管理层业绩预告信息披露时机选择研究——基于投资者有限关注的视角  

The Management Earnings Forecast Information Disclosure Timing Study ——Based on the Perspective of Investors' Limited Attention

作　　者：徐洪波[1] 于礼 

机构地区：[1]中央财经大学会计学院,北京100081 [2]邢台广播电视大学开放教育学院,河北邢台054000

出　　处：《经济与管理》2014年第2期60-65,共6页Economy and Management

摘　　要：基于投资者有限关注的视角,以中国上市公司2005-2012年业绩预告信息为样本,研究发现:上市公司业绩预告信息披露存在时机选择行为,相比业绩预告信息少日和其他周历,管理层更倾向于在信息多日和周五、周六发布坏消息业绩预告。这有助于分散投资者注意力,从而减少坏消息导致的股价波动。Taking earnings forecasts in China＇s listed companies from year2005-2012 as our sample on the perspective of investors＇ limited attention, the research found that information disclosure of listed companies exist timing behavior, compared with other week calendar and low news days, management tend announced bad news of earnings forecast on Friday or Saturday and in high news days. This contribute to distracting the investors＇ attention, so as to reduce the downward volatility of stock prices, management tend announced bad news of earnings forecast in low level of investors＇ attention.

关 键 词：投资者有限关注 业绩预告 时机选择 动因 

分 类 号：F832.5[经济管理—金融学]