投资者行业晕轮效应与上市公司信息披露时机选择

Investors＇ Industry Halo Effect and Listed Companies＇ Timing of Accounting Information Disclosure

在证券市场中，投资者对同一行业上市公司会计信息的反应存在晕轮效应。上市公司的管理层认识到投资者存在行业晕轮效应后，会根据所在行业的晕轮效应程度选择会计信息披露的时机。实证结果表明，投资者行业晕轮效应程度越大，上市公司披露会计信息的时机越早。这一结论不受上市公司的消息类型、信息集中披露情况及预约披露制度的影响。本文丰富了行业内信息传递理论，研究结论揭示了上市公司择时披露会计信息的行业层面的动因。

In stock market, there exists halo effect for investors when listed companies in the same industry disclose their accounting information. After recognizing the existence of this effect, listed companies will choose when to disclose. The empirical results show that, overall, bigger halo effect in the industry which non-first-day-disclosure companies belong to, earlier the accounting information of these companies disclose. This conclusion is robust after controlling good or bad news, cluster disclosure, and regulations of subscribe disclosure. The conclusion enriches theory of intra-industry information transfer and reveals the scientific tim ing of the disclosing accounting information at industry level.