品市场竞争也会对上市公司业绩预告形成重大抑制。According to the theory of voluntary disclosure, managers will disclose the information voluntarily only if the benefits of the disclosure exceeds the cost of disclosure.However, the principle of Materiality offers another explanation for the company's voluntary disclosure. Unlike the United States' Voluntary disclosure, the China securities regulatory commission sets the threshold of the mandatory disclosure for Listed Companies' Earnings Forecast. So there are three main factors must be considered in the study of Chinese Listed Companies' Earnings Forecast, such as: mandatory provisions, materiality principle and voluntary motives. In order to study the impact of above three factors on these behavior of earnings forecast, this paper analyzes decision making process on Listed Companies' disclosure and builds logistic regression model with the statistics of Shanghai and Shenzhen A-share listed companies ' Earnings Forecast in 2008-2010. Found that the mandatory requirements has significant constraints,marginal effects of materiality and benefits of the disclosure on listed companies' earnings forecast decrease with the increase of changes in net profit. Even with mandatory disclosure requirements, intense product market competition will pose a significant inhibition to companies' earnings forecast.

关 键 词：强制性信息披露 自愿性信息披露 重要性原则 盈利预测 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]