及时披露能抑制信息泄露吗?

以深交所2007-2009年披露年报的A股上市公司为样本,本文实证研究了我国上市公司信息披露的及时性对抑制信息泄露与内幕交易的现实效果。研究表明,年报披露及时性逐年提高,披露及时性与信息泄露程度显著负相关,及时披露对抑制信息泄露具显著效用;信息质量与及时性在抑制信息泄露方面具协同作用;与信息质量较好的公司比较,信息质量较差的公司因及时披露对信息泄露的抑制效果更显著,表明及时披露在抑制信息泄露方面对信息质量具替补作用。     

会计信息披露及时性的信息含量分析——基于2002—2004年中国上市公司年报数据的实证研究

“及时性”是一项重要的会计信息质量特征,一直以来是会计领域研究的重要范畴。本文依据中国深沪两市上市公司2002—2004年年报数据,以上市公司年报时滞作为及时性的替代变量,对中国上市公司会计信息披露及时性的信息含量问题进行实证分析。研究发现:早披露年报公司的市场反应显著强于晚披露公司,从而得出了及时性具有信息含量的肯定结论。     

年报“补丁”与审计责任

一、年报"补丁"及其经济后果根据规定,中国A股市场的所有上市公司都必须在4月30日之前公布上一年度的年度报告。而在每年的年报披露过程中,都会出现这样的现象:在年度报告披露后,短则一两天,长则几个月之后,有很多的上市公司通过发布临时公告的形式宣布其已经     

审计报告时滞影响因素研究——基于2011年沪深两市的经验证据

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.本文通过对中国沪深两市上市公司2011年间公布的1944份年度报告进行研究,发现获取“标准审计意见”和盈利能力强的企业其审计报告时滞较短;亏损企业的审计报告时滞较盈利企业长;企业的规模并不影响审计报告时滞.     

上市公司年度报告预约披露制度的实证研究

引言 我国证券监管部门对于上市公司定期报告披露时间的规范力度,随着证券市场运作的日趋完善而不断增强.针对以往上市公司(尤其是亏损公司)年度报告集中在法定披露日前集中释放的问题1,中国证监会1997年12月16日发文要求上市公司向交易所预约其定期报告的披露日期,意图实现年度报告的"均衡披露".     

我国上市公司社会责任信息披露的实证分析

<正>一、当前我国上市公司社会责任信息披露的现状为了了解我国上市公司目前披露社会责任信息的现状,本文以沪深两市上市的A股公司为研究对象来搜集数据,对样本公司的选取采用如下办法:截至到2009年9月30日之前,本文随机选择公布了年度报告的250家公司按照中国证监会于2001年4月4日公布的《上市公司行业分类指引》中的分类标准,对行业进行分类,再按照各个行业的比重,采用SPS13.5分析搜集了以下数据,结果见表1。     

关于上市公司信息披露及时性的初探——以金融类上市机构为例

会计信息披露的及时性是上市公司信息质量的重要特征之一。其研究分为三个部分。首先,理论分析。信息披露的及时性对投资者和证券市场都有较大影响。其次,实证分析。通过对我国金融类上市公司信息披露及时性的现状实证分析,得出结论:年报披露时滞引起的反常收益差异显著。年报披露越及时,年报具有的信息含量越大,市场的反应也越大。及时性具有信息含量。最后,政策建议,针对信息披露的制度设计、渠道以及监管,提出了相应的政策建议。     

公司业绩组合、信息操作与中报的及时性

上市公司管理层在中报披露和预约披露中可能存在信息操作的动机，同时我国上市公司卷入盈余管理的可能性比较大，以至有时并不完全遵循“早些公布好消息，迟些披露坏消息”的规律。本文证实公司业绩组合和信息操作对中报披露和预约披露的及时性有着显著的影响。本文建议进一步减少上市公司信息操作空间和盈余管理行为，提高上市公司信息披露的及时性。     

我国上市公司内部控制信息自愿性披露动机的研究综述

随着《企业内部控制基本规范》的出台,企业内部控制信息的披露开始成为上市公司年度报告披露中的一部分。越来越多的公司自愿选择披露其内部控制信息,其背后的动机是什么呢?本文对国内近几年研究上市公司内部控制信息自愿性披露的文章进行了梳理,以期能够找出上市公司选择进行自愿性内部控制信息披露的真正原因。     

对我国资本市场上会计信息披露的反思

一、我国上市公司会计信息披露存在的问题１会计信息失真。有些公司出于某种目的,在报告会计信息时,有意夸大或缩小客观事实,甚至虚构利润;一些上市公司的盈利预测没有从实际情况出发,致使利润预测数和利润实现数相差太远,给投资者带来误导。２信息披露不及时。在股票市场上,如果公司信息披露缺乏及时性,则无异于为内幕交易和操纵市场行为创造良机,从而使中小投资者利益受损。有鉴于此,保证会计信息披露的及时性是上市公司的责任。当前,我国上市公司的上市公告书和定期报告的披露有较大改善,基本上能在规定的时间内亮相,但临时报告披露的及…     

Timeliness of corporate and audit reports: Some empirical evidence in the French context

The issue of timeliness of financial reporting, an important qualitative characteristic of accounting information, has received much attention from regulatory and professional bodies in France in recent years. The increasing presence of international investors, particularly from the US, on the Paris Stock Exchange adds to the importance of this issue. The timeliness of corporate and audit reports in the French context is analyzed by examining the trend in reporting delay of companies, the effect that qualified reports have on the timeliness of corporate reporting, and the relationship between reporting behavior and types of audit reports over a 10-year period. The data are taken from more than 5000 annual reports of French publicly held companies for the years 1986-1995. These bear witness to an improvement in timeliness of corporate and audit reports. This improvement is greater for reports from consolidated accounts of groups than those from annual accounts of companies. There is also evidence that qualified audit opinions were released later than unqualified opinions and that, in general, the more serious the qualification, the greater the delay.     

To Be or Not Be …'Too Late': The Case of the Belgian Semi-annual Earnings Announcements

In this study, we demonstrate that the average reporting lag of Belgian interim reports is large but has decreased slightly over the years 1991–1998. Contrary to US findings, we show that the disclosure of interim reports containing bad (good) news is not systematically delayed (speeded up). Interim reports are value relevant since good (bad) news, according to a naïve earnings expectations model, induces positive (negative) abnormal returns. The 'short term' timeliness of the information disclosure, however, seems not to matter at all.     

Audit and reporting delays: Evidence from an emerging market

This article reports the results of an empirical investigation of the timeliness of annual reports of an unbalanced panel of 231 firms-years of financial and nonfinancial companies listed on the Bahrain Stock Exchange. It is found that the determinants of timeliness of annual reporting are company size, profitability, and leverage. No evidence was found to support the effect of accounting complexity or auditor type (Big Four or non-Big Four). Furthermore, the corporate governance proxies were found to be the determinants of the period between the auditors' signature dates and the publication dates.     

企业业绩组合 业绩差异与季报披露的时间选择——管理层信息披露的组合动机与信息操作

本文主要考察企业业绩组合、业绩差异与季报披露的时间选择之间的关系以及季报披露时间的信息内涵。实证研究显示,上年年报和一季度季报均为“好消息”,一季度每股收益、净资产收益率和主营业务利润率高的上市公司季报披露时间间隔大;上年年报为“好消息”而一季度季报为“坏消息”,上年年报为“坏消息”而一季度季报为“好消息”,上年年报和一季度季报均为“坏消息”,一季度每股收益比上年度高的上市公司季报披露时间间隔小。这可能是由于一季度季报和上年年报均要求在4月30日之前披露的特殊性,上市公司管理层在信息披露的过程中可能存在组合动机与信息操作行为,一季度季报披露的时间选择可能关键取决于上年年报和一季度季报披露的“好消息”或“坏消息”带来的积极影响或消极影响的组合与权衡。     

媒体记者与公司管理层沟通提高了新闻报道质量吗?——基于公司调研活动的实证研究

本文以2007-2019年媒体记者参与的上市公司调研活动作为研究对象,实证检验了媒体记者与公司管理层直接沟通对媒体报道质量的影响。实证结果表明,调研媒体的报道语气整体更加乐观,集中体现在公司公布坏消息的情形之下。此外,仅当公司公布好消息时调研媒体的报道信息含量更高,而当公司公布坏消息时调研媒体的报道信息含量与非调研媒体没有显著差别。以上结果表明,媒体记者同管理层沟通后信息的阐述方式视调研所获取信息的性质而有所不同。进一步研究发现,分析师、机构投资者或者记者同行的共同参与,以及良好的公司信息环境能够帮助调研媒体改善新闻报道质量。参与公司调研是媒体维持和拓展经济业务的重要途径。在使用处理效应模型纠正变量自选择偏差及一系列其他稳健性检验之后,研究结论仍然成立。本文为媒体记者和上市公司管理层直接沟通所带来的经济后果提供了经验证据。     

Operating cash flow asymmetric timeliness in Australia

Operating cash flow (CFO) asymmetric timeliness occurs when CFO reflects bad news more quickly than good news. We examine the presence and determinants of CFO asymmetric timeliness in Australia, where substantial differences in reporting requirements of cash flow components, in characteristics of listed companies and in the degree of conservative financial reporting produce contrasting findings to those in the United States. We find supportive evidence for the novel ‘sticky cost behaviour’ explanation and also the product-pricing strategy, but not the life cycle hypothesis. These findings are useful for investors and analysts concerned with forecasting the future values of companies.     

THE TIMELINESS OF CORPORATE REPORTING: A COMPARATIVE STUDY OF SOUTH ASIA

This study examines the timeliness of corporate annual reporting in three South Asian countries, namely, Bangladesh, India and Pakistan. Based on a large sample of 558 annual reports for the year 1998, it is found that around 90% of the companies’ balance sheet end date falls in June and December in Bangladesh, March in India, and June and September in Pakistan. The audit lag is 162 days, 92 days and 145 days in Bangladesh, India and Pakistan, respectively. While the audit lag, preliminary lag and total lag are significantly lower in India compared to Bangladesh and Pakistan, a substantial proportion of companies take more time than allowed by the Companies Act in each country. A multivariate regression analysis indicates that financial year-end date is a significant determinant in each country. The size of the audit firm, as measured by the factor loading of audit fees, number of reporting entity audited by an audit firm and international linkage, indicates large audit firms take significantly less time in India and Pakistan. Profitability and corporate size are significant determinants only in Pakistan. There is no statistical evidence to support monitoring hypothesis, as proxied by Zmijeski’s financial condition index. The 2nd stage regression results suggests that only audit lag is significantly associated with the time taken by companies to submit their annual reports to the Stock Exchange and to hold the annual general meeting in each country. The results suggest that timeliness can be improved by reducing the delays in verifying the year-end accounts. Possible explanations for these findings along with limitations and implications are provided.     

The effect of board composition on the informativeness and quality of annual earnings: Empirical evidence from Greece

This study examines how the informational quality of annual accounting earnings, varies according to the size and composition of the board of directors of publicly listed firms within the Greek capital market. Data analysis over a period of five years (2000-2004) revealed that the informativeness of annual accounting earnings is positively related to the fraction of outside directors serving on the board, but it is not related to board size. Additionally, firms with a higher proportion of outside board members proved to be more conservative when reporting bad news but on the contrary they do not display greater timeliness on the recognition of good news. Finally, firms with a higher proportion of outside directors report earnings of higher quality compared to firms with a low proportion of outside directors. Our results are robust to several sensitivity tests controlling for endogeneity, firm's fixed effects and alternative models for the estimation of discretionary accruals.     

Do significant risk warnings in annual reports increase corporate bond credit spreads? Evidence from China

Based on listed companies issuing bonds on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2017, this study analyzes the relationship between significant risk warnings in Chinese companies’ annual reports and corporate bond credit spreads. The main findings are as follows. First, in the Chinese market, “substantial warnings of significant risks” can significantly improve corporate bond credit spreads, reflecting the risk-warning effect; second, state-owned property rights weaken this effect, which only pertains to listed companies with poor risk management and low information quality; third, significant risk warnings increase investors’ heterogeneous beliefs, also affecting credit spreads; and fourth, through textual analysis, it is found that the corporate bond credit spread is greater when the disclosed risk factors are more pessimistic and less similar to those of the previous year. The findings of this paper help to enrich the literature on credit spreads and risk disclosure.