上市公司年报披露时滞与盈余质量——基于2003年深市制造业数据的实证研究

Listed Companies' Annual Reports Disclosure Delay and Earnings Quality——Based on Shenzhen Security Exchange Manufacture Data of 2003

预约披露制度是我国特有的经济现象。在实践中,上市公司的预约披露时间并不必然是实际披露时间,这就出现了披露时滞问题。当上市公司盈利状况比较好时,往往倾向于提前披露;盈利状况不好时,往往倾向于滞后披露。以往的研究大多探讨了盈余水平的高低及每股净资产的大小,或盈余变化的大小和方向与披露时滞的关系,没有考虑盈余质量问题。本文以盈余质量为切入点,研究盈余质量与年度报告披露时滞之间的关系。本文研究发现由主营业务利润与利润总额比指标反映的盈余质量越低、应收账款周转率越低的公司倾向于晚披露年报,收益稳定性指标反映的低质量公司倾向于比预约披露日延迟披露年报。

Precontract disclosure institution is a special phenomenon in China. In practice, precontract disclosure time is not to be actual disclosure time, then emerges disclosure delay. When listed companies＇ earnings are relative good, companies are inclined to disclosure ahead; On the contrary, they disclosure delay. However studies before had only discussed the relationship between the level of earnings, net asset per share, variation of earnings or direction and disclosure delay. In this study, we investigate the relationship of earnings quality and disclosure delay. We find that the lower of the proxy of the ratio of operation profit to gross profit, the lower of account receivable, then the delayer of disclosure. Companies with lower earnings stability are inclined to delay disclosure.