中文摘要：

利用我国上市公司2001--2012年的数据，研究诚信度水平对亏损公司年报披露及时性的影响。结果发现，亏损公司比盈利公司的年报披露更加不及时；诚信度较高的亏损公司比诚信度较低的亏损公司年报披露更加及时。这表明，真正具备诚信道德的公司不会因为年报中消息的好坏而选择自利的披露时间策略，实事求是、坚守诚信才是其决策的准则。

英文摘要：

Based on data of Chinese listed companies from 2001 to 2012, this paper studies how integ- rity levels influence the timeliness of annual reports of loss companies. It is found that loss companies delay disclosure of annual reports relative to profitable companies and loss companies with higher integrity level disclose annual reports earlier than loss companies with lower integrity level. These results indicate that companies with integrity will not select the self- interest disclosure time policy according to good or bad news in annual reports, and to be practical, being realistic and adhere to honesty are their decision stand- ards. This paper shows how companies with integrity make decisions, which provides a mirror to market participants and are favorable for exciting ＂positive energy＂ of integrity in market economy.