中国上市公司自愿性业绩预告的影响因素研究.docVIP

PAGE PAGE 24 中国上市公司自愿性业绩预告的影响因素研究 摘要： 由于企业会计报告日和报告所反映的会计期间存在着时间差，为了防止管理层利用信息优势进行内部交易，损害中小投资者的利益，我国在1998年出台了年度业绩预告制度，该制度在之后的实施过程中不断地得以发展和完善。 我国的业绩预告是自愿性和强制性相结合的，近些年来，越来越多不需要发表业绩预告的上市公司选择了发表业绩预告，是什么原因促使了这些上市公司发布业绩预告？本文以2007年至2013年不需要发布业绩预告而发布了业绩预告的上市公司数据为样本，实证分析了公司特征和公司治理对我国上市公司业绩预告动机的影响。结果发现，公司规模越大，其管理层自愿披露业绩预告的意愿越弱；而高盈利能力则可以增加上市公司自愿披露业绩预告的概率；CEO与董事长两职合一的公司，更愿意自愿披露业绩预告。 关键词： 业绩预告自愿性披露影响因素 An Empirical Study on Voluntary Earning Preannouncement of China’s Listed Companies and Its Influencing Factors Abstract: The earning preannouncement system was established in 1998 with a view to reduce management opportunism and alter or establish an earning expectation from external investors. This disclosure system has been gradually improved and refined under the continuously changing business environment. The earning preannouncement system is partly compulsory. Although it is costly to produce and disclose such information, an increasing number of companies that are not obliged to disclose choose to make announcement voluntarily. What are the incentives for firms to make voluntary earning forecast in China? Using the data of voluntarily made earning preannouncement by Chinese listed companies from 2007-2013, we documents the impact of corporate characteristics and corporate governance on the earning preannouncement incentives in China. This study find that the size is negatively related to the willingness of management’s making earning preannouncement , and higher profitability would increase the possibility of making earning preannouncement, what’s more if CEO and chairman are the same person, the management would be more likely to make earning preannouncement. Keywords: Earning Preannouncement Voluntary Disclosure Influencing factors 一、导论 （一）研究背景及意义 业绩预告是上市公司管理层在正式收益报告公布之前的一个关于收益暂定数的披露。作为我国上市公司应披露的预测性财务信息的一类，业绩预告具有价值判断的特性，它能帮助外部投资者形成或调整对公司股价的预期，改善其在公司多方利益相关者博弈过程中所处的信息劣势地位，使其做出更加理性和科学的决策。另外，业绩预告还起着帮助企业树立良好企业形象，减少资本成本以及降低诉讼风险的作用。 我国业绩预告制度始于1998年,证监会颁布《关于做好上市公司1998年年度报告有关问题的