上市公司盈余预告择时披露及投资者特征研究  

Timing Disclosure Strategy of Management Earnings Preannouncement and Investor Traits Research of Listed Companies

作　　者：徐高彦[1] 

机构地区：[1]河海大学商学院,江苏南京210098

出　　处：《河南大学学报（社会科学版）》2016年第3期53-63,共11页Journal of Henan University(Social Sciences）

基　　金：教育部人文社会科学研究青年基金项目"国家产业政策与管理层盈余预告披露行为研究--基于中国上市公司的经验证据"(13YJC630191)阶段性成果;中央高校基本科研业务费项目"基于股票市场波动的上市公司盈余预告披露行为研究"(2015B13214)阶段性成果

摘　　要：管理层盈余预告作为资本市场信息披露体系的组成部分,对保护投资者利益和促进市场稳定发展具有重要影响。以中国上市公司2003-2014年管理层盈余预告信息为样本,从投资者特征的角度对管理层盈余预告择时披露策略及市场反应进行研究发现,管理层披露盈余预告会采用在交易日披露好消息、在休市日披露坏消息的择时策略。从投资者构成特征来看,机构投资者持股比例越低、中小股东股权越为分散,管理层越倾向采用此策略。研究表明管理层采用该策略能够获得更高的市场回报。中小投资者可以利用时间的分析视角,识别上市公司盈余预告信息披露的策略,关注市场反应,从而间接弥补信息获取的劣势。As an essential part of capital market information disclosure system,management earnings preannouncement has an important effect on protecting investors’interests and promoting market stability.This paper studies the timing disclosure strategy of company’s earnings preannouncement with the sample of listed companies that disclose management earnings preannouncements information in 2003-2014.The empirical results presented in this paper indicate that the management tends to disclose good news on the trading days,and disclose bad news on the closed days.In addition,from the perspective of investor constitution,it is found that when the institutional investors own lower shareholding ratio and the stock equity of minority shareholders is more decentralized,the management is inclined to adopt this strategy.In this context,stock price reacts especially positively when the management adopts this strategy.Our research can help investors identify the strategy and the market reaction from the listed companies’ earning preannouncements information disclosure,which can indirectly compensate for the informational inferiority of the small and medium investors.

关 键 词：上市公司 盈余预告 择时披露 市场反应 

分 类 号：F276.6[经济管理—企业管理]