业绩变脸是信息不对称的产物吗?——一个文献综述  

Is the Decline in Post-issue Operating Performance a Result of Information Asymmetry? A Literature Review

作　　者：张晶[1] ZHANG Jing(Graduate School of Chinese Academy of Social Sciences,Beijing,102488,China)

机构地区：[1]中国社会科学院研究生院

出　　处：《金融评论》2019年第3期110-122,126,共14页Chinese Review of Financial Studies

摘　　要：现阶段,随着中国新股发行审核制度由核准制向注册制逐步过渡,业绩变脸已经逐渐成为中国完善资本市场监管,规范上市公司行为,促进多层次资本市场健康发展亟待解决的热点问题。本文从业绩变脸的内涵、信息不对称视角下的业绩变脸分析、中国情境下的业绩变脸分析三个方面对国内外业绩变脸的已有成果进行了系统梳理。综述发现:第一,业绩变脸普遍存在于各国资本市场,且中国业绩变脸的程度不但远高于发达国家,还高于其他发展中国家;第二,基于信息不对称的西方业绩变脸理论虽然能够较好地解释发达国家的业绩变脸现象,但是由于中国政策部门的发行管制和上市公司一股独大的股权结构并存,其在中国的情境下缺乏解释力;第三,中国业绩变脸现象在很大程度上受到中国特定的制度因素和上市公司股权结构的影响,并形成了发行监管制度影响论和股权结构影响论。在此基础上,本文讨论了现有研究存在的不足,并呼吁采用更为客观的实证分析方法,加强基于中国情境业绩变脸的系统分析。With the transition from approval system to registration system in China's new equity issuance,the decline in post-issue operating performance (DPOP) has become a hot issue in financial market regulation.This article makes a survey of related studies from three aspects: the roots of DPOP;DPOP from the perspective of information asymmetry;and DPOP in the context of Chinese financial market.It finds that,while DPOP is widespread over the world,it's more serious in China than in other countries,even those developing countries.The information asymmetry theory that can well explain DPOP in western countries is not so persuasive for China's financial market.Generally DPOP in China is a result of special institutional factors and list companies ownership structure,although researchers are still debating on the weight of specific factors.The article also discusses the weakness of current studies and provides some suggestions.

关 键 词：业绩变脸信息不对称 新股发行制度 一股独大 

分 类 号：G14[文化科学] G32