信息披露组合动机及时性差异.docVIP

信息披露组合动机与及时性差异 唐跃军邵燕敏 （1.复旦大学管理学院，上海 200433；2.中国科学院数学与系统科学研究院，北京 100080） 摘要：本文将主要考察年报和一季度季报披露中存在的组合动机对年报和一季度季报披露及时性差异的影响。研究发现：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和信息操作，这使得（1）在一季度季报为“好消息”的情况下，相对于年报为“坏消息”，年报为“好消息”时一季度季报披露更为及时；（2）在年报为“好消息”的情况下，相对于一季度季报为“坏消息”，一季度季报为“好消息”时年报披露更为及时；（3）在一季度季报为“坏消息”的情况下，相对于年报为“坏消息”，年报为“好消息”时一季度季报披露更为及时。年报和一季度季报的披露时间选择可能关键取决于年报和一季度季报披露的“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。 关键词：组合动机；信息操作；及时性；好消息；坏消息 作者简介：唐跃军，管理学博士，复旦大学管理学院讲师，研究方向：公司治理与战略管理邵燕敏，中国科学院数学与系统科学研究院博士研究生，研究方向：金融预测。 中图分类号：F276 文献标识码：A Abstract: In this paper, we mainly examine the impacts of combinatorial motivation in disclosure of annual financial reports and first quarter financial reports on timeliness difference of annual financial reports and first quarter financial reports. Empirical researches indicate that (1) listed companies with good news in last year disclosure first quarter financial reports earlier than listed companies with bad news in last year under the condition of listed companies with good news in first quarter; (2) listed companies with good news in first quarter disclosure annual financial reports earlier than listed companies with bad news in first quarter under the condition of listed companies with good news in last year; and (3) listed companies with good news in last year disclosure first quarter financial reports earlier than listed companies with bad news in last year under the condition of listed companies with bad news in first quarter 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. The disclosure timing of annual financial reports and first quarter financial reports 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 i