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1 A ( ) A,, :,,, (, 2004),,, 1997, 2001,,,,,,,?,,,,, (2002),,,,,,,,,,,,,,,, 47

2 A,, : ;,,,,,,,,, ( ) A tiase Bamber Tse ( 1989 ) Chambers Penman (1984) Gu L i (2007) Kross Schr2 oeder (1984), (CAR), : CAR i = a 0 + a 1 R lag + a 2 PUL + a 3 EPS + a 4 Express + a 5 S ize + a 6 M TB + a 7 A ud it + a 8 L EV + a 9 P red ict + a 10 S T + a 11 Exchange + 1. Givoly Palmon ( 1982 ), (CAR ), CAR: AR i, t = R i, t - R t CAR i 3 = t AR i, t = - 3, R i, t : i t ; R t : i t ; AR i, t : i t ; CAR i : i t,,, [ - 3, 3 ] 2., 1984 Chambers Penman (Reporting Lag) (,, 2004;,, 2006;,,, 2006), R lag i = RD a te i - EstiD a te i : R lag i i ; RD ate i i ; EstiD ate i i,,,,,, Givoly Palmon (1982), Chambers Penman (1984), (2006) (2004),,,, (CAR) 3.,, :, ;, (2006 ) 11 3 ; (2006 )

3 ,,,,,,,,,, ( Ex2 p ress) (Predict),, A shton W illingham Elliott ( 1987 ) Basu ( 1997 ) Chambers Penman (1984) Givoly Palmon (1982) Kross Schroe2 der (1984) (2006) (2006), (Audit, 1, 0) (MTB, ) ( Size, ) ( PUL, ) (LEV, ) ( EPS, ) ( Exchange, 1, 0) ST ( ST, ST 1, 0) ( ) , 2984, ( 1),,,,, A % % % % % % % % % % % % % % % % M icrosoft Excel 2007 SPSS STATA 10,, Excel, SPSS STATA , :, (R lag > 0) ;, (R lag = 0) ;, (R lag < 0) 2 2 (CAR) , CSMAR 49

4 (CAR) , 70%, 20%, 10%, ( ),,,, (2006 ) ( 2),,,,,,, ( ), Pearson Spearman (, ),,, CAR, CAR > = 0 CAR < 0, 3 :, CAR (1) :, CAR 50 10%, ; (2) : CAR < 0, CAR,, CAR 1% ; CAR > = 0,, CAR, ( ), CAR (1) :, CAR 5%,, (2) : CAR < 0,, CAR 1% ; CAR > = 0,, CAR, CAR (1) : CAR,,, (2) : CAR < 0, CAR 1%,,,,, CAR, ; CAR > = 0,, CAR, CAR, : CAR,

5 , ; MTB CAR,, ; CAR > = 0 CAR,, (CAR > = 0),, 3 CAR > = 0 CAR < 0 CAR > = 0 CAR < 0 Constant R lag PUL EPS Size MTB 5149E E Audit LEV E E Predict ST Exchange E - 06 Exp ress R - squared Adjusted R - squared F - Vaule ,,,,,,,, : EA i, t ( ) = R lag i, t A ud it i, t S ize i, t + 4 L EV i, t + 5 EPS i, t + 6 PUL i, t + 7 A ud itqua t i, t + 8 DUA i, t + 9 IDR i, t + 11 ( EA),,,, Bhattacharya (2003), Bhattacharya (2003), : ACC i, t = CA i, t - CL i, t - CASH i, t + STD i, t - DEP i, t + TP i, t EA i, t = ACC i, t / TA i, t- 1, EA i, t = t i, ACC i, t = t i, CA i, t = t i, CL i, t = t i, CASH i, t = t i, STD i, t = t i, DEP i, t = t i, TP i, t = t i, TA i, t - 1 = t - 1 i 21 ( Reporting Lag),, (Audit, ), 51

6 (Auditquat, 1, 0) (,, 2006), ( IDR, ) (DUA, 1, 0) (, 2004) (Chow Wong - Boren, 1987) (Meek Roberts Gray, 1995 ) (B radbury, 1992 ) ( ) 1., ( 4) 25,, 22175,,,,,, 4 R lag R lag > < R lag < = < R lag < = R lag < = ( 5) :, 1%, %,, 2005 ( ),,,, 1%,,,,, 1%, ;, 1%,, 2005, (2004) ;,, (2004), Constant R lag Audit Size LEV , 52

7 EPS PUL Auditquat DUA IDR R - squared Adjusted R - squared ( ) OLS ( 6),, 5%,,,, ;,, ( 7),,,,, ( ), ( ),,,,,, EPS, 6 1 /4 2 /4 3 /4 4 /4 Constant R lag Audit Size LEV PUL Auditquat DUA IDR observations R - squared Adjusted R - squared ,, EPS ( 7) 2005 EPS, 53

8 7 EPS ( ),,,,,, ( 8),,,,, 10%, 5%,,,,,,, 8 Constant R lag Size LEV PUL Auditquat DUA EPS IDR R - squared Adjusted R - squared observations ( ) ( ) OLS, : EA i, t = 0 + j NUM ( j) + + j = - 25, - 20, - 15, - 10, - 5, - 1, 1, 5, 10, 15, 20, 25, NUM j, ( ) j, 1, 0 ( 9) : 25, 5%,, t Constant NUM NUM NUM NUM NUM NUM NUM Audit Auditquat DUA

9 t PUL IDR EPS Size LEV R - squared Adjusted R - squared Durbin - W atson stat A ,,, : ( ) CAR, ( ) CAR, CAR, CAR ;,, 25, ,,,,,,,, :., 4: , 8: , 8: , , , 4: 9 15,, , 2: 19 24, ( ), 1: 13 21, , 11: A shton R. H., J. J. W illingham, et al An Emp irical Analysis of Audit Delay. Journal of Accounting Research, B lackwell Publishing L im ited: A tiase R. K., L. S. Bamber, et al Timeliness of financial reporting, the firm size effect, and stock p rice reactions to annual earnings announcements. Contemporary Accounting Research, 5 ( 2) : Ball R. S. P. Kothari and A. Robin The Effect of International Institutional Factors on Properties of Accounting Earn2 ing. Journal of Accounting and Econom ics, 29: 1-51 Basu S The conservatism p rincip le and the asymmetric timeliness of earnings. Journal of Accounting and Econom ics, 24 (1) : 3-37 Bhattacharya U, Daouk H. and W elkerm The World Price of Earning Opacity. The Accounting Review, 78 ( 3) : Chambers A. E. and Penman S. H Timeliness of Reporting and the Stock Price Reaction to Earnings Announce2 ments. Journal of Accounting Research, Vol. 22 (1) : Givoly D. and Palmon D The Timeliness of Annual Earnings Announcement: Some Emp irical Evidence. The Account2 ing Review, July: Gu F. and J. Q. L i The Credibility of Voluntary D isclosure and Insider Stock Transactions. Journal of Accounting Re2 search, 45: (4) KrossW Earnings Announcement Time Lags. Journal of Business Research, Vol. 9: KrossW. and Schroeder D An Emp irical Investigation of the Effect of Quarterly Earnings Announcement Tim ing on Stock Returns. Journal of Accounting Research, 22:

10 under the new standard. The information content of m inority income also increased, and the increase is significantly higher than the information content in2 crease of other earnings components. Our results suggest that the imp lementation of the new accounting standards imp roves the information contents of con2 solidated financial statements. S igna ls of tim eliness of annua l reports: Ev idence from annua l reports of A - share Com pan ies W ang X iongyuan et al. B ased on the data of releasing time of the annual reports of A - share companies for 2004 and 2006, we exam ine the current - period signal of the time2 liness of annual report via the observation of the market reaction to it, and we also exam ine the future signal of the timeliness of annual report by checking the relation between the tim ing of annual report and next - period accounting information transparency. Our study finds that the timeliness of annual reports is significantly and negatively related to the market reaction. After controlling for the auditorπs op inion and earnings levelwe find that the timeliness is signif2 icantly and positively related to the next - period accounting information transparency, i. e., companies that release annual report earlier will have higher quality of information transparency and lower level of earnings management. This imp lies that various tim ing of disclosure delivers different signals of corpo2 rate information. Accoun ting Informa tion Tran sparency and Resources A lloca tion Eff ic iency: Theory and Em p ir ica l Ev idence Zhou Zhongsheng & Chen Hanw en Based on 1999 to 2004 all listed companies in Shanghai and Shenzhen stock market as samp le, this article studies accounting information transparency on the securities marketπs resources allocation efficiency through building a securitiesmarketπs resources allocation model. W e find there is a positive relationship between industryπs accounting information transparency and resources allocation in securities market. In addition, we find the comp lementary effect on resources allocation among accounting information transparency and p roperty right, p roduct marketπs competition. Issues on Corpora te Governance X ie Zhihua Abstract: This paper developed some new understandings against the conventional views on corporate governance goals, internal governance mechanism s, ex2 ternal governance and governance effects of incentive. These new understandings p rovide references to further imp rove corporate governance frameworks and effi2 ciency of corporate governance. M a ter ia l Flow Cost Accoun ting Ba sed on Env ironm en tm anagem en t and Its Applica tion Feng Q iaogen Environmental management accounting oriented to resource - saving focuses on environmentmanagement of enterp rises. A s one ofmost important parts of envi2 ronmental management accounting, material flow cost accounting (MFCA) may p lay a crucial role on environment management. The introduction ofmfca help s to integrate the business management and environment p rotection. This paper presents a case study on TNB, a famous pharmaceutical company. 94

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