信息环境、年报披露时间选择与下年盈余管理

年报披露时间是否有助于投资者合理估计下年盈余管理程度,不同信息环境对这种估计又有什么影响?本文利用2004-2006年间的3451家公司样本对此进行了检验.结果表明:年报披露时间与下年盈余管理负相关,年报披露时间能向市场传递有效的未来信号;在标准审计意见和有较高质量经营现金流量支持的信息环境下,年报披露时间选择对下年盈余管理的信号作用更强.这些结论对理解公司年报披露时间安排有一定积极意义.

Information Environment, Timing of Annual Reports and Earnings Management for the Coming Fiscal Year

It is widely acknowledged that both timing patterns and the dealings of accruals are essentials for the corporate disclosure, especially for the mandatory ones. While earnings management, a key technology that is widely adapted during this procedure, instead of facilitating its neutral operation, renders private gains. (Schipper, 1989), the strategy of disclosure based on the timing patterns can help the managers to amplify the effect from the good news but to eliminate those from the bad ones. Numerous researches indicate the relationship between the earnings management and the timing patterns. Specifically, Yue and Lee (2005) asserted the earnings management be detected via this negative relationship. In this paper we extend this research, arguing the existence of influence from the timing pattern of the annual report to the earnings quality next year. To be specific, we argue its effect of estimation on the earnings management for the continuing fiscal year.Using a sample that contains 3451 firms listed on the A-share market of China from the year of 2004 to 2006, this paper investigates the relationship between the timing patterns of the annual reports and the magnitude of earnings management in the coming fiscal year with the concern of the information environment. We find the negative relationship between the reporting lags of the annual report and the discretionary accruals next fiscal year, calculated by Jones Model, and it is enhanced when the annual reports were prepared under better information environment, for firms with clear auditing reports and high-quality CFO presented. The result reveals that the timing patterns of annual reports have signal effects on the estimation of earnings management of the following fiscal year, which is significant for both institutional governor and investors on their decision-makings.