China's Listed Companies Timeliness Of Annual Reports Issues,

As the main product of the accounting information system, the annual report of listed companies is the embodiment in the achievement of enterprise accountant activities. with the increasing of the important in securities market and the improvement of investor's request for the timeliness, the study of annual report demonstrates the profound significance day by day.Based on the studies of timeliness by the foreign scholars, the paper puts forward the integration structure model of timeliness of annual report, and uses the method of quantitative and qualitative to research. Collecting annual reports from the Chinese companies listed on the Shanghai and Shenzhen Stock Exchange during 2005-2007, this paper analyze reporting lags, mandatory lags, and discretionary lags by using Mean Test and multivariate regression, in order to find out the main determinants and their influencing means to the timeliness. In addition, this paper also used the way of event study to research the market reaction.The conclusion of this paper indicates that EPS, Opinion, Growth, Loss and Industry have influenced the timeliness of annual report by a certain extent. But Exchange, Office Size and State have nothing to do with the timeliness. But exchange, office size have nothing to do with the timeliness. When the annual report disclosure earlier, there will be a significant market reaction.The main results of this paper are:First, it decomposes the reporting lags, which is the basic measurement of timeliness, into mandatory lags and discretionary lags, and then analyzes the main determinants and their influencing means to each lags of timeliness.Second, in order to measure reporting lags in the point of absolute and relative ways, it uses the absolute lags (RL) and relative lags(URL,RLI) to explain the phenomenon of timeliness.Last, it uses the event study to test the change of CAR by different disclosure of annual report.Not only investors and creditors are affected by the timeliness of annual report and the quality of accounting information, but also related to the conclusion of capital market and national economic propriety. This paper analyzes the timeliness of annual report in the specific circumstances of our country, which has a certain practical significance on how to improve the quality of accounting information, protecting the interests of investors and enhance efficiency in the securities market.