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。 Based on the sample of listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2013, this paper finds that: (1) The better operating performance of listed companies tend to disclose the annual report earlier, and from the main board to the SME board to the GEM, the operating performance of its (2) Listed companies with good business performance tend to choose to disclose the annual report earlier than the previous year, and also prefer to disclose the annual report when the disclosure density is low; (3) Disclosure of annual reports at lower disclosure densities attracts more attention from investors; disclosures at lower disclosure densities are more attractive to investors than prior disclosures. This article reveals that investor attention is an important motivation for listed company management to disclose annual reports on an opportunistic basis and an important channel for management to conduct market value management through selective disclosure of annual reports.