CAJ | 학술논문

文章以管理层业绩预告为研究对象，实证分析了宏观市场层面的投资者情绪对微观企业信息披露策略的影响。研究发现，在不同的情绪期，管理层选择了不同的业绩预告策略。与情绪高涨期相比，当投资者情绪低落时，管理层自愿发布业绩预告的动机更强，而且业绩预告精确性更高；为了修正投资者对未来业绩的悲观预期，管理层的业绩预告更为乐观。此外，管理层对坏消息更可能持乐观态度，尤其在市场情绪低落期，这种乐观倾向更加显著。上述结果表明，除了微观企业层面因素外，宏观市场层面的投资者情绪也会影响上市公司的信息披露策略。
문장이관리층업적예고위연구대상，실증분석료굉관시장층면적투자자정서대미관기업신식피로책략적영향。연구발현，재불동적정서기，관리층선택료불동적업적예고책략。여정서고창기상비，당투자자정서저락시，관리층자원발포업적예고적동궤경강，이차업적예고정학성경고；위료수정투자자대미래업적적비관예기，관리층적업적예고경위악관。차외，관리층대배소식경가능지악관태도，우기재시장정서저락기，저충악관경향경가현저。상술결과표명，제료미관기업층면인소외，굉관시장층면적투자자정서야회영향상시공사적신식피로책략。
Based on management earnings forecasts, this paper investi- gates the influence of investor sentiment on information disclosure strategies of micro firms from a macro market perspective. The empirical research shows that managers choose different earnings forecasts strategies during different sentiment periods. Compared to upward sentiment period, manage- rial motive for voluntary earnings forecasts is stronger and the precision of earnings forecasts is higher when investors are depressed; in order to revise the over-pessimistic earnings expectation of investors, management earnings forecasts are more optimistic. Furthermore, managers are more likely to hold an optimistic attitude toward bad news, especially during downward market sentiment period. The results above-mentioned indicate that besides the factors at firm level, investor sentiment at macro market level also has a great effect on information disclosure strategies in listed companies.