The Market Reaction To Dates And Alternation Of Annual Report Scheduled Releases

In order to improve the timeliness and balance of the annual report disclosure,China's Securities Regulatory Commission began to implement the annual report reservation disclosure system from 2001,which requires all listed companies to determine the scheduled disclosure dates with the stock exchange.And the new system requires stock exchange to adjust the disclosure dates according to the principle of balance.However,since the implementation of the reservation disclosure system,there have been still lots of listed companies disclosing their annual reports late and making a disclosure alternation.Especially,the proportion of delayed disclosure is significantly larger.Due to the listed company treating disclosure dates at random,the annual report reservation disclosure system exists in name only.And the issues of annual report disclosing untimely and unevenly become more and more intense.Domestic and foreign scholars have made very rich research results about the information content of the annual report disclosure dates.However,due to the particularity of the reservation disclosure system or the limitation of the data,few scholars have studied the market reaction to dates and alternation of annual report scheduled releases.In this paper,A shares listed companies are selected as empirical samples from year of 2012 to 2016.We selected annual report reservation system as a unique perspective and studied the relation between scheduled disclosure dates and alternation and CAR by using the event study and multiple regression.We found that:(1)the earlier the disclosure time of the annual report is,the greater the market reaction is;(2)When listed companies disclose annual reports,the lower the density of disclosure is,the greater the market reaction is;(3)the market reaction of the advanced is better than the delayed.We draw a conclusion that disclosure dates and the alternation of annual report have the information content.The research results have enriched the literature about information content of annual reports.Therefore,the listed companies should strictly enforce the reservation disclosure system for increasing enterprise value.The state should pay due attention to the issue of listed companies' timing disclosure and supervise the annual report reservation disclosure system more effectively.