Financial Reporting and Disclosure Practices in China

学术论文

Abstract

We study financial reporting and disclosure practices in China using survey methods similar to prior studies of U.S. firms (i.e., Graham, Harvey, and Rajgopal, 2005; Dichev, Graham, Harvey, and Rajgopal, 2013). Comparing earnings features, motives to manage and smooth earnings, and voluntary disclosure practices between the two countries, we reveal three major differences. First, Chinese firms exhibit a stronger preference for predictive, relative to verifiable, attributes of earnings that can signal stable firm performance to their stakeholders. Second, smooth earnings are desired by various stakeholders and can be achieved through coordination among connected stakeholders, which is conceptually different from earnings management. Third, Chinese firms consider public disclosure as less relevant in the reduction of the cost of capital. In addition, Chinese firms do not have a bias towards conservative reporting. We explain and reconcile these differences as resulting from some unique institutional features of China. Our study provides novel field evidence that contributes to, expands, and directly corroborates existing empirical studies.

中国资本市场信息质量暨上市公司信息透明度指数白皮书系列

上市公司的信息透明度对于资本市场而言至关重要，是维护资本市场公平、公正的核心，是保护广大投资者的重要途径。为了评估中国上市公司的信息透明度水平，光华-罗特曼信息和资本市场研究中心研制并通过本白皮书发布中国上市公司信息透明度指数。该指数的构建结合了主观指标 (市场参与者的观点) 和客观指标（上市公司会计盈余质量、监管机构的调查和处罚记录以及基于机器学习的媒体评价），2021年和2022年的指数构建特别增加了ESG相关指标，旨在全面综合地反映上市公司的信息质量和透明度。同时，我们考察了中国资本市场的信息披露现状，对部分上市公司进行了通讯调查和实地调研，直接捕捉公司高管在信息处理和披露工作上的观点和经验。我们希望总结并分享信息透明度建设中可以相互借鉴的经验，促进中国资本市场信息质量的整体提升和对ESG的高度重视，支持经济社会低碳、高质量、可持续的发展。

白 皮 书

中国问题学术研讨

罗特曼中国研究倡议成立于2018年，旨在协调罗特曼与中国相关的学术活动，教育学生和商界如何在中国经商，并为活跃在中国的各种学术活动提供资源。光华-罗特曼信息与资本市场研究中心为在罗特曼举办的中国学术研讨会的午餐提供赞助。