摘要
本文以2013—2021年我国沪深A股上市公司为研究样本,检验了注册制下上市公司对同行其他公司管理层业绩预告的溢出效应。研究发现采用注册制上市使同行其他上市公司的业绩预告精度降低且业绩预告误差增大,说明注册制改革存在溢出效应。在控制了一系列内生性问题后,上述结果保持稳健。机制检验结果表明,注册制改革通过提高同行其他公司的投资者关注度、降低行业壁垒以及增强同行其他公司的盈余管理程度而产生显著的溢出效应。异质性检验结果显示,该溢出效应在融资约束强、客户集中度高、审计监督和分析师关注弱、行业竞争度和市场化程度低的同行公司中更为突出。拓展性检验结果表明,注册制改革使同行其他上市公司发布更多的积极业绩预告,即表现出策略性业绩预告行为,使相关公司获得短期超额回报,但从长期看注册制改革下业绩预告质量降低会损害公司价值。
Based on the data of A-share listed companies from 2013 to 2021,the empirical study explores the spillover effects of registered IPOs on management earnings forecasts of peer-listed firms.We find that registered IPOs ruduce the precision and increase the error of management earnings forecasts of peer-listed firms,revealing the spillover effects of the registration system reform.Above findings are robust after controlling a series of endogeneity issues.Testing of the mechanism reveals that the spillover effects are due to improved investor attention and decreased industry barrier of peer-listed firms.Meanwhile,registered IPOs improve the degree of earnings management of peer-listed firms,thereby affecting management earnings forecasts.Heterogeneity tests show that spillover effects are more pronounced for peer firms with stronger financing constraints and higher customer concentration,insufficient audit supervision and analyst attention,lower industry competition and marketization process.Additional analysis shows that the registration system reform promotes positive earnings forecasts of peer-listed firms,reflecting strategic disclosure of management earnings forecast and bringing related firms shortern excess return,but in the long run,the negative spillover effects of the registration system reform on management earnings forecast of peerlisted firms decrease corporate value.
作者
罗劲博
宋欣悦
JINBO LUO;XINYUE SONG
出处
《中国会计评论》
2024年第2期239-274,共36页
China Accounting Review
基金
国家社会科学基金项目“注册制改革对企业收入分配影响的机理及协同治理研究”(23BGL095)的阶段性研究成果
关键词
注册制
管理层业绩预告
溢出效应
市场回报
Registration System
Management Earnings Forecasts
Spillover Effects
Market Return
