Information Disclosure Supervision by Industries and Analysts'Behavior:Evidences from the Industry Information Disclosure Guidelines
The current regulatory model for information disclosure of listed companies in China has shifted to a sub industry regulatory model.So,what is the impact of the industry specific infor-mation disclosure regulatory policies on the attention of analysts?Taking the A-share non-fi nancial listed firms from 2010 to 2020 as the samples,this paper explores the impact of industry specific information disclosure supervision policies on analyst attention.The result shows that industry specific information disclosure supervision policies can increase analyst attention.The mechanism testing re-veals that the regulatory policies on industry specific information disclosure have increased the infor-mation supply for analysts and the information demand of institutional investors,thus attracting more attention from analysts.The heterogeneity analysis reveals that the positive impact of the regulatory policies on industry specific information disclosure on analyst attention is more significant in large en-terprises,those enterprises with poor internal governance and higher R&D investment,and those with severe information asymmetry in the industry.Further analysis shows that the regulatory policies on industry specific information disclosure can improve the quality of earnings forecasts of analysts.Therefore,the regulatory authorities should steadily promote the implementation of the regulatory poli-cies on information disclosure by industry and strengthen the supervision of non-financial information of listed companies;the listed companies should attach importance to the disclosure of industry opera-tional information and transmit true information to the outside world;the investors should fully utilize the industry operational information disclosed by enterprises to improve the scientificity of their invest-ment decisions.
the information disclosure supervision by industriesthe quality of information disclo-sureanalyst focus
万方数据
