交易所问询函对年报可读性的影响研究:有调节的中介模型  

Inquiry Letters,Management Myopia and the Readability of Annual Reports:A Moderated Mediation Model

作　　者：王海芳[1] 姜思如 WANG Haifang;JIANG Siru(School of Business Administration,Xinjiang University of Finance and Economics,Urumqi 830012,China)

机构地区：[1]新疆财经大学,乌鲁木齐830012

出　　处：《中国证券期货》2025年第1期66-77,共12页Securities & Futures of China

基　　金：新疆维吾尔自治区青年科技拔尖人才项目“数字赋能新疆畜牧企业转型升级的机制与路径研究:供应链韧性视角”(2022TSYCCX009);新疆维吾尔自治区社科基金项目:新发展理念视域下新疆数字经济与实体经济融合路径研究(22VZX017);新疆维吾尔自治区研究生教育创新计划项目“年报问询函与企业文本披露特征:监督治理还是声誉压力?”(XJUFE2023K047)。

摘　　要：本文采用实证研究方法,以2015—2022年我国A股非金融上市公司为样本研究如下问题:交易所问询函是否能够影响企业年报的可读性?若能,其影响机制是什么?研究分析表明,交易所问询函能够通过抑制管理层短视提升年报的可读性,并且在非国有企业和分析师关注较高的企业其促进作用更强。此外,将多个大股东纳入有调节的中介模型,观察到多个大股东在“交易所问询函—管理层短视—年报可读性”的直接效应和中介效应前半段有着显著的调节作用。此研究为提升企业年报文本信息质量、促进资本市场信息效率提供了理论支持和启示。This study adopts an empirical research method with a sample of China's A-share listed companies from 2015-2022 in order to address the following questions:Can inquiry letters affect the readability of companies' annual reports?If so,what is the mechanism?The study shows that the exchange inquiry letters can enhance the readability of annual reports by curbing management shortsightedness,and produce a stronger effect in companies that are not state-owned and those that have a higher analyst focus.In addition,when multiple large shareholders are included in the moderated mediation model,it is observed that multiple large shareholders have a significant moderating role in both the direct and the first half of the mediation effect of“inquiry letters-management myopia-readability of annual report”.This suggests that the governance structure of multiple large shareholders and the external governance of exchange inquiry letters form an internal and external synergistic regulatory effect.In summary,this study provides theoretical support and insights to improve the textual information quality of annual reports and promote the information efficiency of the capital market.

关 键 词：交易所问询函 管理层短视 多个大股东 年报可读性 

分 类 号：F832.51[经济管理—金融学] F275