企业自愿信息披露策略的三维分析框架研究——以新能源汽车行业销量披露为例

A Three-Dimensional Analytical Framework for Firms’ Voluntary Information Disclosure Strategies—Evidence from Sales Disclosures in the New Energy Vehicle Industry

摘要: 企业自愿信息披露在降低信息不对称的同时也包含策略选择空间。本文以X公司汽车销量披露中出现的“反向少报”(披露“3万+”而实际为36,705辆)现象为切入点，对比比亚迪、理想、蔚来、小鹏等同业披露实践，基于信号传递理论、印象管理理论和预期管理理论，整合构建了“净收益预期–法律责任风险–管理层偏好”的三维分析框架，旨在探究企业自愿信息披露策略的决策机制。本文研究发现：企业自愿披露策略并非单纯基于利好信号传递，而是受到市场地位、合规成本与管理层偏好等多重因素的综合影响。X公司选择非正式渠道与模糊区间披露，体现了新进入者在法律安全边际与披露灵活性之间的理性权衡，同时也反映出管理层路径依赖与预期管理偏好的深刻烙印。本文为理解上市公司差异化披露行为提供了新的分析视角，并从企业治理、监管完善和投资者解读三个层面提出建议。

Abstract: Voluntary corporate information disclosure can mitigate information asymmetry yet leaves room for strategic decision-making. Taking the phenomenon of “conservative under-reporting” (stating “30,000+ units” while the actual volume stood at 36,705) in X Company’s automobile sales disclosure as an entry point, this paper compares disclosure practices of BYD, Li Auto, NIO and XPeng, and constructs a three-dimensional analytical framework covering “net benefit expectation, legal liability risk and management preference” based on signaling theory, impression management theory and expectation management theory, aiming to explore the decision-making mechanism of corporate voluntary information disclosure strategies. The study finds that enterprises’ voluntary disclosure strategies are not merely based on transmitting favorable signals, but comprehensively shaped by multiple factors including market position, compliance costs and management preferences. X Company’s adoption of informal channels and vague range disclosure reflects rational trade-offs made by new market entrants between legal safety margins and disclosure flexibility, while also bearing profound marks of management path dependence and earnings guidance preferences. This paper provides a new analytical perspective for understanding differentiated disclosure behaviors of listed companies, and puts forward suggestions from three dimensions: corporate governance, regulatory improvement and investor interpretation.