Collected Essays on Finance and Economics ›› 2023, Vol. 39 ›› Issue (12): 70-81.

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Does Common Institutional Ownership Influence Forward-looking Information Disclosure? Based on the Perspective of Performance Forecast Accuracy

LI Xiaoyan1, LIANG Rixin2, LI Ying3   

  1. 1. School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;
    2. Accounting Society    of China, Beijing 100045, China;
    3. Beijing National Accounting Institute,Beijing 101312,China
  • Received:2022-09-27 Online:2023-12-10 Published:2023-12-19

共同机构所有权影响企业前瞻性信息披露吗?——基于上市公司业绩预告准确度的视角

李晓艳1, 梁日新2, 李英3   

  1. 1.山西财经大学会计学院,山西 太原 030006;
    2.中国会计学会编辑部,北京 100045;
    3.北京国家会计学院教研中心,北京 101312
  • 通讯作者: 梁日新(1995—),男,江西吉安人,中国会计学会编辑部编辑。
  • 作者简介:李晓艳(1996—),女,山西忻州人,山西财经大学会计学院讲师;李英(1975—),女,湖南保靖人,北京国家会计学院教研中心副教授。
  • 基金资助:
    国家社会科学基金项目(21BGL089);首都经济贸易大学新入职青年教师科研启动基金项目(XRZ2023041)

Abstract: Performance forecast plays an important role in reducing the information asymmetry between external stakeholders such as investors and enterprises.In recent years,with the rapid development of China's capital market,it has become more and more common for institutional investors to hold the equity of multiple enterprises in the same industry.What is the impact of common institutional ownership on corporate governance in China's emerging capital markets? Does common institutional ownership affect forward-looking corporate disclosure?In order to answer the above questions,this paper takes A-share listed companies in Shanghai and Shenzhen Stock exchanges from 2009 to 2019 as the research sample to examine the impact of common institutional ownership on the accuracy of performance prediction of listed companies.On this basis,this paper tests the supervision and governance effect and synergy effect of common institutional ownership,and discusses the impact mechanism of common institutional ownership on the accuracy of performance forecast of listed companies respectively,using the first type of agency cost and the comparability of accounting information as intermediary variables.Furthermore,this paper conducts grouped regression on the samples according to the nature of ownership and the audit of accounting firms,in order to further examine the heterogeneity of the impact of common institutional ownership on the accuracy of performance forecast of listed companies.
It is found that common institutional ownership improves the performance prediction accuracy of listed companies through the supervision and governance effect and synergy effect.The mechanism test shows that common institutional ownership improves the accuracy of performance forecast by reducing agency cost between management and shareholders and improving the comparability of accounting information.Further analysis shows that the governance effect of common institutional ownership on the performance forecast accuracy of listed companies is more significant in the state-owned property and non-Big Four audit samples.The conclusion of this paper has certain theoretical and practical significance.Theoretically,from the perspective of information disclosure,this paper explores the impact of common institutional ownership on the accuracy of performance forecast of listed companies,deepening and expanding the research on the ownership structure in the same industry.At the same time,this paper analyzes the influencing factors of the accuracy of management performance forecast from the perspective of the informal institution of common institutional ownership,which provides more empirical evidence for this research field.At the practical level,the conclusions of this paper provide a reference for the relevant regulatory authorities to supervise the accuracy of the performance forecast of listed companies,and also verify the governance role of common institutional ownership,which provides some enlightenment for the regulatory authorities to supervise the common institutional ownership.

Key words: Common Institutional Ownership, Accuracy of Performance Announcement, Supervision and Governance Effect, Synergistic Effect

摘要: 本文基于2009—2019年A股上市公司样本,探讨了共同机构所有权对上市公司业绩预告准确度的影响。研究发现,共同机构所有权提高了上市公司业绩预告准确度。其作用机制在于,共同机构所有权通过降低管理层和股东之间的代理成本、提高会计信息可比性,进而提升了上市公司业绩预告准确度,发挥了监督治理效应和协同效应。进一步分析发现,共同机构所有权对上市公司业绩预告准确度的治理作用在国有产权与非“四大”审计的样本中更为显著。本文研究为共同机构所有权的公司治理效应和完善业绩预告监管制度提供了经验证据。

关键词: 共同机构所有权, 业绩预告准确度, 监督治理效应, 协同效应

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