我国中期业绩快报的多角度实证研究

发布时间：2018-05-01 10:31

本文选题：业绩快报 + 市场反应　；参考：《上海交通大学》2013年硕士论文

【摘要】：业绩快报是我国上市公司公告体系中的一项制度创新。业绩快报在财政年度或半年度结束后、定期报告报出前发布，以减轻投资者的信息不对称程度，保护中小投资者的知情权。目前，国内文献对年度业绩快报研究相对较多，主要集中在制度应用及信息含量领域，对自愿发布的中期业绩快报研究很少。不同于有条件强制发布的年度业绩快报，半年度业绩快报均为自愿发布。透过自愿发布的独特属性，能发掘管理层报告的动因，检验半年度业绩快报制度的作用和效果，，研究其可能出现的不同于年度业绩快报的市场反应。本文旨在通过实证分析，检验中期业绩快报的信息含量、市场反应，以及中期业绩快报对半年报发布前后股价波动的影响，并尝试找出管理层自愿披露中期业绩快报的动因。文章选取了2008年至2012年五年间中国A股市场795个发布中期业绩快报的公司样本，以及5324个未发布中期业绩快报的公司样本，较过往研究相比，样本量大大增加。研究实证结果显示，中期业绩快报具有信息含量，其中包含的未预期盈余与发布日前后的股票累计超额收益率显著正相关；中期业绩快报能显著减弱半年报发布日前后短期内的股价波动，起到提前释放风险及不确定信息、稳定股价的作用；信息质量好、时效性高的中期业绩快报更有助于减小半年报发布日前后股票的绝对累计超额收益率。本文研究还发现，较高的信息不对称程度是管理层主动发布中期业绩快报的动因之一，具有有效的公司治理环境的企业也更倾向于发布中期业绩快报；另外，管理层更愿意在中期业绩快报中提前披露利好的业绩信息。
[Abstract]:Performance KuaiBao is a system innovation in the announcement system of listed companies in our country. After the end of the fiscal year or half year, KuaiBao's regular report is published before it is reported in order to reduce the information asymmetry of investors and protect the right to know of small and medium-sized investors. At present, there are more researches on the annual performance KuaiBao in domestic literature, mainly in the field of system application and information content, and there is little research on the voluntary interim achievement KuaiBao. Different from the conditional compulsory release of the annual results KuaiBao, half-year performance KuaiBao are voluntary release. Through the unique attribute of voluntary release, we can discover the motivation of management report, test the function and effect of the semi-annual performance KuaiBao system, and study the possible market reaction which is different from the annual achievement KuaiBao. The purpose of this paper is to test KuaiBao's information content, market reaction, and the influence of medium term performance KuaiBao on stock price fluctuation before and after the publication of semi-annual report, and try to find out the motivation of managers' voluntary disclosure of interim performance KuaiBao. This paper selects 795 samples of Chinese A-share market companies reporting interim results from 2008 to 2012, as well as 5324 samples of companies with no interim results reported by KuaiBao. Compared with previous studies, the sample size is greatly increased. The empirical results show that the interim performance KuaiBao has information content, which contains an unanticipated surplus and the cumulative excess return of stocks before and after the release date is significantly positive correlation; Medium-term performance KuaiBao can significantly reduce the volatility of stock prices within a short period of time before and after the release of semi-annual reports, release risks and uncertain information ahead of time, and stabilize stock prices; the quality of information is good. KuaiBao, with high timeliness, will help to reduce the absolute cumulative excess return on stocks before and after the semi-annual report. It is also found that the high degree of information asymmetry is one of the motivations for managers to proactively publish interim performance KuaiBao, and enterprises with effective corporate governance environment are also more inclined to publish interim results KuaiBao. Management is more willing in the medium-term performance KuaiBao early disclosure of good performance information.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】