首页 | 本学科首页   官方微博 | 高级检索  
     检索      

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
引用本文:唐跃军,薛红志.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[J].会计研究,2005,7(10):48-54.
作者姓名:唐跃军  薛红志
作者单位:唐跃军(南开大学公司治理研究中心,300071);薛红志(南开大学商学院,300071)
基金项目:本文受国家自然科学基金项目(70272026)、教育部人文社科重点研究基地重大项目(04JJD630004)和教育部哲学社会科学重大攻关项目(03JZD0018)等资助.
摘    要: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。

关 键 词:季报披露时间间隔  时间选择  企业业绩组合  信息操作  好消息  坏消息

Firm Performance Combination, Firm Performance Difference and Timing of Quarter Reports Disclosure
Abstract:In this paper,we examine the relationship between firm performance combination,firm performance difference and timing of quarter reports disclosure and to probe into information of quarter reports disclosure time on the base of first quarter reports from 2003 to 2004 and annual reports from 2002 to 2003 of Chinese listed companies.We find that ceteris paribus,companies with good news in both last year and first quarter and with higher EPS,ROE and OPE in first quarter,have greater time difference of quarter reports disclosure;companies with good news in last year and bad news in first quarter,or with bad news in last year and good news in first quarter,and higher EPS in first quarter,have less time difference of quarter reports disclosure.Because managers incline to seek the combinatorial disclosure schemes of annual reports and first quarter reports,which have maximal expected positive impacts on stock market and investors.That is to say,managers have some combinatorial motivation and information manipulation in information disclosure.
Keywords:
本文献已被 万方数据 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号