光华讲坛

主 题：Peers’ Disclosure of Investment Plans and Market Feedback to Managers (同行投资信息披露与投资-股价敏感性)

主讲人：西南财经大学澳门·新莆京(中国)官方网站-App Store 贾晓莉

主持人：西南财经大学澳门·新莆京(中国)官方网站-App Store 胡宁

时 间： 2023年11月21日（周二）10:00—11:30

地 点： 诚正楼 650室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 澳门·新莆京(中国)官方网站-App Store 科研处

主讲人简介：贾晓莉，西南财经大学澳门·新莆京(中国)官方网站-App Store副教授。贾晓莉毕业于香港理工大学，研究兴趣包括企业信息披露、企业投资、银行会计。研究成果发表于European Accounting Review，同时担任European Accounting Review和Journal of Contemporary Accounting and Economics期刊的审稿人。

摘要：Capex guidance disclosed by a firm’s peers provides useful information about their investment plans. We document a positive association between peers’ capex guidance and managerial learning about investment opportunities from stock prices, as captured by investment-q sensitivity, which is consistent with peers’ disclosure of investment plans encouraging investors’ information processing and thereby providing stock price-based feedback to managers. In cross-sectional analyses to provide further support for this argument, we find that this relationship is more pronounced when peers’ guidance is more informative, when managers have more incentives to learn from stock prices, and when the market can aggregate private information more effectively. Finally, we document that in the long term, firms’ product market share increases when peers disclose their capex guidance, suggesting that improvement in managerial learning translates into better product market performance. Overall, this paper offers insight into how peers’ disclosure of investment plans influences information feedback from the market to the focal firm.

公司的资本支出预测揭示了其未来的投资计划。研究发现，同行公司的资本支出预测与管理者从股票市场中学习的程度正相关，这一发现表明同行公司投资相关信息的披露激励了投资者的信息获取和分析，促进了股票市场向管理者的信息反馈。进一步地，本文发现，当同行资本支出预测的信息含量更高，管理者有更多的学习动机，或者股票市场效率更高时，同行资本支出预测的效应更强。最后，本文还发现，当管理者更好地从股票市场中学习同行资本支出预测相关的信息时，公司的市场份额增加。