审计意见、投资者关注与择机披露

Audit Opinion, Investor's Attention and Timing Strategies of Disclosure

本文以2012-2016年我国沪深上市公司为研究对象,对审计意见、年报披露时机和投资者关注的关系进行了研究,研究发现:从年报择机动机角度,被出具标准无保留审计意见比被出具非标准审计意见的年报披露时间更早且时滞更短,并且管理层倾向于在投资者关注度低时披露非标准意见的年报;从市场反应角度,更早披露年报的公司能够获得更高投资者关注。

The paper investigates the relationship between audit opinion, the disclosure timing of annual report and investor's attention using samples of listed firms from 2012 to 2016. It finds out that, from the perspective of the timing choice of disclosure, the annual report of standard unqualified audit opinion is disclosed earlier and the delay time is shorter than the annual report of no-standard audit opinion, and management tends to disclose annual report of non-standard audit opinion when investors are less concerned; from the perspective of market reaction, listed firms that disclose annual reports earlier can get higher attention.