数字化披露：“多言寡行”还是“言出必行”？——基于上市公司年报文本的研究
文摘
财经
2025-01-10 09:40
上海
数字化披露：“多言寡行”还是“言出必行”？——基于上市公司年报文本的研究
Digital Disclosure: Cheap Talk or Walking the Talk? A Study Based on Annual Reports of Listed Companies
《财经研究》2024年50卷第11期 页码：19-33 online：2024年11月3日
中：李鑫1 , 余典范1 , 王超2
英：Li Xin1, Yu Dianfan1, Wang Chao2
作者单位：1. 上海财经大学 商学院，上海 200433; 2. 华东理工大学 商学院，上海 200237
摘要：文章基于2011—2020年中国上市公司数据，采用偏离最优的残差法识别了企业数字化中的夸大披露现象，并据此分析了数字化披露中“多言寡行”和“言出必行”两种模式对企业绩效的影响及可能的治理措施。研究发现：部分企业通过增加年报中数字化关键词的方式对数字化进行夸大披露。尽管夸大披露使得企业在短期内获得了政府补贴和媒体关注，但也提高了企业信息披露违规处罚的概率。采取“多言寡行”模式的企业，其经营绩效和成本控制并未得到改善，反而出现了显著下降。从动态效应来看，“多言寡行”模式对企业绩效具有长期负面影响，而“言出必行”的企业则能够持续获得政府补贴的支持，企业绩效也能得到显著改善。数字化的夸大披露反映了部分企业只注重短期利益而不关注长远发展的特点。进一步分析发现，加强外部审计监督和引入机构持股有助于减少上述现象。文章认为，未来应进一步完善上市公司非财务信息披露的监管体系，构建具有公信力的数字化评价指标。同时，应继续加强对企业数字化的支持，破解数字化转型中的难点和痛点，并激励企业在数字化披露中做到“言出必行”。
关键词：企业数字化；信息披露；数字经济；信息操纵；文本分析
Summary: Based on the data of listed companies in China from 2011 to 2020, this paper adopts the deviation from the optimal residual method to identify the phenomenon of exaggerated disclosure in firm digitization, and accordingly analyzes the impact of two modes on corporate performance and its possible governance measures. The study finds that: (1) Some firms strategically cater to the development of the digital economy by disclosing a large number of digital keywords in their annual reports to exaggerate the level of digitization. (2) Digital exaggerated disclosure only brings government subsidy support and media attention to firms in the short term, and it increases the probability of corporate information disclosure violations being punished, which has a long-term negative impact on corporate performance. Exaggerated disclosure reflects the characteristics of some firms that only focus on immediate benefits but ignore long-term development. (3) The profitability of firms that adopt the “walking the talk” disclosure mode significantly improves, and their operating costs significantly decrease. Meanwhile, they continue to receive support from government subsidies, effectively enjoying the dividends of the development of the digital economy. (4) Strengthening external audit supervision and introducing institutional shareholdings can help reduce the phenomenon of exaggerated disclosure. Based on the above conclusions, this paper believes that: First, in the future, we should further improve the regulatory system for non-financial information disclosure of listed companies, enhance the information transparency in digitization, and squeeze the space for firms to engage in false propaganda. Second, we should establish credible digital evaluation indicators, and standardize the digital disclosure forms of listed companies. At the same time, we should optimize the target selection process for digital economy support policies, and dynamically evaluate the effectiveness of digitization. Third, we should strengthen support for firm digitization, solve the difficulties in digitization, and encourage firms to “walking the talk” in digital disclosure.
Key words: firm digitization; information disclosure; digital economy; information manipulation; text analysis
DOI：10.16538/j.cnki.jfe.20240815.301
收稿日期：2024-03-22
基金项目：中央高校基本科研业务费项目（2023110139）；国家社会科学基金重大项目（23&ZD042）
