U.S. financial regulators will soon modify or rescind the 55-year old rule requiring public companies to issue formal financial reports every 90 days. Surveys of business leaders consistently reveal concerns about the cost and distraction of preparing and managing the short-cycle reporting process. They also provide evidence of a short-term bias in corporate decision-making, linked to the pressures of the current quarterly reporting cycle. There is an acknowledged tendency to sacrifice long-term strategic i ...

文章核心观点 - 美国可能效仿新加坡推行半年度财报制度 此举将测试公司的沟通质量和投资者的信任度 [1][3] - 财报频率的争论本质在于沟通质量而非次数 强制性季度报告对部分行业可能适得其反 [10][13] - 不同投资策略的投资者对财报频率有不同需求 但真正优质的企业价值不受报告次数影响 [14][18][20] 新加坡市场实验 - 新加坡交易所2020年2月起将半年度报告设为最低标准 多数公司选择减少报告频率 [3][4] - 星展银行坚持季度报告 认为金融服务业需通过定期沟通建立信任 [4][5] - 大华银行和华侨银行采取折中方式 在半年度报告间提供更新和简报 [5] 行业特性与报告适用性 - 季度报告对业绩受季节性因素影响大的公司（如拖拉机供应公司）可能产生误导性波动 [7][8][9] - 金融等信心密集型行业更需要定期沟通 而产品周期长的企业可能更适合长期视角 [5][7] 沟通质量与替代形式 - 部分管理层在季报中提供模糊评论 实际信息量有限 [10] - 新翔集团等公司通过资本市场日等活动 提供比季报更深入的战略洞察 [11][12] - 投资者日、行业会议等渠道可产生比程式化季报更有价值的信息 [12] 投资者类型与信息需求 - 价值投资者需要季度数据跟踪扭亏进展 股息投资者依赖定期分红安排 [14] - 成长投资者可能从减少报告频率中受益 避免管理层过度关注短期指标 [15][16] - 季度报告已成为整个分析交易生态系统的记分卡 改变频率将影响股票定价机制 [16] 企业质量与信任基础 - 对拥有强大竞争优势和可信管理层的优质企业 频繁报告增添的实质价值有限 [18][20] - 对治理薄弱或战略模糊的企业 即便季度报告也无法阻止其掩盖问题 [19][20] - 投资关键在于找到无需持续监督也能信任的企业 报告频率变化将凸显企业透明度差异 [21]

`` President Donald Trump has revived his push to end mandatory quarterly earnings reports for U.S. public companies, calling for a switch to semiannual disclosures in a move he says would cut costs and allow executives to focus on long-term growth. `` `` The proposal, outlined in a Truth Social post on Monday, would require approval from the Securities and Exchange Commission (SEC). `` Trump Calls for Six-Month Earnings Reports, Citing China’s Long-Term Strategy `` `````` “Subject to SEC approval, compani ...