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随着业绩预告制度的实施和演进,我国资本市场上逐步出现了越来越多的上市公司自愿业绩预告,这对于缓解管理层与投资者、机构投资者与中小投资者之间的信息不对称具有重要意义。那么,是什么因素激励上市公司管理层自愿披露业绩预告?通过借鉴西方的自愿信息披露理论,并结合我国转轨经济的制度背景,本文提出了我国上市公司自愿业绩预告的三类动机:资本市场交易、管理层股票收益和管理层能力信号传递,并以2001-2008年我国上市公司业绩预告数据为研究样本对此进行了检验。研究结果显示,融资需求高、管理者利益协同程度高、会计业绩好的上市公司更有动机自愿披露业绩预告,并且国有相对于非国有上市公司自愿披露动机更弱。
With the implementation and evolution of the performance forecast system, more and more voluntary performance forecasts of listed companies have gradually appeared in the capital market in China, which alleviates information asymmetry between management and investors, institutional investors and small and medium investors. It is of great significance. What are the factors that motivate the management of listed companies to voluntarily disclose performance forecasts? By referring to the theory of voluntary information disclosure in the West and combining the institutional background of China’s transition economy, this paper presents three types of motivations for the voluntary performance forecast of listed companies in China: capital market transactions. , management stock returns and management ability signal transmission, and to 2001-2008 performance forecast data of listed companies in China as a sample of this test. The results of the study show that listed companies with high financing needs, high level of synergy in managerial interests, and good accounting performance are more motivated to voluntarily disclose performance forecasts, and that state-owned firms are less vulnerable to voluntary disclosure than non-state-owned listed companies.