| China started the through train reform of information disclosure in 2013.Listed companies no longer need to undergo pre-review by regulatory agencies before issuing financial reports,and are replaced by Shanghai and Shenzhen Stock Exchanges for post-regulation.In the context of the information disclosure through train reform,the financial report inquiry letter system came into being.If the Shanghai and Shenzhen Stock Exchange finds incomplete and inaccurate information disclosure in the process of subsequent supervision of the Shanghai and Shenzhen Stock Exchange,the listed company shall issue a financial report inquiry letter requesting it to make supplementary disclosure or explain it.As soon as the financial report inquiry letter is released,it will be simultaneously published on the Shanghai and Shenzhen Stock Exchange and Juchao Information and other financial websites,and the governance effect of the financial report inquiry letter has gradually emerged.From the perspective of dual performance forecast quality,this article examines the governance effect of financial report inquiries on the quality of forward-looking performance forecasts and backward-looking performance forecasts,and explores the moderating effect of the heterogeneity of letter-sending institutions and the governance of financial report inquiries The persistence of the effect.This article takes the Shanghai and Shenzhen A-share listed companies from 2015 to 2019 as the research sample,and uses Python 3.7 and Stata 15.0 software to perform descriptive analysis of the full sample,the sample letter sent by the Shanghai Stock Exchange,and the sample letter sent by the Shenzhen Stock Exchange.Correlation analysis and regression analysis.The research results show that after the company received the financial report inquiry letter,the enthusiasm of the performance forecast increased significantly,the accuracy of the performance forecast was significantly enhanced,and the detail level of the performance forecast increased significantly,indicating that the financial report inquiry letter effectively improved the quality of the forward-looking performance forecast;the company received The accuracy of the performance forecast after the letter has been significantly improved,indicating that the financial report inquiry letter has effectively improved the quality of the back-view performance forecast,and the financial report inquiry letter has a real governance effect on the quality.of the double performance forecast.This governance effect is more significant in the samples of the Shenzhen Stock Exchange,indicating that the first-line supervisory inquiry effect of the Shenzhen Stock Exchange is more prominent.The governance effect of the financial report inquiry letter remained significant in the second year after the company received the letter,but no longer significant in the third year after the letter was received,indicating that the governance effect of the financial report inquiry letter on the quality of the double performance forecast has slowly disappeared.The research in this article has enriched the economic consequences of financial report inquiries,opened up the perspective of double performance forecast quality research,and provided theoretical reference and empirical evidence for the effectiveness of non-penalty supervision of first-line exchanges. |
