| With the continuous expansion of China’s securities market,the investment demand for GEM(Growth Enterprises Market)is also increasing.GEM is a professional platform established in China to better support small and medium-sized enterprises,and it has played an effective supplementary role in China’s main board market.Annual report is the most commonly used and important tool for listed companies to disclose relevant information,which can provide necessary reference for investors to make scientific decisions.Therefore,this paper explores all kinds of factors that affect the timeliness of annual report disclosure of GEM listed companies from an empirical perspective,and provides some reference for improving the timeliness of GEM annual reports.At the beginning,this paper first introduces the relevant theoretical research results at home and abroad,takes a simple overview of the timeliness of annual report disclosure of listed companies,studies the basic theory of timeliness of accounting information disclosure in detail,introduces the research background of timeliness,and selects the index evaluation system at the four levels of message type,governance structure,audit opinion and accounting complexity on the basis of previous research results,The index explanatory variables such as loss status,growth,shareholding ratio of the top ten shareholders,shareholding ratio of the first largest shareholder,number of board members,proportion of independent directors,"non-standard" audit opinion,company size and non recurring profit and loss are selected to establish COX proportion model,fixed effect model and Logit model respectively,put forward assumptions,and then collect the annual report disclosure data of GEM listed companies from 2016 to2020,After preprocessing the data,descriptive statistical analysis is carried out,and then the differences of important classification variables are studied.The survival analysis of the annual report disclosure time is carried out through the Kaplan-Meier estimation process and COX proportion model,and the key influencing factors affecting the standard disclosure time and scheduled disclosure time of the annual report on the gem are obtained.Finally,for the whole sample,this paper analyzes the influencing factors of annual report disclosure time by using fixed effect regression and panel Logit regression respectively,further verifies the theoretical assumptions proposed in this paper,and analyzes the influencing factors of whether GEM companies can conduct annual report disclosure before their scheduled disclosure time,and draws the following main conclusions:In the descriptive statistics,it is found that the overall situation of the timeliness ofthe disclosure of the annual report of the Chi Next Board is not optimistic.Annual reports are concentrated in March and April,and profitable companies are more inclined to disclose their annual reports earlier.Kaplan-Meier estimates indicate that both the company’s losses and audit opinions will have a significant impact on the disclosure of the annual reports of GEM companies.The COX model identifies the losses,the size of the company,the shareholding ratio of the top ten shareholders,the "non-standard" audit opinion,the non-recurring profit and loss,and the proportion of independent directors as the key factors affecting the timeliness of disclosure of the company’s annual report.Among them,the company’s loss status,non-standard audit opinions,company size and non-recurring profit and loss can affect whether the company discloses its annual report before the scheduled disclosure date.Due to the impact of the new crown epidemic,there has been a large number of lags in the disclosure of the 2019 annual report.According to the results of this article,the three dimensions of government regulatory units,listed company management and market investors are finally given targeted opinions. |
