最终控制人、机构投资者与信息披露选择——基于业绩预告的视角

论文以2001至2009年我国A股上市公司为研究对象,选取业绩预告这一公司具有较大自由选择余地的预测性盈余信息作为研究对象,考察治理特征对信息披露准确程度的影响.研究结果表明:国有控股上市公司在发布业绩预告时呈现出较为明显的保守特征;机构投资者持股比例越高越有利于增加业绩预告的准确程度,具体表现为降低预测误差并有效地抑制业绩预告中的激进和保守倾向.

Ultimate Shareholder, Institutional Investors and Discretionary Disclosure: From the Perspective of Management Forecasts

This paper investigates the differences of discretionary disclosure among listed companies and the influence of corporate governance on the accuracy of management forecast from the perspective of practice level, basing on data. This paper finds that state-owned enterprises are more inclined to issue conservative forecasts. In addition, firms with greater institutional ownership are more likely to forecast accurately. Further study shows that higher institutional ownership reduces the pessimism and optimism in management forecasts.