In this paper,we do hypotheses testes with regression models to examine the relationship between firm performance combination(combination of "good news" and "bad news"),performance difference and timing of first quarter reports precontract disclosure and to probe into information of first quarter reports precontract disclosure time on the data of Chinese listed companies.

Recent research has found that companies with bad news tend to release the annual report earlier,while companies with good news tend to release the annual report later.

Loss aversion,an important characteristic in individual decision making,is used in this paper to try to explain why some people with good news have motivation to announce it early,while the other with bad news tends to delay the announcement.