文献类型：期刊文献

中文题名：风险信息对年报择时披露的影响研究

英文题名：Research on the Impact of Risk Information on Timing Disclosure of Annual Reports

作者：吕可夫[1];于明洋[1];刘晨[2];阮永平[2]

机构：[1]厦门大学管理学院;[2]华东理工大学商学院,上海市200237

年份：2022

卷号：19

期号：3

起止页码：443

中文期刊名：管理学报

外文期刊名：Chinese Journal of Management

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家自然科学基金资助项目(71672057);国家自然科学基金资助青年科学基金项目(71702104)。

语种：中文

中文关键词：年报风险信息;择时披露;市场反应;估值偏差

外文关键词：annual report risk information;timing disclosure;market reaction;valuation deviation

摘要：基于2000~2019年沪深A股上市公司的年报风险信息披露的数据,探讨管理层对定性信息的策略性披露及其背后动机。实证研究发现,年报风险信息披露越多的公司越会进行择时披露。进一步研究发现,当公司的融资约束越高或者有再融资计划时,其进行择时披露的动机越强。此外,管理层进行择时披露的动机在于降低年报风险信息披露带来的负面市场反应。经济后果检验发现,管理层的择时披露会导致分析师对上市公司盈余预测分歧度增加,并导致上市公司股票长期偏离其内在价值,出现估值偏差的现象。
Based on the data of the annual report risk information disclosure of Shanghai and Shenzhen A-share listed companies from 2000 to 2019,this study explores the managers’ strategic disclosure of qualitative information and the motivation behind it.Empirical research shows that:when the company disclosures more risk information in their annual reports,they will make timing disclosures.Further research suggests that when the company faces higher financing constraints or has a refinancing plan,its motivation for timing disclosure is stronger.Moreover,the motivation of managers for timing disclosure is to reduce the negative market reaction brought by the disclosure of annual report risk information.The economic consequences test indicates that the timing of the managers’ disclosure will increase the degree of divergence between analysts on the earnings forecasts of listed companies,and lead to the long-term deviation of listed company stocks from their intrinsic value.