Research On The Performance Of Listed Companies And The Time Preference Of Periodic Reports

The economic significance of information has been the most strongly expressed in the capital market.The key factor that dominates this result is that there is a large degree of correlation between the information release of listed companies and investors' attention to the performance of listed companies.As a very important source of information in the market,periodic reports should be the information that investors are most concerned about.In an effective capital market,to help investors make effective decisions,investors need to have open and fair access to valid information about listed companies,including necessary financial reports and other relevant information.This article starts from related theories,including information asymmetry theory,stakeholder theory,internal reporting hypothesis,and cost-benefit analysis theory.They all show that the timing of regular report release affects the investment decisions of investors and market participants,thereby affecting the interests of stakeholders.However,the timing of the release of periodic reports is often chosen by corporate governance and managers based on the company's performance,including profitability,debt,and operations.There are many factors that affect the stock market and the periodic report release time.This article mainly studies the relationship between the number of days between the release of the annual report and the company's solvency,profitability,operating ability,company price-earnings ratio and company size.This paper selects the 2008-2018 A-share listed company's annual report release time and the financial statement data in the annual report as the research sample,and uses EXCEL and STATA15.0 software to perform descriptive statistical analysis,KMO factor analysis,and PVAR in the selected sample.Empirical analysis such as GMM estimation,impulse response and analysis of variance,to study the correlation between the performance of listed companies and the timing of regular report release.The study concludes that the number of days between the release of the annual report of a listed company is significantly positively related to itself,that is,the number of days between the release of the previous annual report will affect the number of days between the release of the next period;the solvency of the listed company is significantly negatively affected by the number of days between the release of the annual report Impact,that is,the greater the number of intervals,the weaker the solvency on average;the company's profitability is significantly negatively affected by the number of days in the annual report,that is,the greater the average number of days,the weaker the profitability;the number of days in the annual report is significantly affected by the company's P / E ratio The positive impact is that the larger the number of interval days,the greater the average P / E ratio;the number of days between annual report releases is positively affected by the significant lag of the company's size,that is,the larger the number of interval days,the larger the average size;on the whole,the longer the interval between annual report releases The less timely,the worse the company's average performance.Among them,current ratio,quick ratio,asset-liability ratio,equity ratio,earnings per share,net profit margin of operating income,return on total assets,return on net assets and price-earnings ratio,and company size are important factors affecting the release of the annual report.Because these indicators are the main factors for measuring the performance of listed companies.Therefore,the longer the regular report release interval,the less timely the company's average performance will be.This is in line with the view that companies in the literature are more inclined to release good news early and delay the release of bad news.Investors and shareholders can use the publication time of the annual report as one of the information concerns for listed companies.