披露子公司财务信息对投资者有用吗? ——来自权益资本成本视角的证据  

Is Subsidiary Financial Information Disclosure Useful to Investors?A Perspective of the Cost of Equity Capital

作　　者：胡韬 李丹[1] 郭紫明 Hu Tao;Li Dan;Guo Ziming

机构地区：[1]清华大学经济管理学院,北京100084

出　　处：《复印报刊资料（财务与会计导刊）（理论版）》2022年第9期16-29,共14页FINANCE & ACCOUNTING GUIDE

基　　金：国家自然科学基金面上项目(71772105);清华大学自主科研项目(2019THZWLJ13);清华大学小林实中国经济研究基金项目。

摘　　要：越来越多的中国企业由单一主体企业发展成为企业集团,那么集团型上市公司对子公司财务信息的披露是否能为投资者提供有用信息?文章从权益资本成本视角出发,利用2005-2017年中国A股上市公司数据研究发现上市公司对子公司财务信息披露得越详细,权益资本成本越低。进一步研究发现,当披露的子公司为非全资、非同行业、异地、对上市公司净利润影响较大、净利润为正的子公司时,以及当上市公司关联交易占比较高、面临的市场竞争更激烈时,上述结果更为显著。作用机制检验发现,股票交易量和分析师预测误差是子公司财务信息披露降低权益资本成本的重要机制。结论表明,上市公司对子公司财务信息的披露能为投资者提供决策有用信息,改善中国资本市场的信息环境。More and more Chinese enterprises have developed into group companies.Can the disclosure of financial information of subsidiaries by group-type listed companies provide investors with useful information?From the perspective of the cost of equity capital,this paper uses a sample of A-share listed companies in China from 2005 to 2017,and finds the more detailed the listed companies disclose the financial information of their subsidiaries,the lower the cost of equity capital.The above results are more significant when the disclosed subsidiaries are non whollyowned,non industry,non local,have a great impact on the net profit of the listed company and have positive net profit,and when the related party transactions of the listed company account for a relatively high proportion and face more fierce market competition.Further mechanism analysis also shows that stock trading volume and the accuracy of analyst forecasts are important channels to reduce the cost of equity capital.Overall,the results show that the disclosure of subsidiary financial information provides useful information to investors and improves information environment of capital market in China.

关 键 词：企业集团 财务信息披露 权益资本成本 子公司绩效 

分 类 号：F27[经济管理—企业管理]