CAJ | 학술논문

上市公司披露的年度报告是投资者的重要投资依据，年报披露时间直接影响到披露信息的时效性。以中国A股市场上市公司2004--2006年年报披露时间为研究对象，从投资者对信息的需求、信息披露成本、会计操作难度三个角度研究了上市公司年报披露时问的决定因素。研究结果表明：投资者对上市公司披露信息的需求强烈，独立董事比重高时，年报披露时间较早；上市公司会计操作复杂、信息披露专有性成本或者非流通股比例较高时，年报披露时间较晚；此外，我国上市公司仍然普遍存在“坏消息”晚披露的现象。这说明我国应当进一步加强对年报披露的监管工作，适当压缩年报披露期限，提高上市公司延迟披露“坏消息”的成本。
상시공사피로적년도보고시투자자적중요투자의거，년보피로시간직접영향도피로신식적시효성。이중국A고시장상시공사2004--2006년년보피로시간위연구대상，종투자자대신식적수구、신식피로성본、회계조작난도삼개각도연구료상시공사년보피로시문적결정인소。연구결과표명：투자자대상시공사피로신식적수구강렬，독립동사비중고시，년보피로시간교조；상시공사회계조작복잡、신식피로전유성성본혹자비류통고비례교고시，년보피로시간교만；차외，아국상시공사잉연보편존재“배소식”만피로적현상。저설명아국응당진일보가강대년보피로적감관공작，괄당압축년보피로기한，제고상시공사연지피로“배소식”적성본。
Annum reports is the important investment basis of the investors, the disclosing time of annual reports affects the timeliness of information. By the samples of listed companies in China＇s A - share stock market from the period of 2004 - 2006, this paper studies the determinants of annuual reports disclosing time from the demands of investors, information disclose cost and the complexity in accounting. The empirical result shows that the annual - report - date is shorter for the firms facing greater information demands from investors and the high percentage of the independent director; the annum - report - date is later for the firms with complex accountings, high disclosure proprietary cost and the high percentage of nn -circulated stock, and the phenomenon of later release bad news is still existed in China. It shows that the monitoring department has to enhance the governance of annual reports, bring forward the release date of annum reports and improve the cost of delaying disclosure of the ＂bad news＂.