中国上市公司年度报告披露及时性实证研究  

An empirical study on timeliness of annual reports of chinese listed companies

作　　者：巫升柱[1] 王建玲[1] 乔旭东[1] 

机构地区：[1]西安交通大学管理学院,710061

出　　处：《会计研究》2006年第2期19-24,共6页Accounting Research

基　　金：国家自然科学基金项目资助(项目批号:70402010);教育部博士点基金项目资助(项目批号:20010698033)。

摘　　要：年度报告作为投资者决策的重要信息源之一,其及时性受到了监管部门和市场研究者的关注。本文通过对中国上市公司1993～2003年间公布的8294份年度报告披露时间进行多元回归分析,发现除盈利公司比亏损公司更及时地公布其年度报告外,标准无保留审计意见公司也较非标准无保留意见的公司更及时地披露其年度报告,证实了中国股票市场存在“好消息早,坏消息晚”披露的基本规律。而且,随着时间推移,我国上市公司年报披露的及时性在逐步提高。The issue of timeliness of annual reports,which is one of the most important fundamental sources to make investment decision,has received much attention from regulatory and professional bodies in recent years.The timeliness of annual reports in the Chinese context is analyzed by examining the trend in reporting lag of companies,and the effect that “good” or “bad” news have on the timeliness of corporate annual reporting by using a series of multivariate regressions via controlling the company attributes and such variables as stock exchange and time over an 11-year period.The data are taken from 8294 annual reports of China's listed companies over the period 1993～2003.it indicates that there was an improvement on the timeliness of corporate annual reports although the shortening of reporting lag shows a U-shape over the data period.Moreover,there is evidence that bad news was released later than good news.The regression result of entire sample suggests that the disclosure of annual report of Chinese listed companies became timelier over the data period.

关 键 词：年度报告 及时性 审计意见 盈余 

分 类 号：F224[经济管理—国民经济]