高铁开通与业绩预告准确性  

The Entry of High-speed Railway and the Accuracy of Management Earnings Forecast

作　　者：宋云玲[1] 翟小芳 黄晓蓓[2] SONG Yunling;ZHAI Xiaofang;HUANG Xiaobei(School of Economics and Management,Inner Mongolia University,Hohhot Inner Mongolia 010021;School of Economics and Management,North China University of Technology,Beijing 100041)

机构地区：[1]内蒙古大学经济管理学院,内蒙古呼和浩特010021 [2]北方工业大学经济管理学院,北京100041

出　　处：《国际商务（对外经济贸易大学学报）》2019年第4期143-156,共14页INTERNATIONAL BUSINESS

基　　金：国家自然科学基金“会计师事务所合并对审计风格的影响机理和经济后果研究”(71762023);国家自然科学基金“企业社会责任报告晕轮效应研究——基于业绩预告感知可信度的视角(71602004)”;国家自然科学基金“审计风格与会计信息可比性研究:形成机理与经济后果”(71472165);北方工业大学毓优人才项目(环境税制下京津冀企业绿色发展机制与对策研究”(107051360018XN012/033)

摘　　要：以上市公司办公所在地是否经历高铁开通为外生冲击,使用A股公司2003~2017年的业绩预告数据为基础,采用双重差分法检验了高铁开通对业绩预告准确性的影响。结果表明,相比于高铁开通前以及未开通高铁的样本,高铁开通后样本的业绩预告准确性显著提高。而且,高铁开通对业绩预告准确性的影响在监管的地理临近性比较低的样本中更加明显。进一步的分析显示,高铁开通对业绩预告准确性的影响在只开通非城际高铁的样本中更加显著;信息精确度在高铁开通与业绩预告准确性的关系中发挥了部分中介效应。最后,从信息披露质量的视角提供了交通基础设施与资本市场关系的直接证据,丰富了有关治理环境和地理临近性的研究。Based on management earnings forecasts issued by A - share companiesduring 2003-2017, we examined the association between the entry of high-speed railway(HSR) and the accuracy of management earnings forecast by applying the difference-indifferences(DID) approach with the entry of HSR as an exogenous shock. The results indicatethat, compared to observations before the initial operation of HSR and those withoutHSR, the accuracy of management earnings forecasts issued after the entry of HSR arehigher. What's more, the relationship between the entry of HSR and the accuracy of managementearnings forecast are most pronounced for firms with lower geographic proximity ofregulations. Further analysis shows that the relationship is only significant for firms locatedat cities with the entry of national HSR. Path analysis shows that information precisionpartly moderate the relationship. We provide direct evidence on the association betweenconstructions of transport infrastructure and capital market from the perspective of informationdisclosure, and contribute to the literature on governance environment and geographicproximity.

关 键 词：高铁开通 业绩预告准确性 信息不对称 监管成本 地理临近性 

分 类 号：F230[经济管理—会计学]