年报会计政策“类准则”披露与分析师预测——基于文本分析的经验研究  

The Accounting Policy“Similar-to-CAS”Disclosure in Annual Reports and Analyst Forecasts——Empirical Research Based on Text Analysis

作　　者：李雪婷 刘浩[2] Li Xueting;Liu Hao

机构地区：[1]上海财经大学会计学院,200433 [2]上海财经大学会计与财务研究院,200433

出　　处：《会计研究》2024年第11期20-33,共14页Accounting Research

基　　金：国家自然科学基金(72072106,72272093);教育部重点研究基地重大项目(23JD790010)的阶段性成果

摘　　要：年报中的会计政策是投资者获取信息的重要途径,上市公司却往往直接引用会计准则原文而缺乏个性化内容。本文基于信息搜集和解读的理论框架,通过构建衡量会计政策披露“类准则”程度的指标,考察会计政策披露对分析师盈余预测的影响。研究发现,会计政策披露“类准则”程度越低,分析师盈余预测准确度越高,乐观偏差越小。其可观测的影响路径是“类准则”程度更低的会计政策披露吸引了分析师更多的关注和调研活动。上述关系在信息披露质量较低的公司、会计准则重大变动期间、临近法定披露期限以及分析师的经验或行业专长较为匮乏时更为显著。本研究丰富了会计政策披露领域相关文献,为深化资本市场信息披露改革提供了理论和证据支持。The accounting policies in annual reports are an important way for investors to obtain information,but listed companies often directly quote the original text of accounting standards without company-specific content.Based on the theoretical framework of information collection and interpretation,this paper constructs an indicator measuring the“Similar-to-Chinese Accounting Standards(CAS)”degree of accounting policy disclosure in annual reports,and examines the impact on analysts’earnings forecasts.The findings reveal that a lower degree of“Similar-to-CAS”in accounting policy disclosure correlates with higher accuracy and reduced optimistic bias in analysts’earnings forecasts.The observable mechanism is that the accounting policy disclosures with a lower“Similar-to-CAS”degree attract more analysts’attention and surveys.The relationship is more significant for firms with poor information disclosure quality,during accounting standards modification periods,close to legal disclosure deadlines,and when analysts have less experience or industry expertise.This study enriches the literature on the accounting policy disclosures and provides theoretical and evidence support for deepening the reform of capital market information disclosure.

关 键 词：会计政策 分析师预测 披露 文本分析 类准则 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]