CEO社会关系会加剧信息鸿沟吗?——基于自愿业绩预告视角  

Does CEO’s Social Network Aggravate the Information Gap?A Perspective of Voluntary Performance Forecast

作　　者：程肖芬 吴忧 张玉华[3] CHENG Xiaofen;WU You;ZHANG Yuhua(Academic Journal Center,Shanghai Lixin University of Accounting and Finance,Shanghai 201209;School of Accounting,Zhongnan University of Economics and Law,Wuhan Hubei 430073;School of Finance and Business,Shanghai Normal University,Shanghai 200234)

机构地区：[1]上海立信会计金融学院学术期刊中心,上海201209 [2]中南财经政法大学会计学院,湖北武汉430073 [3]上海师范大学商学院,上海200234

出　　处：《上海立信会计金融学院学报》2022年第6期103-117,共15页Journal of Shanghai Lixin University of Accounting and Finance

基　　金：国家社会科学基金重点项目(AIA180010);中南财经政法大学研究生科研创新平台硕士研究生实践创新项目(202111141)。

摘　　要：文章从CEO社会关系视角,以2012-2018年我国A股上市公司为样本,将CEO社会关系与企业自愿发布业绩预告行为结合,研究CEO社会关系对自愿发布业绩预告的积极性以及预告质量的影响,检验CEO社会关系是否会加剧信息鸿沟。实证结果发现,CEO社会关系越广,上市公司自愿发布业绩预告的积极性越强,但预告的准确性会降低。进一步研究发现,这种影响主要源于社会关系的信息传播和再就业保障作用。研究表明,若仅从信息披露数量角度,CEO社会关系能在一定程度上促进信息披露,增加信息透明度;但从披露质量角度,CEO社会关系会降低业绩预告准确性,误导投资者,加剧信息鸿沟。From the perspective of CEO’s social network, taking A-share listed firms in China from 2012 to 2018 as samples, this paper combines CEO’s social network with firms’ voluntary release of performance forecasts, analyzes the influence of CEO’s social network on the willingness and quality of voluntary release of performance forecasts, and tests whether CEO’s social network aggravates the information gap. The empirical results show that the wider CEO’s social network is, the stronger the willingness and corresponding frequency of listed firms to voluntarily release the performance forecast are, while the worse the forecast accuracy is. Further study finds that the above effect mainly stems from the information dissemination and re-employment security effect of social network. Above results show that CEO’s social network can promote information disclosure and increase transparency to a certain extent only from a perspective of the quantity of information disclosure. However, CEO’s social network will decrease the forecast accuracy, mislead investors and aggravate the information gap from the perspective of disclosure quality.

关 键 词：CEO社会关系 业绩预告 自愿披露 信息鸿沟 

分 类 号：F271.5[经济管理—企业管理]