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上市公司披露的年度报告作为投资者的重要投资依据,其披露时间的早晚直接影响到年报信息的时效性。本文使用上市公司年报实际披露日相对于上一会计年度结束日的迟滞天数,作为公司年报披露是否具有及时性的替代变量,试图研究在两职分离状况、董事持股比例、高管持股比例、董事薪酬、高管薪酬、公司违法违规情况和审计意见类型这七个因素共同影响下的公司治理水平,是否以及如何影响上市公司年报信息披露及时性。在控制了其他对年报披露及时性具有显著影响的变量的基础上,实证分析结果大多支持公司治理水平确实对上市公司披露年报的迟滞天数具有显著负相关影响的假设,即治理水平越差的公司,越倾向于推迟披露年报。
The disclosure of annual reports by listed companies as an important investment basis for investors will affect the timeliness of the annual report information directly and immediately. This paper uses the actual disclosure days of listed companies relative to the end of the previous fiscal year, the number of days of hysteresis, as an annual report to disclose whether the timeliness of the alternative variables, trying to study the separation of two positions, the proportion of directors holding shares, the proportion of executives holding , Director’s remuneration, executive remuneration, company’s violation of laws and regulations and audit opinion type, which influence the level of corporate governance, whether and how to influence the timeliness of annual report information disclosure of listed companies. Based on the control of other variables that have a significant impact on the timeliness of disclosure of annual reports, most of the empirical results support the hypothesis that the level of corporate governance does have a significant negative impact on the number of days of hysteresis in disclosing annual reports of listed companies, ie, the worse-performing companies , The more inclined to postpone the disclosure of annual reports.