Conexiones políticas y comprensibilidad de los estados financieros: Datos de China
Political Connections and Readability of Financial Statements: Evidence from China
Resumen
La divulgación de información de alta calidad mejora la precisión del juicio de los inversores y la eficiencia en la asignación de recursos. Centrándose en la comprensibilidad de la información divulgada, este estudio analiza cómo las conexiones políticas afectan a la comprensibilidad de los estados financieros tomando como muestra de investigación las empresas privadas de acciones A cotizadas en las bolsas de Shanghái y Shenzhen entre 2008 y 2019. Utilizamos el modelo de mínimos cuadrados ordinarios y el modelo de efecto moderador como metodología principal. También se llevan a cabo una serie de pruebas de robustez. Nuestra investigación encuentra que las empresas con conexiones políticas son más propensas a emitir estados financieros menos comprensibles. Este efecto negativo disminuye en las empresas con mayor nivel de comercialización, mejor gobierno corporativo y mayor cobertura de los analistas. Otras investigaciones sobre las consecuencias económicas demuestran que las conexiones políticas debilitarían el efecto positivo de la comprensibilidad de los estados financieros sobre el futuro valor de mercado de la empresa. Este estudio enriquece la investigación sobre los factores que influyen en la legibilidad de los estados financieros y revela las consecuencias económicas de las conexiones políticas en términos de calidad de la divulgación de información textual. Por lo tanto, constituye una referencia importante para que las autoridades reguladoras formulen directrices sobre la divulgación de información textual y supervisen el cumplimiento de las empresas con conexiones políticas, al tiempo que facilita a las empresas cotizadas en bolsa la mejora de la legibilidad de sus estados financieros.
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