本文以06一08年所有沪市上市公司1518个观察值为样本,对各年样本数据分别 采用逐步回归分析的方法,研究公司规模!消息类型!审计意见!公司经营压力!公 司治理结构等因素对年报披露时间的影响,从而找出各年中与年报披露时间关系最显 著的影响因素,并对其进行单独分析,比较三月份!四月份披露年报的公司在显著性 因素方面的差异程度,探究缩短年报披露时间的可行性 分析结果显示,06年最显著的影响因素为审计意见,审计意见越严重,年报披 露所需要时间越长;07年最显著的影响因素是公司经营压力,公司经营压力与年报 披露所需时间成反比,ST公司年报披露时间明显长于非ST公司;08年最显著的影 响因素是公司规模,公司规模与年报披露所需时间负相关,公司规模越大,年报披露 所需时间越短,反之则越长,且采用相关分析的方法对前人以资产作为公司规模替代 变量的合理性进行了验证经研究显示,三月份!四月份披露年报的公司在审计意见! 公司经营压力!公司规模方面无显著差异,所以四月份披露年报的公司可以提前到三 月份披露,120缩短到90天是必要的,也是可行的 关键词:上市公司年报披露影响因素时间缩短AbstfaCt In而5PaPer,1ehoseed1518observationscomP丽eswhich15listedinShanghaiasa samPle.ThesamPledataforeaehyearwereusedstePwiseregressionanalysismethodto stUdythecomPanysize,messaget冲e,theauditoPihion,theeomPanyoPeratingPressuLre, co印rategov滋ancestruCt双reandotherfactors,inordertodisclosetheimPacetothetime oftheannual哪ort,andtodiselosetheimPaetofthemostsignifieantfactors,andanalysis theeomP面sonofMarch,andAPriltoexPlorethefeasibilitytoshortenthetimeof diseolsureofAnnualRePort. RePortsshowedthatin2006themostsignifieantfactors15theauditoPinion.themore serioustheauditoPinion,thelongertherePort15requiredtodiselose:in2007themost signifieantfaetor15theeomPan丫5OPeratingPressure,W留s切限andthetimeofdisclosure theannualr印ort15inverse,STcomPanies15significant>ylongerthannon一STcomP俪es; in2008themost51加ficantfactor15theeomPanysize,comPanysiZeandthetimerequired todiselosuretheannual哪ort15negativeeorrelation,thegreaterthecompanysize,the shorterthetimetheannual哪ortsneedtodiselose,andvieeversa.ThePaperusethe eorrelationanalysismethodtoinsPeetthereasonableofusingthePredeeessorsofassetsize asthecomPany.TheresearchshowsthatinMarch,inAPriltheeompany,5annualrePort there15nodifl免reneesinauditoPinion,theeomPanyoPeratingPressures,andthe comPanysize,50inAPriltheannualr印ortofcomPaniestodiscloseinadvaneetothe disclosureinMareh,120redueedto90days15neeessaryto,15alsofeasible. Keywords:ListedComP耐esRePortDisclosureFactorsTimeShorten 丁目录 引言._/二-............/0.....00./0二0/..0.0...,.0一000......0二/二/.0/二///.0.,0.00000.1 1.1研究背景......................~...........................................0.......................................l 1.1.1我国年报披露法定时间的现状.......................................,..................1 1.1.2年报披露时间国内外比较,..,.....,....,...............#一2 1.2研究方法...............................,.............,..............................................................3 1.3报告结构.........................................................................,.................................,....4 1.4本文创新之处.................................................................................,...........................5 1.5研究意义.................,..............-.......................,.................................................6 1.5.1理论意义..............................................................................,.......................6 1.5.2现实意义..................,.................................,.............,.,.........................6 1.6研究思路...........................,.~~.......................一.............,...........................7 1.7理论基础..............................,...............~.....................,...........,..................7 1.7.1交易成本理论.一,..............,................................,.,....#7 1.7.2信息不对称理论...................,.....................,..,~............#..8 2文献综述二/00,0二0,_二000.....0..,0./0,0,0二00,0二/,/.,/...0...0二0/00/.,/ 2.1消息类型对年报披露及时性的影响.,...................................,...........,............ 2.2公司规模对年报披露及时性的影响.....................................................................,..10 2.3审计意见类型对年报披露及时性的影响......................................................................11 2.4事务所执业水平的高低对年报披露及时性的影响.........................,......................13 2.5公司治理结构对年报披露及时性的影响....,............,........................................13 2.6公司经营压力对年报披露及时性的影响................一........-.................................14 2.7变更事务所对年报披露及时性的影响........,..................................,..................14 2.8年报披露及时性国内外比较..............................,..........~...................................14 2.9年报披露的及时性对会计信息的影响.............................~............-..............巧 2.10上市公司年报披露时间的分布特征................~......................................................16 2.11年报预约披露制度的研究.............................................................................................,16 3变t解释及研究假设..............0/.//.....0..,0./0.0././二/......0,0.0.0.0二/...//0.17 3.1消息类型.................................................,........................,.,......................-.,17 3.2公司治理结构........................,.......................................................................,.....18 3.3公司规模........................................................................................,...........................19 3.4审计意见.................................................................,-.............................................20 3.5公司经营压力.,...................................................................~.......................,..20 4实证分析与结果./:.0///.,000..00000//../.0..000/00/./.0//..0000000000/..//../..000..00/00/21 4.1样本选取与数据采集..............................................................................................21 4.2变量设计....................................................................,..................一,..................-,21 4.3检验方程.,.........................................................................................,........................22 4.4多重共线性分析.................,......................,.........................................................22 4,500年样本实证分析与结果..........,.............................................,.~...............23 4.5.1多元线性回归分析.....................,..................,.......................,...........23 4.5.2缩短年报披露时间的可行性分析.....*.....................0.............................25 -匀矛砂O气01声O产nU月月月,月,月j-Jqt曰-Jq勺产O矛6 :233333322223.33.34.607年样本实证分析与结果4.6. 4.6. 多元线性回归分析二,.,~........ 缩短年报披露时间的可行性分析 4.708年样本实证结果分析 4.7.1 4.7.2 多元线性回归分析...........一.,. 缩短年报披露时间的可行性分析二0 5结论 5.1 5.2 结论 建议 从不同阶段考虑年报缩短的可能性二, 尽快向国际准则趋同..................... 完善年报披露渠道.............., 对不同规模的公司区别对待......... 加大对违规披露年报公司的处罚力度 删减披露内容,.........../....... 911连白弓口-匕匀户内 9曰Q-,曰Q-O-O- 口匕匀口二二互一尸dq勺 5.3