智能财务与公司治理研究团队学术活动（第九期）

讲座题目： Non-GAAP Metrics and Properties of Analysts’ Earnings Forecasts: The More, The Better?

主讲嘉宾： Li Yao（姚立）

时间：2025年12月17日14:00--16:00

地点：商学院109会议室

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智能财务与公司治理研究团队

2025年12月11日

主讲嘉宾简介

Li Yao 美国普渡大学管理学会计方向博士，现任加拿大Concordia大学John Molson商学院会计系副教授。他的主要研究领域涉及信息（包括量化的财务信息和定性披露）对经济决策的影响。他的研究成果发表在Journal of Corporate Finance, Managerial Auditing Journal, Journal of Accounting, Auditing & Finance 等国际知名期刊。近期，他正在探索与 ESG 相关的问题，特别关注企业和股东及利益相关者之间的沟通机制。

讲座主要内容

We explore the extent to which the quantity of non-GAAP metrics disclosed in quarterly earnings releases affects the characteristics of analysts’ earnings forecasts. Using a hand-collected sample of non-GAAP disclosures from 2016-2020, we find that analysts’ forecast accuracy is increasing, and their dispersion is decreasing for firms with a larger quantity of non-GAAP metrics (or categories). Among the twelve non-GAAP categories, non-GAAP revenue and non-GAAP tax rate are associated with more accurate earnings forecasts; non-GAAP revenue, non-GAAP operating income, and non-GAAP tax rate are associated with less dispersed earnings forecasts; however, return on invested capital (ROIC) increases the disagreement among analysts and leads to less accurate earnings forecasts. Furthermore, we find that a greater quantity of non-GAAP metrics/categories is particularly beneficial to analysts who have less general experience and cover more industries in their portfolios.