Study On The Motivation And Market Reaction Of Chinese Listed Corporation To Change The Reservation Disclosure Day Of Annual Report

Information has the direct effect and significance for the the price discovery and price equilibrium of capital market,the information disclosure of listed companies as an important information source form of the capital market,the quality high and low is important to reduce the information asymmetry between listed companies and the external investors,it is not only an important reference for investors to invest,can avoid to suffer a loss for the the disadvantage information but also can reduce the financing cost of the enterprise as the high quality of accounting information,improve the efficiency of capital market allocating resources.Annual reports of listed companies is the concentrated manifestation of the annual financial condition and operating results,The theory and practice pay close attention to the information quality. Although the disclosure of the annual report of listed companies implemented the booking disclosure system in our country,the Shanghai and Shenzhen stock exchange make "equilibrium" principle one of the important principles of institutional arrangements for the information disclosure of listed companies in our country,but still failed to fundamental change Chinese listed companies the disclosure of preference "week" and "cluster preference"about the annual report which against the equilibrium principle,even some listed company change the booking day to adjust the date of the annual report disclosure,which affect to achieve the goal of the equilibrium principle.So,what is the motivation of our listed companies changing the booking day?The change of booking disclosure day is based on the audit time or otherwise hidden motives?How the market effect of changing announcement in different motives?These problems is of great significance for our to understand the complexity and the influence of the changing the motivation about the disclosure of listed companies in our country. Based on 2009-2013 Shanghai and Shenzhen a-share listed companies,studying Chinese listed company the condition of changing the booking day.On the basis of theoretical analysis,proposed such as change of motivation:"earnings management motivation", "price management motivation,"tacit negotiations motivation" and "explicit incentive negotiations",and has make the correlation analysis and empirical test to the market reaction.The empirical study conclusion shows that companies which have price management motivation tend to make an appointment in advance; there are dominant talks motivations and hidden motives of listed companies have more power to delay booking disclosure,earnings management have not much affect to the changing of the booking disclosure days.In addition,the text also found that the market have positive response before the announcement of changing booking day in the group of changing booking day in advance; the market have negative response from the day before the group which delay change booking day announce changing booking day;The standard audit opinion group did not have much market reaction to the announcement of changing booking disclosure day;the non-standard audit opinions group making negative market reaction from the day before the group announce changing the booking disclosure the day;market failed to effectively identify earnings management motivation;this paper also found that" recessive trait of tacit negotiations motivation"was not identified by investors,whose ability to recognize and judge information is not mature.