【摘要】 基于沪深交易所交错发布行业信息披露指引这一独特制度场景,从同侪压力的视角考察分行业披露对企业费用粘性的影响。双重差分模型的研究表明,分行业信息披露政策的实施显著降低了企业费用粘性,并且这一效应在同行业经营费用率较高的公司样本中更为明显。这说明分行业披露能强化信息溢出,增加企业间的同侪压力,促使落后企业更好地进行费用管控。进一步的研究发现,分行业披露通过吸引分析师跟踪、改善外部监督环境、提升高管薪酬-业绩敏感性、强化内生激励动力等途径来降低费用粘性。更多还原

【Abstract】 Based on the quasi-natural experiment of the Shanghai-Shenzhen Stock Exchange’s staggered release of information disclosure guidelines for listed companies by sub-sector, this study empirically tests the impact of disclosure by industry on the stickiness of cost. The difference-in-difference model result shows that the implementation of disclosure policies in different industries has significantly decreased firm’s stickiness of cost. Moreover, this effect is more pronounced in Firms with relatively high operating expense rates, which shows that information disclosure by industry can strengthen information spillover, increase peer pressure among enterprises, and promote backward enterprises to better control expenses. Further analysis shows that disclosure by industry reduces the stickiness of cost by strengthening executive compensation performance sensitivity and increasing analyst tracking.更多还原