本研究探討財務報告申報時間點對投資者注意力之影響。國外研究顯示當 投資者心裡預期的申報日與公司實際申報日不一致時，市場上會出現異常報 酬。而財務報告申報時間點會影響投資者注意力，並使股價產生變動。因此當 公司比投資者心裡所預期的時間來得更早發布的時候，因為沒有事先做好準 備，可能會在準備不足的情況下接收資訊，並使投資者反應較小；相較於比投 資者心裡所預期的時間來得更晚發布的時候，因為超過投資者所預期的申報日 並且遲未申報，將會顯得格外突出，此時投資者會集中注意力。 研究樣本為 2013 年至 2017 年之上市上櫃公司資料。投資者注意力係以申 報期間之累積異常報酬作為替代應變數並以迴歸模型分析，探討延後申報是否 會比提前申報的反應來得大，意即更加吸引投資者注意力。 研究結果發現(1)當公司申報正面消息時，延後申報較提前或及時申報的未 預期盈餘反應較低，意指投資者對於提前或及時申報的好消息有較大的反應。 (2)當公司申報負面消息時，延後申報較提前、及時申報的未預期盈餘反應較高， 意指投資者對於延後申報的壞消息有較大的反應。 This study examines how firms’ filing timing affect investors’ attention. According to prior studies, if firms’ filing date deviate from investors’ expected date, investor react to these deviations. The filing timing of financial reporting affect investors’ attention and how they react to financial reports. If firms file their financial reports earlier than investors expectation date, investors are surprised and react weakly to financial reports. In contrast, if firms file their financial reports lately than investors expectation, investors pay attention to these information and react strongly. This study collects listed firms’ filing dates of quarterly or annual financial reports from 2013 to 2017. The abnormal returns are used to proxy the investor’s attention, and three-day announcement returns are regressed on the filling timing and control variables to check how companies’ filing timing affect investors’ attention. The results are as follows: (1) if the reported earnings are positive, and firms file their financial reports earlier or on time, the investors will be more attentive than firms file their financial reports lately (2) If the reported earnings are negative, and firms file their financial reports lately, the investors will be more attentive than firms file their financial reports earlier or on time.
