發(fā)布時(shí)間：2018-02-25 20:33

  本文關(guān)鍵詞： 大股東減持動(dòng)機(jī) 自愿性業(yè)績(jī)預(yù)告 選擇性信息披露　出處：《南開管理評(píng)論》2017年02期 　論文類型：期刊論文

【摘要】：本文對(duì)大股東~(1)減持前中國(guó)A股上市公司披露的自愿性業(yè)績(jī)預(yù)告是否具有自利動(dòng)機(jī)、有何市場(chǎng)反應(yīng)進(jìn)行了實(shí)證檢驗(yàn)。結(jié)果表明,在大股東減持前,上市公司自愿發(fā)布積極業(yè)績(jī)預(yù)告的概率顯著更高;在大股東減持年度,自愿性積極業(yè)績(jī)預(yù)告的披露頻率顯著更高;且減持前的自愿性積極業(yè)績(jī)預(yù)告具有顯著更高的超額回報(bào)。以上證據(jù)表明,上市公司在大股東減持前發(fā)布的自愿性積極業(yè)績(jī)預(yù)告,更大概率上出于大股東的私利,違背了公開、公平、公正披露的原則。本文的研究豐富了自愿性業(yè)績(jī)預(yù)告動(dòng)機(jī)的文獻(xiàn),為改進(jìn)中國(guó)證券市場(chǎng)信息披露和大股東減持的監(jiān)管提供了科學(xué)的證據(jù)。
[Abstract]:This paper makes an empirical test on whether the voluntary performance forecast disclosed by Chinese A - share listed companies is self - motivated and the market reaction is positive . The results show that the voluntary positive performance forecast before the holding of the big shareholders is significantly higher , and the voluntary positive performance forecast before the reduction has a significantly higher excess return . The above evidence shows that the listed company has provided scientific evidence to improve the information disclosure and the supervision of the big shareholders .

【作者單位】： 中央財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;齊魯師范學(xué)院經(jīng)濟(jì)與管理學(xué)院;內(nèi)蒙古財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目(70772037) 山東省社會(huì)科學(xué)規(guī)劃研究項(xiàng)目(15DGLJ02)資助
【分類號(hào)】：F832.51
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本文編號(hào)：1535099