关键词: 分行业信息披露监管, 信息披露质量, 分析师关注

Abstract: The current regulatory model for information disclosure of listed companies in China has shifted to a sub industry regulatory model. So, what is the impact of the industry specific information disclosure regulatory policies on the attention of analysts? Taking the A-share non-financial listed firms from 2010 to 2020 as the samples, this paper explores the impact of industry specific information disclosure supervision policies on analyst attention. The result shows that industry specific information disclosure supervision policies can increase analyst attention. The mechanism testing reveals that the regulatory policies on industry specific information disclosure have increased the information supply for analysts and the information demand of institutional investors, thus attracting more attention from analysts. The heterogeneity analysis reveals that the positive impact of the regulatory policies on industry specific information disclosure on analyst attention is more significant in large enterprises, those enterprises with poor internal governance and higher R&D investment, and those with severe information asymmetry in the industry. Further analysis shows that the regulatory policies on industry specific information disclosure can improve the quality of earnings forecasts of analysts. Therefore, the regulatory authorities should steadily promote the implementation of the regulatory policies on information disclosure by industry and strengthen the supervision of non-financial information of listed companies; the listed companies should attach importance to the disclosure of industry operational information and transmit true information to the outside world; the investors should fully utilize the industry operational information disclosed by enterprises to improve the scientificity of their investment decisions.

Key words: the information disclosure supervision by industries, the quality of information disclosure, analyst focus