迟见公婆的媳妇丑吗——中国上市公司年报择时披露与盈余及盈余质量的关系

Is the Wife of Seeing Parents-in-law Later More Ugly:Relationship between the Timing Effect of Listed Company’s Annual Report Disclosure and Corporate Earnings and Earnings Quality

本文以2008—2017年中国A股上市公司为样本,研究了中国上市公司年报披露择时效应与公司盈余及盈余质量之间的关系。研究发现:(1)月份效应:盈余较好的公司和盈余质量较高的公司倾向于在早些时候披露公司年报。(2)春节效应:春节期间披露年报的公司的盈余及盈余质量显著优于其他时间披露年报的公司。(3)好消息在早些时候或春节期间披露可以获得更多的累计超额收益;坏消息采用扎堆披露的策略更有助于公司稳定股价。进一步研究发现,在早些时候和春节期间披露年报可以获得更高的市场关注度,而受到更多的市场关注使得好消息可以获得更多的累计超额收益;而坏消息扎堆披露可以降低市场关注度,防止股价大幅下跌。为消除可能的内生性问题的干扰,采用工具变量法(2SLS)进行稳健性测试,研究结论依然成立。

Based on the sample of China A-share listed companies from 2008 to 2017,this paper studies the relationship between the timing effect of annual report disclosure and corporate earnings and earnings quality.The results show that:(1)Calendar effect:companies with better earnings and companies with higher earnings quality tend to disclose their annual reports earlier.(2)Spring Festival effect:companies that disclose annual reports during the Spring Festival have significantly better earnings and higher earnings quality than companies that disclose annual reports at other times.(3)Good news disclosed earlier or during the Spring Festival can get more cumulative abnormal return;bad news disclosure strategy is more helpful to stabilize the stock price.Further study finds that disclosure of annual reports in the early and Spring Festival period can get more market attention,and more market attention can make good news get more cumulative abnormal return;while disclosure of bad news can reduce market attention and prevent the stock price from falling significantly.In order to eliminate the possible interference of endogenous problems,the instrumental variable method(2SLS)is used for robustness test,and these conclusions are still valid.