投资者有限关注、公司业务复杂度与盈余惯性  

Investor Limited Attention,Firm Complexity and Post Earnings Announcement Drift

作　　者：向诚[1] 陈逢文[1] Xiang Cheng;Chen Fengwen(School of Economics and Business Administration,Chongqing University,Chongqing 400044)

机构地区：[1]重庆大学经济与工商管理学院

出　　处：《管理评论》2019年第11期212-223,共12页Management Review

基　　金：中国博士后科学基金面上资助项目(2018M643401);国家自然科学基金面上项目(71772019);中央高校基本科研业务费专项资金项目(2019CDSKXYJG0037)

摘　　要：本文从盈余公告漂移现象出发,检验了公司自身业务的复杂程度对投资者信息处理与投资决策过程的影响。以2002-2015年的A股公司为样本,本文实证研究表明,当面临注意力约束时,公司业务复杂度显著影响投资者对公司盈余信息的关注程度,进而显著影响公司的盈余惯性。较之单一行业公司,业务涉及行业越多、业务收入集中度越低的跨行业公司盈余惯性更强,其盈余滞后反应率显著高出单一行业公司10%以上,且业务复杂度对盈余惯性的这一影响至少将持续两个月;当单一行业公司转变为跨行业公司时,公司盈余惯性显著增强;公司各行业收入增长率离散度越高的跨行业公司盈余惯性越强。本文为完善公司跨行业经营信息披露监管提供了实证证据。This paper studies the impact of firm complexity on investors’ information processing and investment,particularly on post earnings announcement drift( PEAD). With A-share listed companies during 2002-2015 as the sample,this paper empirically shows that the complexity level of firms’ revenue is significantly correlated with investors’ attention and processing of earnings announcement,and thus is significantly correlated with PEAD. Compared with pure players,conglomerates involved in multi-industries and with revenue from diverse sources show greater PEAD. The earning delayed response ratios of conglomerates are at least 10 percent higher than those of pure players. The impact of firm complexity on PEAD would last for at least 2 months. When a pure player grows to be a conglomerate,its PEAD increases significantly. Conglomerates with higher dispersion in segment earnings growth rates also show greater PEAD. This paper provides empirical evidence on the necessity of financial disclosure at industry level for conglomerates.

关 键 词：投资者关注 业务复杂度 盈余惯性 跨行业公司 

分 类 号：F27[经济管理—企业管理]