"New Talent Policy",Human Capital Quality and Corporate Information Environment——Evidence from Management Forecast
Taking the"new talent policy"implemented in China since 2017 as a quasi-natural experiment,this study empirically investigated the impact and action mechanism of human capital quality on the accuracy of management earnings forecast.The findings indicated that,the"new talent policy"has improved the accuracy of management earnings forecast by reducing information uncertainty and decreasing earnings volatility.Meanwhile,the"new talent policy"was conductive to enterprises'acquisition of more high-quality human capital.Heterogeneity analysis revealed that,this positive effect of the"new talent policy"was more significant in capital-intensive enterprises and the enterprises having a fewer regional storage of talents.Further in-depth analysis showed that,the"new talent policy"could enhance the quality of enterprises'internal control,curtail financial restatements,and reduce earnings management,thereby further proving the conclusion that high-quality human capital could improve corporate internal information environment.
"new talent policy"high-quality human capitalvoluntary disclosuremanagement earnings forecastinformation environment
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万方数据
