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管理层盈余预告作为资本市场信息披露体系的组成部分,对保护投资者利益和促进市场稳定发展具有重要影响。以中国上市公司2003-2014年管理层盈余预告信息为样本,从投资者特征的角度对管理层盈余预告择时披露策略及市场反应进行研究发现,管理层披露盈余预告会采用在交易日披露好消息、在休市日披露坏消息的择时策略。从投资者构成特征来看,机构投资者持股比例越低、中小股东股权越为分散,管理层越倾向采用此策略。研究表明管理层采用该策略能够获得更高的市场回报。中小投资者可以利用时间的分析视角,识别上市公司盈余预告信息披露的策略,关注市场反应,从而间接弥补信息获取的劣势。
As an integral part of the capital market information disclosure system, the management earnings warning has an important impact on protecting the interests of investors and promoting the stable development of the market. Based on the sample of the earnings warnings of Chinese listed companies in 2003-2014 from 2003 to 2014, this paper studied the timing strategy and market response of management’s earnings forecast from the perspective of investor characteristics. Disclosure of earnings by management revealed that the disclosure of earnings in the trading day News, timing policy of disclosing bad news on the market closed. From the perspective of the characteristics of investors, the lower the proportion of institutional investors holding shares, the more dispersed minority shareholders’ equity, and the more management tends to adopt this strategy. Research shows that management can achieve higher market returns using this strategy. Small and medium-sized investors can use the time perspective of analysis to identify earnings disclosure notice of listed companies strategy, focusing on market response, thus indirectly offset the disadvantages of access to information.