中文摘要：

本文以2006-2013年沪深交易所上市企业为样本,发现：（1）上市公司的经营业绩越好越倾向于早披露年报,而且从主板到中小企业板再到创业板,经营业绩对其年报披露时间的影响逐渐增大;（2）经营业绩好的上市公司倾向于选择比上一年更早披露年报,也倾向于选择披露密度较低时披露年报;（3）上市公司大幅提前或在披露密度较低时披露年报会获得投资者更多的关注;在披露密度低时披露比提前披露更能吸引投资者关注。本文揭示了投资者关注是上市公司管理层择机披露年报的重要动机,也是管理层通过择机披露年报进行市值管理的重要渠道。

英文摘要：

Using a collection of Chinese public listed companies from 2006 to 2013 as the sample,we find that：（ 1） the better the operating performance of listed companies,the more inclined to disclose annual reports early;（ 2） the operating performance of listed companies is an important motivation for the management to time the disclosure of the annual report.The better the operating performance of listed companies,the more likely that the management will disclose the annual report earlier than last year or when the market disclosure is not intensive;（ 3） listed companies can attract more investor attention if they choose to disclose the annual report much earlier than last year or when the market is not intensive;disclosing the annual report when the market is not intensive can attract more attention than the former.