投资者情绪对上市公司业绩快报自愿披露行为的影响——基于盈余管理部分中介效应的研究  

The Influence of Investor Sentiment on Voluntary Disclosure of Listed Companies'Performance Express:A Study Based on Partial Mediating Effect of Earnings Management

作　　者：龙立[1,2] 龚光明 LONG Li;GONG Guangming(Business School, Hunan University, Changsha,Hunan 410082, China;Accounting School, Hunan University of Technology and Business, Changsha,Hunan 410205, China)

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南工商大学会计学院,湖南长沙410205

出　　处：《财经理论与实践》2019年第6期85-90,共6页The Theory and Practice of Finance and Economics

基　　金：湖南省哲学社会科学基金项目(18YBA265);湖南省社会科学成果评审委员会课题(XSP18YBZ066)。

摘　　要：基于会计策略的综合运用视角,探寻上市公司盈余管理行为在投资者情绪影响业绩快报披露过程中的中介作用。研究发现:公司年报中正向盈余管理程度越大,披露业绩快报的可能性越大;对于盈利公司而言,高涨的投资者情绪对业绩快报披露的促进作用部分通过盈余管理策略中介,但对于亏损公司而言,高涨的投资者情绪会对业绩快报披露产生直接抑制作用,投资者情绪高涨经由盈余管理策略对业绩快报披露所产生的间接正向影响,会被直接的抑制作用所遮掩。研究结论有助于深入了解上市公司不同信息披露策略之间的交互影响,并进一步理清投资者情绪对公司不同信息披露策略的作用机理。Based on the perspective of comprehensive application of various accounting strategies,this paper explores the mediating effect of earnings management behavior in the process of investor sentiment affecting the disclosure of performance express.The study found that the greater the degree of positive earnings management in the annual reports of a company,the greater the possibility of disclosing performance express,and for profitable companies,the promoting effect of high investor sentiment on performance express disclosure is partly mediated by earnings management strategy,while for loss companies,high investor sentiment will directly inhibit the disclosure of performance express,indirect positive effect of high investor sentiment on the disclosure of performance express through earnings management strategies will be suppressed by the more powerful negative direct impact.The above conclusions are helpful to understand the interaction between different information disclosure strategies of listed companies,and to further clarify the mechanism of investor sentiment on different information disclosure strategies of listed companies.

关 键 词：投资者情绪 业绩快报 自愿性披露 盈余管理 迎合理论 

分 类 号：F234.4[经济管理—会计学]