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本文研究了影响上市公司预约披露时间变更的因素。研究表明管理层倾向于提前披露好消息,推迟披露坏消息。也就是说公司盈利越多,越倾向于提前公告,亏损越多,越倾向于延迟公告。同时我们也发现还存在其他因素也很明显影响到这种预约披露时间的变更,比如审计师的审计意见类型,非标的比例越高,预约披露时间的变更更多;独立董事比例越高,预约披露时间的变更越多;前三大股东持股比例越高,预约披露时间的变更也越多;同时公司负债比例越高也能产生很明显的影响。而盈余管理的动机对这种预约披露的影响不大。
This article studies the factors that affect the change of appointment disclosure time of listed companies. Research shows that management tends to disclose good news ahead of schedule and delay disclosure of bad news. In other words, the more the company profits, the more inclined to advance notice, the more losses, the more inclined to postpone the announcement. At the same time, we also found that there are other factors that obviously affect the change of the appointment disclosure time. For example, the auditor's audit opinion type, the higher the proportion of non-standard, more changes in the appointment disclosure time; the higher the proportion of independent directors, appointment The more changes in the disclosure time; the higher the proportion of shares held by the top three shareholders, the more changes in the appointment disclosure time; the same time, the higher the proportion of corporate debt can have a significant impact. The motivation of earnings management has little effect on this appointment disclosure.