信息披露及时性与可靠性关系实证研究

Empirical Study of the Timeliness and Reliability of Information Disclosure

信息披露及时性与可靠性是衡量会计信息披露质量高低的两个重要因素。本文从理论上分析了信息披露及时性与可靠性之间的关系,并对二者的关系进行了实证检验,研究结果发现:我国上市公司信息披露及时性与可靠性之间存在着此消彼长的负相关关系,面对及时性与可靠性的两难选择,我国上市公司优先考虑信息披露的及时性。由于可靠性不被优先重视,导致近年来许多公司急于披露年报,然后频繁地对已披露的年报打补丁。对此,建议证券交易所对打补丁现象做出相应处罚规定,切实提高信息披露的可靠性。同时,会计信息使用者在进行决策时不要只看重信息披露的及时性,还要认识到公司年报中可能隐藏着的不可靠性——年报披露后打补丁。

The quality of information disclosure depends on the timeliness and reliability of disclosure.The author analyzes the relationship between timeliness and reliability based on theory and demonstration,and finds that there exists a negative relationship between timeliness and reliability of information disclosure,the listed firms prefer to the timeliness when the timeliness collides with reliability.The indifference of reliability makes many listed firms report annals as quickly as possible,and then the firms do repeated restatements on annual reports.The stock exchange should carry out some punishments aiming at restatements to effectively improve the reliability of information disclosure.At the same time,when doing decision-making,the users of accounting information not only pay attention to the timeliness,and also realize latent unreliability of annals,that is to say restatements on annual reports.