会计稳健性、盈余持续性与市场反应

发布时间：2018-01-24 09:40

本文关键词： 会计稳健性盈余持续性市场反应　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来，随着我国资本市场的不断完善，投资者越来越关注上市公司对外披露信息的决策有用性，包括会计稳健性政策、盈余持的持续性性以及股价的内在关系。在这个背景下，本文首先介绍了国内外盈余持续性的研究进展及学者们的研究结果，发现前人在这个领域的研究仍不完善，因此选择“会计稳健性、盈余持续性与市场反应”为题目，对盈余持续性问题进行进一步研究。本文对深、沪两市A股382家上市公司2001至2010年的财务数据进行分析，计量出样本公司的盈余持续性，然后将盈余分解为现金与应计利润、经营性盈余和非经营性盈余，进一步求出现金持续性与应计持续性、营业利润和非营业利润的持续性，，并应用价格模型，考察他们与股价的相关性。接着本文考察了会计稳健性因素对盈余持续性的影响，以及盈余持续性、会计谨慎性对股价的交互作用。实证结果表明：（1）中国上市公司各年度盈余之间存在着持续性，并且现金盈余的持续性大于应计盈余，经营性盈余的持续性大于非经营性盈余；（2）只有当非经营性盈余为负值时，股票价格才会体现盈余组成部分（经营性盈余和非经营性盈余）在持续性方面的差异；（3）股价不能反映应计盈余和现金盈余所包含的持续性信息的差异；（4）提高会计谨慎性会降低现金盈余、应计盈余和经营性盈余的持续性，而对非经营性盈余的持续性无显著影响；（5）盈余持续性、会计谨慎性对股价的交互作用并不显著。与以往国内有关盈余持续性的研究成果相比，本文研究成果具有以下三个方面的创新。（1）本文引入会计稳健性，研究其对盈余及盈余组成部分持续性的影响，经过实证检验发现会计稳健性程度与盈余及盈余组成部分持续性呈负相关关系。（2）在上述创新点一的基础上，检验市场价格对该影响作用的识别能力，经过实证检验发现会计稳健性对盈余持续性的影响并没有体现在股票价格上。（3）本文将样本按照非经营性盈余是否大于零为两组，分别考察市场价格对盈余持续性、盈余各组成部分持续性的反映是否存在差异，实证检验显示，仅当非经营性盈余为负时，投资者才会关注非经营性盈余、经营性盈余的持续性差异。
[Abstract]:In recent years, with the continuous improvement of China's capital market, investors are paying more and more attention to the decision-making usefulness of listed companies' information disclosure, including accounting conservatism policy. Under this background, this paper first introduces the research progress of earnings persistence at home and abroad and the research results of scholars. It is found that the former research in this field is still not perfect, so choose "Accounting conservatism, earnings persistence and market reaction" as the topic to further study the earnings sustainability. The financial data of 382 A-share listed companies in Shanghai and Shanghai stock markets from 2001 to 2010 were analyzed to measure the earnings persistence of the sample companies and then decompose the earnings into cash and accrued profits. Operating surplus and non-operating surplus, the cash sustainability and accrual sustainability, operating profit and non-operating profit sustainability, and the application of price model. Then this paper examines the impact of accounting conservatism on earnings sustainability and earnings sustainability. Empirical results show that there is a persistence between the earnings of listed companies in China, and the persistence of cash earnings is greater than the accrual earnings. The persistence of operating surplus is larger than that of non-operating surplus; Only when the non-operating surplus is negative, the stock price will reflect the difference in the persistence of surplus components (operating surplus and non-operating surplus); (3) the stock price does not reflect the difference in the information contained in the accrual surplus and the cash surplus; 4) improving accounting prudence will reduce the cash surplus, the accrual surplus and the operating surplus will continue, but there is no significant effect on the sustainability of the non-operating surplus; 5) earnings persistence and accounting prudence have no significant interaction on stock prices. Compared with the previous domestic research results on earnings sustainability, the research results of this paper have the following three aspects of innovation. 1) this paper introduces accounting conservatism. Through empirical test, we find that the degree of accounting conservatism is negatively related to the persistence of earnings and earnings components. (2) on the basis of the above innovation point one, it is found that accounting conservatism is negatively related to the persistence of earnings and earnings components. Test the ability of market price to identify the effect. After empirical test, we find that the impact of accounting conservatism on earnings sustainability is not reflected in the stock price.) the sample is divided into two groups according to whether the non-operating earnings are greater than zero or not. The empirical test shows that only when the non-operating surplus is negative, investors will pay attention to the non-operating earnings. Persistent differences in operating earnings.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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