创新性信息披露对资本市场估值偏误的影响机制

The impact mechanism of innovative information disclosure on capital market valuation bias

摘要:

年报中披露的体现企业创新的文本信息是对企业未来的重要揭示,对于提升投资者判断企业未来成长价值的准确性具有关键作用,是财务信息的重要补充。本文以资本市场估值偏误为切入点,探索创新类型的文本信息对资本市场运行和投资者行为可能产生的影响。研究发现,创新类型的文本信息披露显著缩小了资本市场估值偏误。机制分析发现,创新类型文本信息通过提升信息透明度,提高分析师预测的准确性,从而起到了缓解偏误作用。同时,当企业的披露动机更强或所处的信息环境较差时,此类信息对估值偏误的改善更加明显。本文从创新类型的文本信息视角探讨了企业非财务信息的价值含量,为市场运行效率的提升和企业价值的可持续增长提供了理论支持和实践建议。

Abstract:

Innovative textual information in annual reports is an important reflection of a company"s future and plays a crucial role in improving the accuracy of investors" judgment of the company"s future growth value. This article takes asset valuation bias as the starting point to study the possible impact of innovative textual information on the operation of capital markets and investor behavior. Research has found that innovative textual information disclosure alleviates information asymmetry and improves valuation bias in the capital market. Mechanism analysis found that innovative textual information improves the accuracy of analyst predictions by enhancing information transparency, thereby improving valuation bias in the capital market. When a company"s disclosure motivation is stronger and the information environment is poor, innovative textual information has a more significant improvement on valuation bias. This article explores the value content of non-financial information in enterprises from the perspective of innovative textual information, providing theoretical support and practical suggestions for improving market operation efficiency and sustainable growth of enterprise value.