本文選題：業(yè)績快報 + 市場反應��； 參考：《上海交通大學》2013年碩士論文

【摘要】：業(yè)績快報是我國上市公司公告體系中的一項制度創(chuàng)新。業(yè)績快報在財政年度或半年度結束后、定期報告報出前發(fā)布，以減輕投資者的信息不對稱程度，保護中小投資者的知情權。目前，國內文獻對年度業(yè)績快報研究相對較多，主要集中在制度應用及信息含量領域，對自愿發(fā)布的中期業(yè)績快報研究很少。不同于有條件強制發(fā)布的年度業(yè)績快報，半年度業(yè)績快報均為自愿發(fā)布。透過自愿發(fā)布的獨特屬性，能發(fā)掘管理層報告的動因，檢驗半年度業(yè)績快報制度的作用和效果，，研究其可能出現(xiàn)的不同于年度業(yè)績快報的市場反應。本文旨在通過實證分析，檢驗中期業(yè)績快報的信息含量、市場反應，以及中期業(yè)績快報對半年報發(fā)布前后股價波動的影響，并嘗試找出管理層自愿披露中期業(yè)績快報的動因。文章選取了2008年至2012年五年間中國A股市場795個發(fā)布中期業(yè)績快報的公司樣本，以及5324個未發(fā)布中期業(yè)績快報的公司樣本，較過往研究相比，樣本量大大增加。研究實證結果顯示，中期業(yè)績快報具有信息含量，其中包含的未預期盈余與發(fā)布日前后的股票累計超額收益率顯著正相關；中期業(yè)績快報能顯著減弱半年報發(fā)布日前后短期內的股價波動，起到提前釋放風險及不確定信息、穩(wěn)定股價的作用；信息質量好、時效性高的中期業(yè)績快報更有助于減小半年報發(fā)布日前后股票的絕對累計超額收益率。本文研究還發(fā)現(xiàn)，較高的信息不對稱程度是管理層主動發(fā)布中期業(yè)績快報的動因之一，具有有效的公司治理環(huán)境的企業(yè)也更傾向于發(fā)布中期業(yè)績快報；另外，管理層更愿意在中期業(yè)績快報中提前披露利好的業(yè)績信息。
[Abstract]:Performance KuaiBao is a system innovation in the announcement system of listed companies in our country. After the end of the fiscal year or half year, KuaiBao's regular report is published before it is reported in order to reduce the information asymmetry of investors and protect the right to know of small and medium-sized investors. At present, there are more researches on the annual performance KuaiBao in domestic literature, mainly in the field of system application and information content, and there is little research on the voluntary interim achievement KuaiBao. Different from the conditional compulsory release of the annual results KuaiBao, half-year performance KuaiBao are voluntary release. Through the unique attribute of voluntary release, we can discover the motivation of management report, test the function and effect of the semi-annual performance KuaiBao system, and study the possible market reaction which is different from the annual achievement KuaiBao. The purpose of this paper is to test KuaiBao's information content, market reaction, and the influence of medium term performance KuaiBao on stock price fluctuation before and after the publication of semi-annual report, and try to find out the motivation of managers' voluntary disclosure of interim performance KuaiBao. This paper selects 795 samples of Chinese A-share market companies reporting interim results from 2008 to 2012, as well as 5324 samples of companies with no interim results reported by KuaiBao. Compared with previous studies, the sample size is greatly increased. The empirical results show that the interim performance KuaiBao has information content, which contains an unanticipated surplus and the cumulative excess return of stocks before and after the release date is significantly positive correlation; Medium-term performance KuaiBao can significantly reduce the volatility of stock prices within a short period of time before and after the release of semi-annual reports, release risks and uncertain information ahead of time, and stabilize stock prices; the quality of information is good. KuaiBao, with high timeliness, will help to reduce the absolute cumulative excess return on stocks before and after the semi-annual report. It is also found that the high degree of information asymmetry is one of the motivations for managers to proactively publish interim performance KuaiBao, and enterprises with effective corporate governance environment are also more inclined to publish interim results KuaiBao. Management is more willing in the medium-term performance KuaiBao early disclosure of good performance information.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1828970