CAJ | 학술논문

近年来由于信息披露而导致股东与上市公司之间的诉讼案例时有发生并引起研究者关注，本文使用2004年1季度到2007年4季度中国A股上市公司的样本数据，检验了公司诉讼风险对管理层盈余预告披露精确性、及时性选择的影响。根据研究结论，本文建议监管部门出台相应政策，降低高质量盈余预告的诉讼风险和成本，并对故意误导投资者的低质量的盈余预告行为加大惩罚力度，实现上市公司与投资者的利益共赢及盈余预告制度设置的初衷。
근년래유우신식피로이도치고동여상시공사지간적소송안례시유발생병인기연구자관주，본문사용2004년1계도도2007년4계도중국A고상시공사적양본수거，검험료공사소송풍험대관리층영여예고피로정학성、급시성선택적영향。근거연구결론，본문건의감관부문출태상응정책，강저고질량영여예고적소송풍험화성본，병대고의오도투자자적저질량적영여예고행위가대징벌력도，실현상시공사여투자자적이익공영급영여예고제도설치적초충。
Using the data from the 1 st quarter of 2004 to the 4th quarter of 2007 year of A listed company in China, this study tests the effect of corporate litigation risk to the selection of management earnings forecast precision, bias, and timelyness. We suggest that the securities supervision institute establish relevant policy to decrease the litigation risk of high quality earnings forecast, and to punish the low quality earnings forecast that will deliberately mislead the investors. So the listed companies and the investors can win profit together, and achieve the goal of earning forecast.