On December 27, China Association of listed companies and Ernst & Young Huaming Certified Public Accountants (special general partnership) jointly issued the Research Report on the disclosure time of annual reports of Chinese Listed Companies in 2020. In the era of digital economy, enterprise management and external investors put forward higher requirements for the timeliness of annual report information disclosure of listed companies. The China Association of listed companies and Ernst & Young formed a joint working group to deeply understand the problems and needs existing in the preparation of annual reports of Chinese listed companies by means of questionnaires on the basis of collecting the public data of more than 10000 Chinese and overseas listed companies, and put forward opinions and suggestions to improve the efficiency and quality of annual reports. The report points out that there is a common phenomenon of "pressing the line and submitting the papers" in the annual report disclosure of Chinese listed companies. More than 60% of Chinese listed companies focus on disclosing the annual report in mid and late April, which restricts the supporting role of financial data in the operation and management decisions of listed companies on the one hand, and can not fully meet the timeliness needs of investors for report disclosure on the other hand. At present, in the process of annual report preparation, traditional work such as accounting and financial report occupy more time in the financial department. Financial report has become the "bottleneck" to improve the timeliness and quality of annual report disclosure of listed companies. The construction of financial report automation is an effective means to meet the challenge of financial report preparation of listed companies. According to the report, more and more enterprises realize that the transformation to "decision support" finance is the inevitable trend of their future development. It is suggested that enterprises can focus on automation construction and data governance in their future work, release data value and improve management efficiency. Liu Lei, party secretary and executive vice president of China Association of listed companies, said that improving the timeliness and quality of annual report disclosure is a higher requirement for listed companies to fully implement the stock issuance registration system. Listed companies shall practice the responsibility concept of "respecting investors, fearing investors and protecting investors", constantly improve corporate governance, strengthen internal control, use technical means to strengthen financial capacity-building, improve the timeliness and quality of annual report disclosure, and give full play to the role of annual report in supporting enterprise operation decision-making, investors' investment judgment basis and national economic data statistics. It is reported that in the next step, the association will actively carry out questionnaire survey, research and other related work, and cooperate with Ernst & young to continuously track the efficiency and quality of annual report disclosure of listed companies; Through salons, training and other platforms for exchange and dialogue among listed companies, guide listed companies to learn from each other and improve together, promote listed companies to continuously standardize financial reporting related processes and internal control systems, and further improve the level and quality of information disclosure. (outlook new era)