Research On The Impact Of Stock Concentretion Degree Of Listed Companies On Timeliness Of Annual Report Disclosure

In recent years,listed companies in China often choose to disclose annual reports centrally in April or so.Because of the long time from preparation to publication of financial statements,listed companies may choose to disclose annual reports because of speculative mentality,or even use the time lag of unpublished information to manipulate stock prices to obtain profits.In additio n,information has timeliness.It is important for external investors to obtain timely and accurate information to analyze whether a company has investment value.The company's delay in disclosing information will lead to abnormal fluctuations in stock prices and affect the effective operation of the capital market.In previous studies,most scholars pointed the essential reason for the timeliness of annual report disclosure to the operating performance of listed companies.This kind of manipulation of disclosure time based on the quality of information transmitted will lead to poor transparency of financial information disclosed by enterprises,and cause negative reaction of capital market.Owing to the high concentration of ownership in China for historic al reasons,large shareholders have the right to participate in decision-making and can directly understand the internal information of the company.External investors do not directly participate in the operation of enterprises,so they rely heavily on the financial statements disclosed by enterprises to understand the company's situation.The delay of annual report will aggravate the situation of information opacity,and external investors may make wrong decisions because of information distortion.In addition,investors' attention is limited,and the internal investors focus on disclosing the annual report in April,which may distract investors' attention and cover up the company's bad financial situation.In addition,institutional investors have risen rapidly in the investment market by virtue of their strong financial and professional analysis advantages,playing an important role in participating in corporate decision-making.However,the nature of profit-seeking makes its behavior short-sighted.It is likely that through delaying the disclosure of annual reports,frequent transactions will take advantage of the time lag that the insider information has not yet been published.Considering the special market environment of our country in t he period of economic transformation,there are obvious differences between the state-owned enterprises and the western developed countries in their important position in the capital market.State-owned enterprises have both "profitability" and "strategic" missions,which make them greatly different from private enterprises in ownership structure and behavior decision-making.Therefore,it is necessary to take the nature of property rights into account in studying the timeliness of annual report disclosure of enterprise ownership concentration.Based on principal-agent theory and signaling theory,combined with the data of Listed Companies in Shanghai and Shenzhen A shares from 2012 to 2016,this paper explores the impact of ownership concentration and different types of ownership structure on the disclosure time of annual reports by theoretical analysis and empirical research,and introduces the nature of property rights as a regulatory variable to explore its regulatory role.The results show that the increase of controlling shareholders' shareholding ratio tends to promote the early publication of annual reports.Considering that relative shareholders can use their right to participate in decision-making to influence the disclosure time of annual reports,we find that the disclosure time of annual reports of enterprises with high equity balance is significantly earlier than that of other listed companies.In addition,the nature of enterprise property rights will significantly affect the effect of ownership concentration on the timeliness of annual report disclosure.State-owned Enterprises The industry will significantly inhibit the negative impact of institutional investors on the timeliness of annual report disclosure.From the perspective of timeliness of accounting information,this paper explores the impact of ownership concentration on financial information disclosure time of listed companies,theoretically expands the relevant research on ownership structure,property rights nature and capital market,and also opens up a new perspective for the research of accounting field and capital market under the background of special property rights in China.At the same time,in practice,this paper provides policy suggestions for strengthening the information supervision of regulatory bodies and improving internal corporate governance institutions in China,in order to guarantee the effective principles of capital market and the economic interests of external information users of enterprises,and to provide suggestions for enterprises to establish a good corporate image.