所有权结构与年报披露的及时性

Corporate Governance and the Timely Annual Report Release

采用2001年—2004年上市公司的数据,从年报披露的及时性角度系统地检验了所有权结构对上市公司会计信息披露政策的影响。通过控制上市公司所处行业、公司成长性、公司规模、财务风险、审计意见、公司类型以及交易所变量对上市公司会计信息披露政策的影响,发现上市公司所有权集中程度越高,上市公司年报信息披露就越及时。再从股权制衡程度方面进行替代性检验也印证了这一发现。这对上市公司会计信息披露政策的选择具有一定的启示意义。

Based on the China＇s listed companies＇ data from 2001 to 2004, the author makes an empirical research to analyze the influ- ence of ownership structure on the timeliness of annual financial reporting disclosure from the perspective on the exogeneity of ownership structure. By controlling such factors as the industry in question, the growth and size of companies, the financial risks, the auditing o- pinions, the type of companies, and the variables of stock exchange on the information release policy, the paper concludes that the more concentrated ownership structure, the more timely disclosure of annual financial reporting, and finally this paper uses the balance varia- bles of ownership structure to verify the results which is of great significance for the listed companies in the option of the release policy.