【摘要】 基于全面注册制下监管机构要求上市公司加强投资者关系管理、提高信息披露质量的背景,本文关注上市公司自愿发布可视化财务报告这一新现象,以2018—2021年沪深A股上市公司为样本,研究了可视化年报的发布对股票流动性的影响。结果发现,可视化年报的发布与股票流动性正相关,多种稳健性检验支持这一结果。进一步分析表明,可视化年报的发布与投资者和分析师关注正相关,投资者和分析师关注可能是可视化年报发布提高股票流动性的内在机制。对于非国有企业、分析师跟踪少、短期机构投资者较多的公司,发布可视化年报更能改进其股票流动性。持续发布可视化年报的公司股票流动性更高,投资者与分析师的关注度也更高。发布视频年报对股票流动性的影响并不比发布图文年报的公司更大,这可能与两类可视化年报的信息通道不同有关。本文的研究发现对于提高上市公司发布可视化财务报告的积极性、推动监管机构指导规范可视化财务报告发布具有启示意义。更多还原

【Abstract】 The reform of the comprehensive registration system takes information disclosure as the central task, which requires listed companies to improve information disclosure quality and strengthen effective communication with investors, so as to improve the financing function of the capital market. Annual financial report is one of the most important information disclosure documents for listed companies, and it is also an important part of investor relation management. With the increasing acceptance and widespread adoption of visual effects in organizations and the society, the use of visual elements such as images in corporate annual reports has gradually increased, and more and more listed companies have begun to try to release visual annual reports, which can help investors to understand enterprise information more easily and efficiently. If the high facial attractiveness of visual annual reports can attract the attention of information users and improve their reading experience, it will affect their investment decisions as well as the company’s stock liquidity. So, is this the case?Based on the theory of information asymmetry and limited attention, this paper focuses on the new phenomenon of listed companies voluntarily releasing independent visual annual reports, and studies the impact of the release of visual annual reports on stock liquidity by taking A-share listed companies in China from 2018 to 2021 as the sample. The results show that the release of visual annual reports is positively correlated with stock liquidity. Further analysis shows that the release of visual annual reports is positively correlated with the attention of investors and analysts, which may be the internal mechanism of the disclosure of visual annual reports to improve stock liquidity. For non-state-owned enterprises, and companies with fewer analysts following and more short-term institutional investors, the release of visual annual reports can improve their stock liquidity more significantly. Companies that consistently release visual annual reports have more stock liquidity and receive more attention from investors and analysts. The impact of video annual reports on stock liquidity is not greater than that of companies that release graphic annual reports, which may be related to the different information channels of the two types of visual annual reports.The main contributions of this paper are as follows: First, visual accounting research is a relatively neglected field, and domestic scholars pay less attention to this field. This paper examines the impact of the release of visual annual reports on stock liquidity in China’s capital market, which enriches the empirical research results in the field of visual accounting, and adds empirical evidence to existing foreign studies. Second, since the presentation mode of accounting information reflects its formal quality, this paper extends the research on the causes of stock liquidity from the perspective of the formal quality of accounting information, as well as the research on the economic consequences of the formal quality of accounting information. It proves that the improvement of the formal quality of accounting information needs the assistance of transmission quality to achieve the best information dissemination effect, and ultimately affects investors’ attention and decision-making. Third, the conclusions can encourage listed companies to produce and maintain the enthusiasm of releasing visual financial reports and strengthening the effective communication with investors. The policy suggestions put forward in this paper also have reference value for regulators to promote the orderly development and continuous optimization of visual financial reports.更多还原