财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2013年
1期
61~68
,共null页
管理层业绩预告 影响机制 经济后果 预告方式 投资者决策
管理層業績預告 影響機製 經濟後果 預告方式 投資者決策
관리층업적예고 영향궤제 경제후과 예고방식 투자자결책
management earnings forecast ; the affective mechanism ; the economic consequence ; the manner of earnings forecast; the investment decision-making
基于投资者保护的视角,本文在对相关研究进展回顾的基础上提出了一个由激励约束机制、管理层业绩预告方式选择及其对投资者决策影响构成的系统分析框架,并提出了相应的优化对策。我们的研究为监管机构进行业绩预告披露的监管、管理层进行业绩预告发布以及投资者对业绩预告信息的利用提供理论参考和分析思路。
基于投資者保護的視角,本文在對相關研究進展迴顧的基礎上提齣瞭一箇由激勵約束機製、管理層業績預告方式選擇及其對投資者決策影響構成的繫統分析框架,併提齣瞭相應的優化對策。我們的研究為鑑管機構進行業績預告披露的鑑管、管理層進行業績預告髮佈以及投資者對業績預告信息的利用提供理論參攷和分析思路。
기우투자자보호적시각,본문재대상관연구진전회고적기출상제출료일개유격려약속궤제、관리층업적예고방식선택급기대투자자결책영향구성적계통분석광가,병제출료상응적우화대책。아문적연구위감관궤구진행업적예고피로적감관、관리층진행업적예고발포이급투자자대업적예고신식적이용제공이론삼고화분석사로。
Based on the view of the investors protection, we suggest a systematic analysis frame comprising the incentive and restrictive mechanism, the disclosure manners selection of management earnings forecast, and its affection of the invest- ment decision. We explain the frame by systematically reviewing the relative research, and suggest some policies to improve the disclosure characteristic choice of management earnings forecast according to the analysis frame. Our study may provide theoretical reference and analysis route for setting supervisory regulation by supervisory institutions, choosing issuance strategy by managers and making investment decision by investors.