Empirical Analysis On The Influencing Factors Of Timeliness In Semi-annual Report's Disclosure Of Listed Companies

As the securities market develops ever faster,investors become more rational and expert which leads to their requirement to the information of the listed companies getting higher and higher.Being on time as a character of the information is put on top of all the requirement.The annual report disclosure can not meet the investors requirement,instead,they pay more and more attention to half year reports,or even to seasonal reports.The half year reports which are normalized and contains almost the same amount of information as the annual reports are audited by many listed companies which has increased their authenticity and serviceability. Therefore the half year reports are taken as important information sources for investors and their timely character is the focus of supervision department and market researchers.Which factors will affect their timely character? How these factors act? This paper will study mainly on these questions.Part1,Theoretical Analyses on the timely character standard corresponding to our capital market,mainly are basic theory of accounting information,time character affection mechanism and the annual report disclosure system of our country.Part 2,Case study.In the paper data from the half year reports of Hu listed companies from 2005 to 2007 are chosen and analyzed by regression method to find the absolute and relative impact factors for the timely character of the disclosure of half year reports in our country.The results show that those listed companies audited by auditors can disclose their half year reports earlier and the listed companies with good surplus information and transparent information environment will also disclose their half year reports earlier.By introducing a pecontract disclose date as a relative timely character variable in the precontract disclosure system,a study is made on factors affecting relative timely character with the conclusion that whether audited by auditors and surplus information are also the significant factors on relative time character.