公众关注度与年报可读性——基于“胡润百富榜”的准自然实验  

Public Attention and Readability of Annual Report:A Quasi Natural Experiment Based on Hurun Rich List

作　　者：张健 史册 张垠戈 原安妮 ZHANG Jian;SHI Ce;ZHANG Yin-ge;YUAN An-ni(Guizhou Normal University,Guiyang 550018;CITIC Securities Co.,Ltd.,Beijing 100026;Shanghai International Studies University,Shanghai 201620,China)

机构地区：[1]贵州师范学院商学院,贵州贵阳550018 [2]中信证券股份有限公司资产管理业务部,北京100026 [3]上海外国语大学国际工商管理学院,上海201620

出　　处：《当代财经》2023年第9期147-156,共10页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“企业研发人才创新能力影响因素、作用机制及经济后果”(72272100);国家自然科学基金青年项目“人力资本驱动企业创新:以专利发明人为视角的经验研究”(71802160)。

摘　　要：当前,不少上市公司年报内容晦涩难懂,可读性较低,难以被投资者充分理解,从而投资者难以利用年报信息进行投资决策。选取实际控制人首次登上“胡润百富榜”的企业为样本,探讨了企业家登上“胡润百富榜”对企业家实际控制的公司的年报可读性的影响。研究表明,企业家登上“胡润百富榜”会降低企业家实际控制的公司的年报可读性。进一步的机制分析发现,企业家登上“胡润百富榜”后,公众对其实际控制公司的关注度会提升,从而会使公司的年报可读性降低。异质性分析表明,登上“胡润百富榜”对企业家实际控制的公司的年报可读性的降低作用在内部控制质量差、盈余管理程度大、机构投资者持股比例小和审计质量较低的企业中更显著。因此,投资者应提高对公司信息的过滤和识别能力、上市公司应降低内外部信息的不对称性、市场监管者应进一步完善上市公司信息披露制度。At present,the content of annual reports of not a few listed companies is hard to understand with lower readability,which is difficult to be understood by the investors,so that the investors are difficult to make investment decisions by taking advantage of the annual report information.This article selects the enterprises,whoseactual controllers appear on Hurun Chinese Rich List for the first time,as the research samples,and explores the impact of the entrepreneurs,who have been on the the list of the“Hurun Report”,on the annual report readability of the companies actually controlled by these entrepreneurs.The findings show that entrepreneurs appealing on the“Hurun Rich List”will decrease the annual report readability of the companies actually controlled by these entrepreneurs.Further mechanism analysis reveals that after the entrepreneur appears on the“Hurun Rich List”,the public's attention to the companyactually controlled by him will be increased,which will reduce the readability of the company's annual report.The heterogeneity analysis shows that the reduction in the readability of the annual reports of companies controlled by entrepreneurs who appear on the Hurun Rich List is more significant in enterprises with poor internal control quality,higher degree of earnings management,small shareholding ratio of institutional investors,and lower audit quality.Therefore,the investors should improve their ability to filter and identify company information,the listed companies should reduce the asymmetry of internal and external information,and the market regulators should further improve the information disclosure system of listed companies.

关 键 词：胡润百富榜 年报可读性 公众关注度 

分 类 号：F275.5[经济管理—企业管理]