现阶段,我国投资者进行经济决策主要是依靠上市公司的年度报告。但我国股市由于上市公司内部管理层和外部信息使用者之间存在着信息不对称,其公开的信息对于外部信息使用者而言,使用价值有限,很大部分原因是大多数上市公司信息披露特别是年度报告信息披露缺乏及时性。 At this stage, Chinese investors make economic decisions mainly rely on the annual reports of listed companies. However, due to the information asymmetry between the internal management of listed companies and the external information users in our country’s stock market, the public information has limited value for the external information users, in large part because of the information disclosure of most listed companies Is the lack of timely disclosure of annual report information.