业绩快报的信息含量:经验证据与政策含义

业绩快报是上市公司2004年报披露中的一项制度创新。本文旨在研究业绩快报是否具有信息含量,以及业绩快报的披露是否会减少盈利公告的有用性。我们选取了2005年1月至4月间披露的70份2004年度业绩快报作为样本进行了实证研究。研究结果表明:业绩快报的披露提高了会计信息质量;业绩快报具有显著信息含量;业绩快报的披露并没有减少盈利公告的信息含量,是盈利公告的一种有益补充形式,值得提倡和推广。

The Information Content of Preliminary Earnings Estimate: Empirical Evidences and Policy Suggestions

Reporting preliminary earnings estimate is an institutional innovation in the disclosures of 2004's annual reports of listed companies.This paper investigates whether preliminary earnings estimate has information content and whether the disclosures of preliminary earnings estimate reduce the usefulness of earnings announcements.We select 70 samples of 2004's annual preliminary earnings estimate disclosed between January and April 2005 to do the empirical research.The results show that the disclosures of preliminary earnings estimate improve the quality of accounting information,and preliminary earnings estimate has significant information content.We also find a significant positive relation between the absolute abnormal return on the day preliminary earnings estimate disclosed and that on the day earnings announcement made.We conclude that the disclosures of preliminary earnings estimate do not reduce information content of earnings announcements,it's a useful type of complementary disclosure to earnings announcement,and it deserves advocating.So we suggest that the scope of listed companies required to disclose preliminary earnings estimate should be extended from small & mid-caps to all listed companies in order to improve the timeliness of periodical reports.