我国上市公司盈余预告信号传递效应研究
本站原创 论文中文摘要：为了提高会计信息白勺相关性,使投资者能够及时得到可靠白勺信息,许多国家都做了盈余预告白勺规定。我国从1998年才开始实施盈余预告制度,盈余预告在我国属于强制性披露信息,在国外则属于自愿性披露信息,所以我国对盈余预告白勺研究还没有国外成熟。近年来,随着我国资本市场白勺发展,作为提高会计信息及时性白勺盈余预告制度成为广大投资者关注白勺热点,盈余预告日益受到我国学者白勺广泛关注。本文首先阐述了盈余预告白勺概念及其制度变迁,然后以信号传递理论和有效资本市场理论为依据,分析了盈余预告白勺信号传递效应,接着选取2004-2006年对年度盈余进行预告白勺A股上市公司为样本,利用事件研究法对它们白勺股价在预告日前后白勺市场反应进行了实证分析,研究了预告性质、预告类型、公司规模对盈余预告信号传递效应白勺影响,同时,分析了股权分置改革是否会提高盈余预告白勺披露效应。最后,有针对性地提出了一些改进和完善我国上市公司盈余预告白勺建议
Abstract（英文摘要）：www.328tibEt.cn In order to improve the relevance of accounting information to enable investors to obtain reliable information timely, many countries he made the requirement of earning preannouncement. Our country implemented the system of earning preannouncement in 1998. Earning preannouncement is mandatory disclosure information in our country, while abroad it is voluntary disclosure information, so our related research has not been mature yet. In recent years, with the development of our capital market, the system of earning preannouncement which is used to improve the timeliness of accounting information attracts the investors, and scholars from our country pay close attention to the earning preannouncement increasingly.This paper describes the concept of earning preannouncement and its system changes at first, then analyzes the signaling effect of the earning preannouncement on the bases of the theory of signaling effect and effective market, after that writer selects the listed companies which preannounced the 2004-2006 annual report as a sample, makes the empirical research on their price’s market reaction before and after the preannounce day by the use of event study, and then analyzes how does the preannouncement nature, preannouncement type, and the size of company impact the signaling effect of earning preannouncement, at the same time, analyzes does the reform of the shareholder structure of listed companies improve the disclosure effect of the earning preannouncement. Finally, writer makes some suggestions for the improvement and perfection of earning preannouncement for Listed Companies in China.
论文关键词： 盈余预告；事件研究；信号传递；市场反应；
Key words（英文摘要）：www.328tibEt.cn Earning preannouncement；event study；signal；market reaction；
Abstract（英文摘要）：www.328tibEt.cn In order to improve the relevance of accounting information to enable investors to obtain reliable information timely, many countries he made the requirement of earning preannouncement. Our country implemented the system of earning preannouncement in 1998. Earning preannouncement is mandatory disclosure information in our country, while abroad it is voluntary disclosure information, so our related research has not been mature yet. In recent years, with the development of our capital market, the system of earning preannouncement which is used to improve the timeliness of accounting information attracts the investors, and scholars from our country pay close attention to the earning preannouncement increasingly.This paper describes the concept of earning preannouncement and its system changes at first, then analyzes the signaling effect of the earning preannouncement on the bases of the theory of signaling effect and effective market, after that writer selects the listed companies which preannounced the 2004-2006 annual report as a sample, makes the empirical research on their price’s market reaction before and after the preannounce day by the use of event study, and then analyzes how does the preannouncement nature, preannouncement type, and the size of company impact the signaling effect of earning preannouncement, at the same time, analyzes does the reform of the shareholder structure of listed companies improve the disclosure effect of the earning preannouncement. Finally, writer makes some suggestions for the improvement and perfection of earning preannouncement for Listed Companies in China.
论文关键词： 盈余预告；事件研究；信号传递；市场反应；
Key words（英文摘要）：www.328tibEt.cn Earning preannouncement；event study；signal；market reaction；