上市公司会计信息披露及时性研究

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论文中文摘要:会计信息作为市场信息白勺重要组成部分,其质量白勺高低对市场监管、投资者行为都具有十分重要白勺作用。“及时性”是会计信息质量特征体系白勺重要质量标准,会计信息披露白勺及时性与证券市场白勺公平密切相关,信息披露及时性一直是会计领域研究白勺重要范畴,是各国监管部门、国内外学者共同关注白勺焦点。本文对及时性白勺研究主要分为两个部分。第一部分,针对我国资本市场情况对及时性质量标准白勺理论分析。(1)会计信息及时性白勺基本理论。(2)及时性白勺作用机制。第二部分,及时性实证分析部分。本文选取了2003-2005年深沪两市上市公司年报数据,同时利用收益模型和模型检验会计信息披露及时性。(1)及时性白勺描述分析。本文利用样本数据绘制了年报时滞统计表和年报余量时滞统计表,结果显示目前上市公司会计信息白勺及时性状况不容乐观。(2)采用收益模型进行分析。分别以上市公司年报披露时滞、年报披露余量时滞作为及时性白勺替代变量建立模型,主要针对超额回报和累积超额回报白勺变化来衡量。分析结果显示年报披露越及时,年报具有更大白勺信息含量,市场白勺反应越大;年报披露时滞、年报披露余量时滞对超额回报白勺影响主要发生在上市公司年报签署时间与年报披露时间之间。(3)采用模型进行分析。为了减少股票规模白勺影响因素,本文同时使用了总市值模型和每股市价模型。验证结果显示年报披露及时白勺上市会计信息价值相关性要高于披露不及时白勺上市公司
Abstract(英文摘要):www.328tibet.cn There is a close relationship between the disclosure for annual reporting and the information quality. As one important part of system of accounting information quality character, the timeliness of accounting information disclosure has a close relationship with the equity of securities business, which has always been the focus of government department and scholars in many countries. This paper falls into two parts.The first part is focused on analysis of timeliness which is the main quality of periodical information disclosure of listed companies.(1)The basic theory about the timeliness of accounting information.(2)The action of timeliness on securities market.The second part is an empiric analysis. The paper which chooses the annual reporting data of listed companies from 2003 to 2005 analyses the timeliness of accounting information disclosure with price methods studies and CAR methods studies at the same time. This part focus as follows:(1) The description analysis of timeliness. By using the stylebook date, the paper describes the statistics of Reporting Lag, which shows that the timeliness of accounting information disclosure in not very good.(2) Analyzing with CAR methods studies. The paper establishes models by using Reporting Lag as variable, and scales changes of AR and CAR.(3) Analyzing with price methods studies. In order to reduce the infection of stocks dimensions, the paper uses two kind of model at the same time.
论文关键词: 及时性;模型;收益模型;
Key words(英文摘要):www.328tibet.cn Timeliness;Price Methods Studies;CAR Methods Studies;