The Effect Factors On The Delayed Disclosure Of The Annual Financial Reports

As a part of capital market information, accounting information’s quality level play a important role in guaranteing the company’s own stable, healthy capital market development and improving the efficiency of resource allocation, which reduce stakeholders in decision-making process have faced significant uncertainty. Therefore, delayed disclosure of listed companies booking depth study of the factors affecting the securities regulatory authorities will help regulatory agencies to take effective control measures to improve the efficiency of capital market allocation of resources.This article is divided into seven parts, the introduction part introduces the research background, disclosure of the Annual Report and other metric hysteresis. In order to the needs of study this delay will be divided into the absolute delay and the relatively delay. One way to measure the absolute delay is the company disclosed in the Annual Report the date of the year-the accounting deadline for the previous year; measure of the relative delay method is disclosed in the company then report the actual date-the year the company disclosed in the Annual Report date.The second part is the literature review, the first foreign-related scholars concluded annual reports of listed companies disclosure of research results, which summarizes some of the major impact of accounting information disclosure delay factors, retardation disclosure of accounting information and earnings type, the type of audit report relationship managers selective disclosure of accounting information results in three areas. Part of the domestic literature, this paper,2004-2009 scholars in China-related literature in the field. Major study of academic performance of the company, the audit opinion type, company size, the more financial risk and other factors disclosed in the annual report of hysteresis. Finally, made a brief summary of the literature. The third part of an appointment system background disclosure, disclosure system of appointment status analysis and theoretical analysis of information disclosure.In addition, the section also describes the disclosure of information related to the theoretical basis, including:1."Economic man" hypothesis. Managers choose the ultimate goal of information disclosure is to enable the maximization of individual interests.2. Asymmetric information theory and signal transmission theory. The theory is that asymmetric information in capital markets, companies can use to reduce or eliminate signaling role of uncertainty, to influence investor behavior and decision making. In the case of asymmetric information, the better the quality of the operators of the company passed to investors its good operating performance, eliminate uncertainty for investors, more willing to take the initiative to transfer the information earlier, but for those with negative earnings companies, corporate managers tend to delay disclosure of bad information.3. Accounting information in a timely and reliability.The fourth part is disclosed in the Annual Report Empirical Analysis of hysteresis. Through descriptive statistics, correlation analysis, regression analysis, analysis of the complexity of the preparation and reporting of the company, company performance, industry competition, the possibility of earnings management and other factors disclosed in the Annual Report on the impact of the absolute delay.The fifth part research the relativity the Annual Report related and non-standard audit opinions.By constructing a logistic model, we study the relationship between non-standard audit opinions and the absolute delay of the Annual Report and Annual Report of the relative hysteresis. It turns out that the probabilities of getting non-standard audit opinion have strong correlation with absolute delay of the Annual Report and Annual Report of the relative hysteresis.The sixty part Appointment of Part VI of the disclosure system for the implementation of information disclosure before and after the analysis of annual reports. Through the years 1997-2007 a total of 11,184 samples by year and month of a statistical analysis showed that an appointment is not effective disclosure regime change in information disclosure of listed company’s annual report the situation of imbalance.And recommendations for the end of Part VII of the foregoing summary of research findings, and make relevant comments, made at the same time the inadequacy of this paper.