公司年度报告信息的披露管理--基于对业绩预告、年报、财务重述的比较分析  

The Regulation of Annual Report Disclosure Based upon the Comparative Analysis of Earnings Forecast, Annual Report and Financial Restatement

作　　者：张程睿[1] 林锦梅[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006

出　　处：《证券市场导报》2016年第4期19-26,33,共9页Securities Market Herald

基　　金：中国博士后科学基金项目(项目编号2014M560665);国家自然科学基金项目(项目编号71172198)

摘　　要：本文比较业绩预告、年报、财务重述的披露内容、时间选择及市场效应,在年度报告信息披露制度整体框架下分析公司的信息披露管理行为。研究发现,财务重述的弱市场反应规律已被上市公司利用以在较长时期内对年度报告信息的披露进行安排;恶意披露管理公司先在预告或年报披露不实好消息而后重述,或者蓄意逐步释放坏消息,知情者据此获取超常收益,进行市场剥夺。将业绩预告、年报、财务重述有机联系,从更长时期系统地分析、甄别与监管公司的恶意披露管理行为成为必要。Based on comparing the disclosure content, time selection and market effect of the earnings forecast, annual report and financial restatement, this paper focuses on the disclosure management behaviors of listed companies under the framework of the overall financial information disclosure systems. The results show that, the regularity of weak market reaction of financial restatements has been used to arrange the disclosure of annual financial information over a longer period： malicious disclosure firms firstly disclosed untruthful good news in earnings forecasts or annual report then corrected mistakes in financial restatements, or deliberately gradually released bad news, which cause insiders got abnormal returns and results in market deprivation. It becomes necessary to connect earnings forecast, annual report, and financial restatement organically, and systemically analyze, screen and supervise malicious disclosure management behavior from a longer period of time.

关 键 词：信息披露管理 业绩预告 财务重述 

分 类 号：F230[经济管理—会计学] F830.91[经济管理—国民经济]