摘要
本文以2003-2009年A股上市公司为样本,研究发现上市公司在进行年报盈余信息披露时存在时机选择。我们将密集披露日、与一季报重叠披露日以及周末时间界定为投资者关注水平低的时机。实证结果表明:与好公司相比,业绩较差的公司更倾向于在投资者注意力低的时机披露年报,其中,选择与一季报重叠时段进行年报披露的倾向最大,其次是选择信息披露密集的时期。本文还分析了不同时间段年报披露被关注程度及所带来的异常交易量,发现在低注意力时期进行披露的公司被投资者关注的程度较低,异常交易量也较低,说明上市公司存在利用投资者注意力的有限性择时披露年报信息以达到缓解负面信息影响的行为。
We study how the Chinese listed firms timing earnings report with the sample of Chinese A-share listed firms between 2003 and 2009. We identify three types of date when investors＇ attention is low, the days that a great number of firms release report, annual financial reports release overlapping with first quarterly financial reports and release on Friday or Saturday. The results show that compare with good performance firms, poor ones would like to disclose on the three types of low-attention date, while the poor performance firms propone to disclose more on days overlap with the first quarterly reports, then on the days that large number of firms release report, and on Friday or Saturday. We then use Baidu Search as the proxy of investor attention and find that the attention paid to the earnings announcement firms is significantly low in the three types of days, and furthermore, the abnormal trading volume is also low in the low attention date, which means that the firms can reduce the negative effect of bad news by disclosing on low attention days.
出处
《管理评论》
CSSCI
北大核心
2012年第12期146-155,共10页
Management Review
基金
国家自然科学基金项目(70872111
71071166)
国家自然科学基金创新群体项目(70921001)
关键词
有限注意
信息披露
年报
择时
limited attention, information disclosure, annual financial report, timing
