【摘要】 以投资者与企业管理层在业绩说明会进行互动为切入点，选取2007～2022年A股上市企业数据为样本，考察管理层“答非所问”对资本市场估值偏误的影响。研究发现，管理层“答非所问”程度越高，资本市场估值偏误越严重。作用机制检验发现，管理层“答非所问”在股票定价效率方面主要通过加剧股价同步性与股价延迟，在分析师预测质量方面主要通过扩大分析师预测误差与分析师预测分歧来引发资本市场估值偏误。异质性分析发现，较好的信息环境和更丰富的信息回复有利于抑制管理层“答非所问”对资本市场估值偏误的影响。更多还原

【Abstract】 Taking the interaction between investors and the management of enterprises during performance briefings as the entry point,this study selects the data of A-share listed companies from 2007 to 2022 as the sample to examine the effect of managerial “irrelevant answers” on the misvaluation in the capital market.The research results show that the higher the degree of managerial “irrelevant answers”,the more serious misvaluation in the capital market.Mechanism tests indicate that managerial “irrelevant answers” mainly cause misvaluation in the capital market by intensifying stock price synchronization and stock price delay in terms of stock pricing efficiency,and by widening analyst forecast error and analyst forecast divergence in terms of analyst forecast quality.Heterogeneity analysis finds that the enhancement of information environment and the enrichment of information responses contribute to mitigating the impact of managerial “irrelevant answers” on the misvaluation in the capital market.更多还原