资本市场盈余预告披露及时性策略研究

The Research of Earnings Preannouncements Disclosure Timeliness Strategies of Listed Companies in China

及时性是资本市场信息披露的重要方面。本文以2003-2009年披露管理层盈余预测信息的上市公司为样本,对公司盈余预告及时披露策略的选择进行了研究,研究发现:相对于坏消息而言,公司管理层更倾向提前披露好消息。同时,采用这种及时性策略时,对于信息披露的表述也更为清晰。进一步研究发现,规模小、非国有企业、机构投资者持股比例低以及股权集中度低的公司都倾向于选择该及时性披露策略。本文的研究结果不仅能帮助资本市场信息使用者基于时点和内容表述来判断盈余预测的信息含量,而且为政府相关部门加强信息披露监管提供依据。

In this paper, we find that management tend to release good news in advance and delay the release of bad news. we still find when managers choose to release good news in a timely manner, the representation of the information tend to be more clear. Moreover, studies show different corporate features may influent the selection of this timing strategy, e.g. small size of the corporate, non-state-owned enterprises, the low proportion of institutional investors and ownership concentration.