Research On The Timing Of Connected-party Guarantees Report Announcement Based On Limited Attention

According to psychological research, human attention is always limited, Attention to one task necessarily requires a substitution of cognitive resources from the others. In the rapid development of Internet technology, attention become the new focus scarce resources。When investors allocate their attention, they will be affected by the subjective factors, the objective characteristics,thus investors ignored some important information. In recent years, scholars both at home and abroad have conducted numerous reseachers on capital market from the perspective of limited attention.In this paper, we conduct research on the information disclosure of connected-party guarantees based on the limited attention and find the timing disclosure of connected-party guarantees information.Firstly, this paper discusses the related theory and related literature summary, Secondly, based on the connected-party guarantee data from2009to2010, the paper shows the development status of connected-party guarantee, as well as the differences of the the time of disclosure between excessive connected-party guarantee and normal connected-party guarantee.Finally, this paper makes empirical analyses on the timing disclosure of connected-party guarantee information based on the limited attention.This study concluded that:(1) Listed companies tend to disclosure the information of excessive connected-party guarantee on the day they publish annual, interim and quarter report.(2) Listed companies tend to disclosure the information of excessive connected-party guarantee on Saturday.(3)The degree of separation between cash flow right and control right has no effect on the concentrated exposures,but has a positive effect on Saturday exposures.