中文摘要：

本文从股权集中度视角出发,分别探讨了国有控股公司和民营控股公司股权集中度对上市公司择时披露行为的影响。结果表明,对于国有控股公司股权集中度与管理层选择周末披露的概率呈正U型关系;对于民营控股公司股权集中度与管理层选择周末披露盈余公告的概率呈倒U型关系。进一步,由于我国民营上市公司控制链较长,终极控制权与现金流权分离问题严重,我们又从终极控制权,以及终极控制权与现金流权分离度角度研究了民营上市公司择时披露的影响因素。与股权集中度影响类似,我们发现在民营上市公司中,终极控制权持股比例与管理层选择周末披露盈余公告的概率呈倒U型关系,终极控制权与现金流权分离度与管理层选择周末披露盈余公告的概率呈正向关系。

英文摘要：

This paper investigates the effects of ownership structure on the timing of earnings announcements during the period from 2004 t0 2008.The results indicate that the effect of ownership structure on the timing of announcement is different in state owned firms and that of family firms.The probability of earnings announcement on weekend is a convex function of ownership concentration in state owned enterprises,this results can be explained that alignment effect dominants entrenchment effect in lower ownership concentration firms and the domination position becomes weak as the increasing of ownership concentration till the entrenchment effect dominant alignment effect.On contrary,we find that the probability of earnings announcements on weekend is a concave function of ownership concentration in private owned enterprises,which indicate that entrenchment effect dominant the alignment effect in lower ownership concentration family firms,and the alignment effect dominant the entrenchment effect in higher ownership concentration family firms.Further,as the long control right chain in Chinese family firms and the serious separation of cash flow right and control right,we investigate the effects of ultimate owners＇ control right and the deviation between control right and cash flow right on the timing of announcement in family owned firms,we find that the effect of ultimate control right on weekend earnings announcement is a U shape relation,and the separations of control right and cash flow right is positively related to weekend earnings announcements.Our research contributes to the literature on earnings announcement timing from ownership structure perspective,and provides implication for understanding of the reasons of choosing earnings announcement on holiday.