【摘要】 鉴于信息披露及时性的重要,本文将主要基于国外的相关研究和中国股市及上市公司的特征,提出五个研究假设,然后构建回归模型,依据2000-2003年中国上市公司年报数据进行假设检验,考察未预期盈利、非标准审计意见与年报披露及时性之间的关系。在控制了上市公司财务杠杆、公司上市的证券交易所、审计者更迭、审计者规模、ST制度和公司规模等可能存在的影响之后,本文得出的研究结果大部分和国外研究类似,但是由模型的分析结果以及年度差异来看,中国上市公司卷入盈余管理甚至利润操作的可能性较大。这导致我们不能很确定地认为未预期盈利越高、企业业绩越好的上市公司年报迟滞时间越短。更多还原

【Abstract】 In view of the importance of timely exposing information, we develop five hypotheses based on overseas relevant researches and characteristics of Chinese stock market and listed companies, and then, based on the data in the annual reports of Chinese listed companies from 2000 to 2003, test the hypotheses through regression models to examine the relationship among unexpected earnings, modified audit opinions and timely report exposure. After controlling possible interference from financial leverage, securities exchange market, auditor switching, auditor size, ST institution and firm size, we get a result basically consistent with overseas researches. However, according to the model’ analytical results and the difference among these models, Chinese listed companies are more likely to be involved in earnings management and even profit manipulation, so we cannot safely conclude that timeliness of annual reports is positively related to magnitude of unexpected earnings and firm performance.更多还原