Timeliness Of The Company's Periodic Reports

This dissertation Mis into three parts. The first part is focused on analysis of the decision relevance and reliability, which is the main quality of the periodical information disclosure of listed firms. Under the circumstance of the information production and supplying in capital market, although the reliability of financial accounting information is always the fundamental requirement of information user for the provider, the balanced relationship of relevance and reliability is dynamically adapted to the various stages of capital market development. When the cost for information production and spreadng is high, the market, seriously, demands for the fundamental financial accounting information while the timely information supply is insufficient Thus it is possible for information user to scarify certain requirements for reliability to attain some information advantage, such as timely and other benefits. On the other hand, if the cost to obtain decision relative information is effectively declined due to the spread of the new technology, in order to keep the trading justice of the security market, reliable, timeliness and fundamental information approves it's value through adjusting the confusing effects which have been produced by too much derivative information.The three traditional modeb widely used in event study are empirically compared at the second part The test procedure is conducted by simulating a random sample-selection process based on Chinese market data. The power of the tests for three models shows, while market model has been generally accepted as effective option to detect the price reaction by previous research, it is arguable to obtain pervasive results by using Chinese market data. In addition, it seems that the mean-adjusted model is especially superior to market model when considering the cumulative abnormal returns.The timeliness characters of interim and annual report are empirically analyzed by the mean adjusted model in the final part. Some further evidences are found highly relevant to the descriptive conclusions at the first part. Some policy implications for improving fundamental periodical information disclosure of Chinese security market are also presented for practical references.