高管持股、择时披露与市场反应

发布时间：2018-01-10 20:07

本文关键词：高管持股、择时披露与市场反应　出处：《会计研究》2012年06期 　论文类型：期刊论文

【摘要】：基于2001至2008年间A股公司业绩预告的样本,本文研究了高管持股对择时信息披露策略的影响,以及市场对择时披露信息的反应。研究发现,A股公司在业绩预告时存在择时披露的行为:好消息①更倾向于在交易日披露,坏消息更倾向于在休息日披露。高管持股比例会显著影响择时披露策略:高管持股比例越高的公司,进行择时披露的可能性也越高。从市场反应角度看,休息日披露的坏消息与交易日披露的坏消息没有显著差异,休息日披露的好消息反而会产生更加显著的正面市场反应。本文的研究意味着,高管持股比例会显著提高上市公司进行择时信息披露的可能性,但是市场在一定程度上能够识别择时披露策略,本文的研究结果支持了"信息消化"假说。
[Abstract]:2001 to 2008 years, A shares of the company's performance prediction based on the sample in this paper Shareholding on timing information disclosure strategies, as well as the market for information disclosure timing response. The study found that A shares of the company are disclosed in the timing behavior results notice: the good news is more inclined to disclose in the trading day bad news, tend to disclose in the rest of the day. The proportion of managerial ownership will significantly affect the timing of disclosure strategy: executive shareholding firms with higher possibility of disclosure timing is also higher. The response from the market perspective, there is no significant difference between the rest day disclosure of bad news and trading day disclosure of bad news. The rest of the day news disclosure will produce more significant positive market reaction. This research means, will significantly improve the possibility of information disclosure of listed companies choose the executives shareholding proportion, but the market in a certain range The results of this paper support the "information digestion" hypothesis.

【作者单位】：首都经济贸易大学会计学院;清华大学经济管理学院;
【分类号】：F832.51;F233;F224
【正文快照】： 一、引言尽管所有资本市场都对信息披露制定了较为详细的规定,然而在合法合规的前提下,管理层依然拥有自由选择的余地。以我国为例,交易所规定:如果上市公司预亏或盈利大幅变动,应于次年1月31日前②及时刊登业绩预告。这意味着,在截止日之前公司可自主决定披露时间。HealyPal

【参考文献】