何雨晴.年报核心竞争力信息披露具有信息含量吗?——基于分析师视角[J].审计与经济研究,2021,(3):
年报核心竞争力信息披露具有信息含量吗?——基于分析师视角
  
DOI:
中文关键词:  核心竞争力;信息披露;特质性信息;分析师盈余预测  公司治理;股权性质;分析师行为
英文关键词:core competence  information disclosure  characteristic information  analysts’earnings prediction  corporate governance  nature of equity  analysts’behavior
基金项目:国家自然科学基金项目(71602191)
作者单位
何雨晴 中南财经政法大学 会计学院湖北 武汉 430073 
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中文摘要:
      以2012—2018年A股上市公司为研究对象,实证检验年报核心竞争力信息披露的信息含量。实证结果表明:年报核心竞争力信息披露长度与分析师盈余预测准确度无关,但年报核心竞争力信息披露中的特质性信息却与分析师盈余预测准确度相关;在非国有企业以及公司治理较强的企业中,核心竞争力信息披露更有利于提高分析师盈余预测准确度;核心竞争力信息披露与公司盈余具有相关性,因而有利于提高分析师盈余预测准确度;分析师盈余预测准确度与公司和同行业核心竞争力信息披露的相似度相关,而与公司当年和上一年核心竞争力信息披露的相似度无关。
英文摘要:
      Taking 2012—2018 A-share listed companies as the research object,the value of the core competence information disclosure in the annual report is empirically tested.The empirical results show that:(1)The length of the company’s core competence information disclosure has nothing to do with the analyst’s earnings forecast accuracy,in contrast,the specific information in core competence information disclosure is related to the accuracy of analysts’earnings forecasts.After a series of robustness tests,the above relationship still exists;(2)Cross-sectional analysis shows that the core competence information disclosure for non-state-owned enterprises and enterprises with strong corporate governance is more conducive to improving the accuracy of analysts’earnings forecasts;(3)It is further found that the core competence information disclosure is related to the company’s earnings, therefore, it is conducive to improving the accuracy of analysts’earnings forecasts;(4)After considering other textual features of the core competence information disclosure,it is found that the accuracy of analysts’earnings prediction is related to the similarity of the core competence information disclosure of the company and other companies in the same industry,but not related to the similarity of the core competence information disclosure between the current year and the previous year.
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