定向增发中的会计业绩效应与财务分析师信息预示

发布时间：2018-01-31 18:57

本文关键词： 定向增发 EPS业绩效应分析师盈余预测调整　出处：《会计研究》2017年03期 　论文类型：期刊论文

【摘要】：本文以2007-2013年907家定向增发公司为研究样本,考察了定向增发对资源使用效益衡量指标净资产收益率(ROE)与用之于市场决策转化指标每股收益(EPS)之间逻辑关系的影响,以及考察了定向增发环境下财务分析师对增发公司业绩变化的预示能力。研究发现,定向增发存在"EPS业绩效应",即在ROE下降情形下,随着定向增发规模的增大,公司EPS会越来越高。这为解释定向增发存在短期正向宣告效应长期回报不佳现象提供了新思路。尽管定向增发通常意味着信息不对称程度更高,但我们研究发现财务分析师盈余预测调整与公司EPS变化基本一致,并且其预测向上调整预示了定向增发公司有一个更好的未来会计业绩,这表明财务分析师预测活动可作为公司管理层信息披露的替代。
[Abstract]:In this paper, 907 private placement companies from 2007 to 2013 were selected as the research samples. This paper investigates the effect of directional placement on the logical relationship between ROEs and EPSs, which are used to measure the efficiency of resource use. The paper also examines the financial analysts' ability to predict the performance changes of the placement companies under the environment of directional placement. It is found that there is a "EPS performance effect", that is, under the situation of the decline of ROE. With the increase of the scale of directional issuance. Corporate EPS will become higher and higher. This provides a new way to explain the short-term positive announcement effect and poor long-term returns, although it usually means higher degree of information asymmetry. However, we find that the adjustment of earnings forecast of financial analysts is basically consistent with the change of EPS, and the upward adjustment of the forecast indicates a better future accounting performance of the company. This indicates that the financial analyst forecast activity can be used as a substitute for the disclosure of company management information.
【作者单位】：上海财经大学会计学院/会计与财务研究院;上海外国语大学国际金融贸易学院;安徽财经大学会计学院;
【基金】：教育部人文社会科学重点研究基地重大项目(13JJD630009) 安徽省高校省级自然科学项目(KJ2011Z006;KJ2013Z002) 上海外国语大学科研创新团队基金(QJTD14CYT01)的资助
【分类号】：F275;F832.51
【正文快照】： 一、引言逻辑关系,特别的是,若定向增发引发ROE下降,则是否自2006年中国资本市场推出定向增发制度以来,短短一定会引发EPS也下降?弄清楚这一点对理解资本市场中数年间定向增发已成为中国上市公司实施再融资的重要手“新股发行困惑”异象非常重要,因为资源利用效率体现段。定向

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