中国上市公司会计信息披露的及时性研究
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摘要
会计信息作为市场信息的重要组成部分,其质量的高低对市场监管、投资者行为都具有十分重要的作用。“及时性”是会计信息质量特征体系的重要质量标准,一直以来是会计领域研究的重要范畴。本文对及时性的研究主要分为三个部分。
第一部分,针对我国资本市场情况对及时性质量标准的理论分析。(1)我国证券市场信息披露制度的演进对及时性的影响。(2)会计信息质量特征体系中及时性与其他质量属性的关系。(3)及时性对市场的作用。
第二部分,及时性实证分析部分。本文选取了2002～2004年深沪两市上市公司年报数据,以上市公司年报时滞作为及时性的替代变量,对我国会计信息及时性的整体状况进行分析。(1)及时性的描述分析。本文利用样本数据绘制了年报时滞统计表,计算各年样本公司年报时滞和年报时滞系数的均值、最大值和最小值等统计量,结果显示目前上市公司会计信息的及时性状况不容乐观。(2)及时性信息含量分析。对及时性信息含量的讨论本文采用事件研究方法,主要针对非正常收益和累积非正常收益的变化来衡量。分析结果显示披露越早的公司其市场反应越显著。(3)影响及时性的因素分析。本文采用非参数检验和构建多元回归模型的方法分析不同变量对年报时滞的作用,以确定不同因素对及时性的影响。分析结果验证了审计意见、未预期盈余等变量对及时性具有显著影响的研究假设。
第三部分,实证结论的拓广分析。在上文理论分析和实证分析的基础上,本文结合我国证券市场情况,针对证券监管机构基础性信息披露制度设计和监管、及时性对投资者的预示作用以及上市公司多元信息披露渠道的开辟等方面进行了进一步探讨。
There is a close relationship between the disclosure requirement for annual reporting and the information quality. For a long time, we have been sort of adequate discussion on timeliness. This paper falls into three parts.The first part is focused on analysis of timeliness which is the main quality of periodical information disclosure of listed companies. (1) This paper analyzes the regulations and their effects on the timeliness in securities market. (2) The balance of relationship of timeliness and other characters is dynamically adapted to the various stages of capital market development. (3) The action of timeliness on securities market.The second part uses the reporting lag as the substitute for annual report timeliness and analyzes the elements affecting the reporting lag empirically. The event study is used and the test procedure is conducted by simulating a random sample selection. This part focus as follows: (1) The description analysis of timeliness. (2) Information content of timeliness. (3) Analyzing some factors which maybe impact on timeliness.On the basis of theoretical and empirical analysis, this paper comes to a conclusion. And this paper point out some advices that could effectively improve the timeliness of the annual report of Chinese listed companies.
第一部分,针对我国资本市场情况对及时性质量标准的理论分析。(1)我国证券市场信息披露制度的演进对及时性的影响。(2)会计信息质量特征体系中及时性与其他质量属性的关系。(3)及时性对市场的作用。
第二部分,及时性实证分析部分。本文选取了2002～2004年深沪两市上市公司年报数据,以上市公司年报时滞作为及时性的替代变量,对我国会计信息及时性的整体状况进行分析。(1)及时性的描述分析。本文利用样本数据绘制了年报时滞统计表,计算各年样本公司年报时滞和年报时滞系数的均值、最大值和最小值等统计量,结果显示目前上市公司会计信息的及时性状况不容乐观。(2)及时性信息含量分析。对及时性信息含量的讨论本文采用事件研究方法,主要针对非正常收益和累积非正常收益的变化来衡量。分析结果显示披露越早的公司其市场反应越显著。(3)影响及时性的因素分析。本文采用非参数检验和构建多元回归模型的方法分析不同变量对年报时滞的作用,以确定不同因素对及时性的影响。分析结果验证了审计意见、未预期盈余等变量对及时性具有显著影响的研究假设。
第三部分,实证结论的拓广分析。在上文理论分析和实证分析的基础上,本文结合我国证券市场情况,针对证券监管机构基础性信息披露制度设计和监管、及时性对投资者的预示作用以及上市公司多元信息披露渠道的开辟等方面进行了进一步探讨。
There is a close relationship between the disclosure requirement for annual reporting and the information quality. For a long time, we have been sort of adequate discussion on timeliness. This paper falls into three parts.The first part is focused on analysis of timeliness which is the main quality of periodical information disclosure of listed companies. (1) This paper analyzes the regulations and their effects on the timeliness in securities market. (2) The balance of relationship of timeliness and other characters is dynamically adapted to the various stages of capital market development. (3) The action of timeliness on securities market.The second part uses the reporting lag as the substitute for annual report timeliness and analyzes the elements affecting the reporting lag empirically. The event study is used and the test procedure is conducted by simulating a random sample selection. This part focus as follows: (1) The description analysis of timeliness. (2) Information content of timeliness. (3) Analyzing some factors which maybe impact on timeliness.On the basis of theoretical and empirical analysis, this paper comes to a conclusion. And this paper point out some advices that could effectively improve the timeliness of the annual report of Chinese listed companies.
引文
[1] 财政部.企业会计准则2006.北京:经济科学出版社,2006
[2] 张维迎.博弈论与信息经济学.上海:人民出版社,1996年3月
[3] 赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据.经济研究,1998年第7期
[4] 陈晓,陈小悦.A股盈余报告的有用性研究—来自上海,深圳股市的实证证据.经济研究,1999年第6期
[5] 陈向民.公司定期报告的及时性研究——理论和实证方法的探索.[博士学位论文].厦门:厦门大学,2001
[6] 陈汉文等.盈余报告的及时性:来自中国股票市场的经验证据.当代财经,2004年第4期
[7] 王化成等.年度盈余披露的及时性与市场反应——来自沪市的证据.审计研究,2004年第4期
[8] 李维安.未预期盈利、非标准审计意见与年报披露的及时性——基于2000—2003年上市公司数据的实证研究.管理评论,2005年第3期
[9] 杨世忠.会计信息质量特征课题报告.2005
[10] 刘仲文.会计信息质量特征的国际比较与借鉴.2005
[12] 卢纹岱.SPSS For Windouws统计分析(第2版).北京:电子工业出版社,2004
[13] 刘少波.证券投资学.广州:暨南大学出版社,2003
[14] 理查德 A.布雷利,斯图尔特C.迈尔斯.公司财务原理.第七版.范龙振译.北京:机械工业出版社,2004
[15] 斯蒂芬A.罗斯.公司理财.第五版.吴世农译.北京:机械工业出版社,2000
[16] 薛祖云,吴东辉.定期报告预约披露日期的信息含量.财会通讯(学术版),2004年第1期
[17] 王竹泉.利益相关者会计行为的分析.会计研究,2003年第10期
[18] 王建玲,张天西.基于信息质量理论的财务报告及时性研究.当代经济科学,2005年9月
[19] 王建玲.上市公司年度报告及时性与审计意见.预测,2004年第4期
[20] 胡智强,陆明.论证券信息披露的及时性原则.安徽大学学报,2004年7月
[21] Atiase, R.K. and L.S. Bamber. Trading Volume Reactions to Annual Accounting Earnings Announcements-The Incremental role of Predisclosure Information asymmetry. Journal of Accounting and Economics, 1994
[22] Chambers A., and S. Penman. Timeliness of reporting and the stock price reaction to earnings announcements. Journal of Accounting Research, 1984
[23] Gongmeng Chen, Louis T.W. Cheng and Ning Gao. Information Content and Timing of Earnings Announcements. Journal of Business Finance and accounting, 2005
[24] Bamber L.S. Unexpected Earnings, Firm Size, and Trading volume Around Quarterly Earnings Announcements. The Accounting Review, 1987
[25] Abarbanell, J.S, Bushee, B.J. Analysis, Future Earnings and Stock Prices. Journal of Accounting Research, 1997
[26] Bamber O. Barron, T. Stober. Trading volume and different aspects of disagreement co-incident with earnings announcements. The Accounting Review , 1997
[27] Stephen A. Ross. Corporate Finance. China Machine Press, 2002
[28] Bamber L. S., Y. S. Cheon. Differential price and volume reactions to accounting earnings announcements. The Accounting Review, 1995
[29] Graham R. C., King R. D. Industry information transfers: the effect of information environment.Journal of Business. Finance and Accounting, 1996
[30] Kim J. B., Lee J., Park T.H. Transaction Responses to Analysts' Earnings Forecasts, News Types and Trader Type. Journal of Business Finance & Accounting, 1996
[31] Kim O., R. E. Verrecchia J. Trading volume and price reactions to public announcements. J.Accounting Res, 1991
[32] Kross W., D. Schroeder. An empirical investigation of the effect of quarterly earnings announcement timing on stock returns. Journal of Accounting Research , 1984
[33] Lobo G., S. Tung. Relation between predisclosure information asymmetry and trading volume reaction around quarterly earnings announcements. J. Bus. Finance & Accounting, 1997
[34] Morse D. Price and Trading Volume Reaction Surrounding Earnings Announcements: A Closer Examination. Journal of Accounting Research, 1981
[35] Pope P., Inyangete C. Differential information, the variability of UK stock returns, and earnings announcements. Journal of Business Finance and Accounting, 1992
[36] Shores D. The association between interim information and security returns surrounding earnings announcements. Journal of Accounting Research, 1990
[37] Foster, George, Olsen, Chris, Shevlin, Terry. Earnings Releases, Anomalies, and the Behavior of Security Returns. Accounting Review, 1984
[38] S.P.Kothari, Jerold L.Zimmerman. Price and Return Models. Journal of Accounting and Economics, 1995
[39] Sudipta Basu. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 1997
[40] Charles J.P.Chen, Shimin Chen, Xijia Su. Is accounting information value-relevant in the emerging Chinese stock market? Journal of International Accounting Auditing and taxation, 2001
[2] 张维迎.博弈论与信息经济学.上海:人民出版社,1996年3月
[3] 赵宇龙.会计盈余披露的信息含量—来自上海股市的经验证据.经济研究,1998年第7期
[4] 陈晓,陈小悦.A股盈余报告的有用性研究—来自上海,深圳股市的实证证据.经济研究,1999年第6期
[5] 陈向民.公司定期报告的及时性研究——理论和实证方法的探索.[博士学位论文].厦门:厦门大学,2001
[6] 陈汉文等.盈余报告的及时性:来自中国股票市场的经验证据.当代财经,2004年第4期
[7] 王化成等.年度盈余披露的及时性与市场反应——来自沪市的证据.审计研究,2004年第4期
[8] 李维安.未预期盈利、非标准审计意见与年报披露的及时性——基于2000—2003年上市公司数据的实证研究.管理评论,2005年第3期
[9] 杨世忠.会计信息质量特征课题报告.2005
[10] 刘仲文.会计信息质量特征的国际比较与借鉴.2005
[12] 卢纹岱.SPSS For Windouws统计分析(第2版).北京:电子工业出版社,2004
[13] 刘少波.证券投资学.广州:暨南大学出版社,2003
[14] 理查德 A.布雷利,斯图尔特C.迈尔斯.公司财务原理.第七版.范龙振译.北京:机械工业出版社,2004
[15] 斯蒂芬A.罗斯.公司理财.第五版.吴世农译.北京:机械工业出版社,2000
[16] 薛祖云,吴东辉.定期报告预约披露日期的信息含量.财会通讯(学术版),2004年第1期
[17] 王竹泉.利益相关者会计行为的分析.会计研究,2003年第10期
[18] 王建玲,张天西.基于信息质量理论的财务报告及时性研究.当代经济科学,2005年9月
[19] 王建玲.上市公司年度报告及时性与审计意见.预测,2004年第4期
[20] 胡智强,陆明.论证券信息披露的及时性原则.安徽大学学报,2004年7月
[21] Atiase, R.K. and L.S. Bamber. Trading Volume Reactions to Annual Accounting Earnings Announcements-The Incremental role of Predisclosure Information asymmetry. Journal of Accounting and Economics, 1994
[22] Chambers A., and S. Penman. Timeliness of reporting and the stock price reaction to earnings announcements. Journal of Accounting Research, 1984
[23] Gongmeng Chen, Louis T.W. Cheng and Ning Gao. Information Content and Timing of Earnings Announcements. Journal of Business Finance and accounting, 2005
[24] Bamber L.S. Unexpected Earnings, Firm Size, and Trading volume Around Quarterly Earnings Announcements. The Accounting Review, 1987
[25] Abarbanell, J.S, Bushee, B.J. Analysis, Future Earnings and Stock Prices. Journal of Accounting Research, 1997
[26] Bamber O. Barron, T. Stober. Trading volume and different aspects of disagreement co-incident with earnings announcements. The Accounting Review , 1997
[27] Stephen A. Ross. Corporate Finance. China Machine Press, 2002
[28] Bamber L. S., Y. S. Cheon. Differential price and volume reactions to accounting earnings announcements. The Accounting Review, 1995
[29] Graham R. C., King R. D. Industry information transfers: the effect of information environment.Journal of Business. Finance and Accounting, 1996
[30] Kim J. B., Lee J., Park T.H. Transaction Responses to Analysts' Earnings Forecasts, News Types and Trader Type. Journal of Business Finance & Accounting, 1996
[31] Kim O., R. E. Verrecchia J. Trading volume and price reactions to public announcements. J.Accounting Res, 1991
[32] Kross W., D. Schroeder. An empirical investigation of the effect of quarterly earnings announcement timing on stock returns. Journal of Accounting Research , 1984
[33] Lobo G., S. Tung. Relation between predisclosure information asymmetry and trading volume reaction around quarterly earnings announcements. J. Bus. Finance & Accounting, 1997
[34] Morse D. Price and Trading Volume Reaction Surrounding Earnings Announcements: A Closer Examination. Journal of Accounting Research, 1981
[35] Pope P., Inyangete C. Differential information, the variability of UK stock returns, and earnings announcements. Journal of Business Finance and Accounting, 1992
[36] Shores D. The association between interim information and security returns surrounding earnings announcements. Journal of Accounting Research, 1990
[37] Foster, George, Olsen, Chris, Shevlin, Terry. Earnings Releases, Anomalies, and the Behavior of Security Returns. Accounting Review, 1984
[38] S.P.Kothari, Jerold L.Zimmerman. Price and Return Models. Journal of Accounting and Economics, 1995
[39] Sudipta Basu. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics, 1997
[40] Charles J.P.Chen, Shimin Chen, Xijia Su. Is accounting information value-relevant in the emerging Chinese stock market? Journal of International Accounting Auditing and taxation, 2001
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