經(jīng)營分部信息披露對企業(yè)現(xiàn)金流的影響研究

[摘 要：高質(zhì)量經(jīng)營分部信息是資本市場健康發(fā)展的重要根基。文章以2014—2019年中國制造業(yè)上市公司數(shù)據(jù)為樣本，從分部劃分確定性、會計信息完整性、經(jīng)濟特征差異性三個維度逐層深入，檢驗經(jīng)營分部信息披露對經(jīng)營性現(xiàn)金流的影響及作用機制，并以是否產(chǎn)能過剩分組進行異質(zhì)性檢驗。研究結果顯示：上市公司提高分部劃分確定性、會計信息完整性并不會對經(jīng)營性現(xiàn)金流造成顯著影響，但提升不同分部間經(jīng)濟特征差異將對企業(yè)競爭地位產(chǎn)生不利影響，進而降低經(jīng)營性現(xiàn)金流；進一步研究發(fā)現(xiàn)，經(jīng)濟特征差異性對企業(yè)經(jīng)營性現(xiàn)金流的負面影響僅存在于產(chǎn)能過剩企業(yè)中。研究為企業(yè)制定披露決策、監(jiān)管部門修訂有關政策以進一步明確分部劃分、規(guī)范會計信息、界定經(jīng)濟特征差異提供思路。

關鍵詞：經(jīng)營分部信息；競爭地位；經(jīng)營性現(xiàn)金流；產(chǎn)能過剩

中圖分類號：F425；F832.51；F406.7" " " 文獻標識碼：A " " 文章編號：1007-5097（2023）05-0085-11 ]

Abstract：High quality operational segment information is an important foundation for the healthy development of the capital market. This paper takes data from Chinese manufacturing listed companies from 2014 to 2019 as a sample，and delves deeper into three dimensions： segment division certainty，accounting information integrity，and economic characteristic differences. It examines the impact and mechanism of operating segment information disclosure on operating cash flow，and conducts heterogeneity testing based on whether there is overcapacity grouping. The research results show that improving the certainty of segment division and the completeness of accounting information by listed companies will not have a significant impact on operating cash flows. However，enhancing the differences in economic characteristics between different segments will have a negative impact on the competitive position of enterprises，thereby reducing operating cash flows；further research has found that the negative impact of differences in economic characteristics on the operating cash flow of enterprises only exists in overcapacity enterprises. The research provides ideas for enterprises to make disclosure decisions，regulatory authorities to revise relevant policies to further clarify division，standardize accounting information，and define differences in economic characteristics．

Key words：operational segment information；competitive position；operating cash flow；overcapacity

一、引 言

黨的二十大報告強調(diào)必須完整、準確、全面貫徹新發(fā)展理念，堅持社會主義市場經(jīng)濟改革方向。健全資本市場功能、提高直接融資比重是社會主義市場經(jīng)濟體制建設的重要抓手，進而要求證券發(fā)行方真實、準確、完整地披露公司信息，以利于提升投資者決策，提高資源配置效率。在夯實信息披露方面，2019年12月，我國《證券法》迎來了自頒布實施21年以來的第二次全面大修，將“持續(xù)信息公開”單節(jié)升級為“信息披露”專章，并著重強調(diào)上市公司應當充分披露投資者作出價值判斷和投資決策所必需的信息。……