The Usefulness Study Of Listed Companies Interim Financial Report Earnings Information

The history of revealing the interim financial report has been more than twenty years since the listed companies in our county began to public their interim financial report in 1993. During the two decades, it has made great progress in regulating the interim financial report in our country, however; there are still various problems. For example, the report cannot be public in time; and the information cannot reveal enough problems etc. For the users of the information from the report, those problems above may lead to make them consider that the interim financial reports are not able to provide helpful information for them to make big decisions. Therefore, especially for the users of markets' information, if the interim financial reports of listed companies are valuable, this is a problem to be solved immediately. The ChiNext Board market has officially operated since 2009, which means it has only history of less than ten years. The purpose of it is mainly to facilitate access to financing for the small-scale but with high growth high-tech companies. For this reason, its major features focus on low barriers to entry, high risk, the regulatory system is not perfect. In recent years, our country has vigorously promoted the development of capital market, especially the ChiNext Board. Besides, more and more investors prefer to the stocks of the ChiNext Board, the efficiency of the board has become a matter for those investors to think about. However, compared to the foreign stock market, it is still in its infancy in our country. Also, the domestic academia does not have deep enough research in interim financial reports, which means there are still plenty of problems to study deeply. Therefore, this article will study the serviceability problems of interim financial reports based on the data of the ChiNext Board of our country.This article has arranged relevant literatures about the research of the accounting surplus information content at home and abroad. Considering of the advantages and disadvantages of different research methods, this article chooses the research method of combining the cumulative average excess return rate method and the surplus reaction coefficient method, and analyzes the surplus information content qualitatively and then quantitatively. On the premise of determination method, this article will define the usefulness of the interim financial reports and the accounting surplus information, and declare the relevant theory basis of accounting surplus information content, then suggest a hypothesis. I select the interim financial reports data of total 877 listed companies which is eligible of the China Gem Market from 2013 to 2015 as the research sample, and make sure that take the four trading days before and after as the time window of this research. On the basis of which, I will calculate the unexpected surplus and the cumulative average excess return rate of the interim financial reports from the samples. By the means of inspecting the degree of deviation from zero of the cumulative average excess return rate in some time window, I will analyze qualitatively the relativity of the unexpected surplus and the cumulative average excess return rate basing the interim financial reports from the listed companies on the China Gem Board. Taking the calculated unexpected surplus of the interim financial reports of the listed companies on the China Gem Board as the independent variables, and the calculated cumulative excess return rate in different time windows as the dependent variable, and choosing four financial indicators(account receivable turnover rate, main business proportion, return on total assets, non-operating indicators) which are calculated to get a comprehensive surplus quality index as the control variables, I can build a multiple regression equation to research the relationship between the unexpected surplus and the cumulative excess return rate, and also analyze the interim financial reports content quantitatively, then verify the hypothesis.It will indicate that it is serviceable information which is from the interim financial earning reports of the listed companies on the ChiNext Board in our country. And the ChiNext Board market can react ahead of time to the information of the interim financial earning reports. Besides, after the earning information is public, the market's reaction still continues, which means the ChiNext Board does not reach to the semistrong-form efficiency, so that investors can get excess earnings according to the interim financial earning reports. At the same time, the research still shows that there is over-reacting phenomenon, and the quality of the interim financial earning can provide some help for investors who want to get excess earning.