财经问题研究
財經問題研究
재경문제연구
Research On Financial and Economic Issues
2006年
1期
38~44
,共null页
好消息 坏消息 季报预约披露 时间选择 业绩组合 信息操作
好消息 壞消息 季報預約披露 時間選擇 業績組閤 信息操作
호소식 배소식 계보예약피로 시간선택 업적조합 신식조작
good news;bad news;quarter reports precontract disclosure;timing;performance combination;information manipulation
本文构建回归模型并依据中国上市公司数据进行假设检验，考察公司业绩组合（好消息与坏消息的组合）、业绩差异与一季度季报预约披露的时间选择之间的关系以及一季度季报预约披露时间的信息内涵。实证研究显示，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，一季度季报预约披露的时间选择可能关键取决于上年年报和一季度季报预约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。
本文構建迴歸模型併依據中國上市公司數據進行假設檢驗，攷察公司業績組閤（好消息與壞消息的組閤）、業績差異與一季度季報預約披露的時間選擇之間的關繫以及一季度季報預約披露時間的信息內涵。實證研究顯示，由于一季度季報和上年年報均要求在4月30日之前披露的特殊性，上市公司管理層在信息披露的過程中可能存在組閤動機與信息操作行為，一季度季報預約披露的時間選擇可能關鍵取決于上年年報和一季度季報預約披露的好消息或壞消息帶來的積極影響或消極影響的組閤與權衡。
본문구건회귀모형병의거중국상시공사수거진행가설검험，고찰공사업적조합（호소식여배소식적조합）、업적차이여일계도계보예약피로적시간선택지간적관계이급일계도계보예약피로시간적신식내함。실증연구현시，유우일계도계보화상년년보균요구재4월30일지전피로적특수성，상시공사관리층재신식피로적과정중가능존재조합동궤여신식조작행위，일계도계보예약피로적시간선택가능관건취결우상년년보화일계도계보예약피로적호소식혹배소식대래적적겁영향혹소겁영향적조합여권형。
In this paper, we do hypotheses testes with regression models to examine the relationship between firm performance combination （combination of “good news”and “bad news”）, performance difference and timing of first quarter reports precontract disclosure and to probe into information of first quarter reports precontract disclosure time on the data of Chinese listed companies. Empirical researches indicate that timing of first quarter reports precontract disclosure mainly rests with combination and balance of positive effect along with “good news”and negative effect along with “bad news”published in last annual financial reports and in first quarter financial reports because managers have some combinatorial motivation and information manipulation in information disclosure due to last annual financial reports and first quarter financial reports are both required to be published by the end of April 30 of every year.
