企业业绩组合、企业业绩差异与中报披露的时间选择——管理层的组合动机和信息操作行为

Firm Performance Combination & Difference and Timing of Interim Reports Disclosure: Combinatorial Motivation and Information Manipulation Behavior of Managers

本文对中国上市公司中报和年报数据进行假设检验,以考察企业业绩组合、企业业绩差异与中报披露时间选择之间的关系。本文得出的研究结果认为上市公司管理层在中报披露和预约披露中可能存在信息操作,同时由于管理层的组合动机和信息操作行为,扭曲了年报和中报的披露时间安排。本文证实企业业绩组合、企业业绩差异对中报披露的时间选择有显著影响。

This paper makes a hypothetical test on the data in the interim reports and annual reports of China's listed companies to examine the relationship between firm performance combination & difference and timing of interim reports disclosure. The conclusion is achieved that information manipulation in interim reports disclosure and precontract disclosure is conducted by the management and timing of annual reports and interim reports is distorted because of combinatorial motivation and information manipulation by the management. It is proved that firm performance combination & difference play significant impact on timing of interim reports disclosure.