摘要
尽管简明化披露已经成为国内外证券监管机构的基本共识,但是上市公司年报篇幅引致的可读性问题却仍然呈现恶化的趋势。本文利用2004~2015年A股上市公司年报篇幅的手工数据,实证检验了年报可读性对公司盈余反应系数的影响关系。结果发现:(1)上市公司年报篇幅带来的可读性障碍越小,即年报可读性越高,其盈余反应系数也越高,说明年报可读性有利于公司的盈余信息更好地反映到公司股价中。(2)分析师关注度和内部控制质量对这种正向影响关系具有正向调节作用,意味着证券分析师能够有效发挥信息中介作用,并且高质量内部控制制度可以改善公司的盈余质量,从而强化年报可读性的信息传递效应。进一步地,本文借助国民受教育程度、阅读情况、机构投资者持股情况对上述影响关系的作用机理进行了检验。特别地,本文还发现年报篇幅与公司盈余反应系数总体上呈现出非线性的U型影响关系,表明篇幅过短的年报披露了过少信息或篇幅过长的年报披露了过多信息都不利于市场对公司会计盈余信息的吸收与反应。
Annual report readability has attracted more and more attention from the academia.Using Chinese A-share listed firms from 2004-2015,we investigate the relationship between annual report readability and earnings response coefficients.The results show that:(1)Firms with appropriately short annual report,that is with higher annual report readability,have higher earnings response coefficients,which means that annual report readability contributes to the reflection of earnings information on stock price;(2)More analysts following or better internal control system can strengthen this positive relationship,because that analysts can effectively serve as information intermediaries,and better internal control can improve the earnings quality.Furthermore,we investigate the probable mechanisms o f the influence,by means of public education level,public reading situation,as well as levels o f institutional ownership.In particular,we find that there is actually a non-monotonic U-shaped relationship between annual repot length and earnings response coefficient,indicating that too short or too long annual reports will do harm to corporate earnings response coefficient.
作者
罗进辉
黄泽悦
林小靖
LUO Jin-hui;HUANG Ze-yue;LIN Xiao-jing
出处
《财务研究》
2019年第6期15-30,共16页
Finance Research
基金
国家自然科学基金面上项目（71572160）
关键词
年报可读性
年报篇幅
盈余反应系数
证券分析师
内部控制
annual report readability
file length
earnings response coefficient
security analysts
internal control
作者简介
罗进辉,厦门大学管理学院教授,博士生导师;黄泽悦,厦门大学管理学院博士生。
