产权性质、应计波动与知情交易概率

发布时间：2018-02-17 08:00

  本文关键词： 最终控制人性质 盈余波动 现金流波动 知情交易概率　出处：《新疆财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：信息披露质量的好坏关系着市场经济能否有效运行，对投资者的理性决策也产生着至关重要的影响。信息经济学理论的迅速发展为我们研究资本市场的信息质量问题提供了良好的理论基础。目前，市场微观结构的国内外研究文献中有关信息质量问题的研究主要局限在金融学领域，将内生性信息理论运用到会计学领域的研究文献还比较少，尤其是在实证研究方面。本文拟试图弥补这一缺陷，在借鉴国内外相关研究文献的基础上，试图用实证研究的方法理论和逻辑框架来研究不同产权性质、报告盈余中应计部分对企业信息环境的影响。 本文以2006年至2010年上海证券交易所709家A股上市公司为最终研究样本。通过建立因变量与解释变量的多元回归模型，实证检验了最终控制人性质、应计波动与知情交易概率的相关关系。首先，经过实证研究我们发现,国有企业的知情交易水平整体上要低于非国有企业。政府控股比例越大的企业，其知情交易水平越低，二者呈现出明显的相关性。为使实证结果更加稳健可靠，我们进一步考虑了报告盈余公告前后不同产权性质的企业的知情交易变化状况。 其次，我们研究了报告盈余平滑或波动的信息含量，尤其是平滑盈余和洗大澡的信息效应。通过实证研究我们发现，当报告盈余比现金流更平滑时，会发生较多的知情交易；当报告盈余比现金流的波动程度更大时，知情交易也会明显增多。进一步地，更平滑的报告盈余和更波动的报告盈余的变化与知情交易的变化具有显著相关性。进而，，我们将报告盈余的应计部分进一步细分为操控性应计和非操控性应计，研究发现操控性应计部分与更多的知情交易显著相关。应计波动ACEV的绝对值与知情交易正U型关系仍然成立。 最后，在对产权性质和应计波动交叉因素的联合效应分析时，我们发现非国有控股企业的报告盈余中应计部分与企业发生知情交易的可能性的相关性明显高于国有企业，股票交易中发生知情交易的概率更高。 以上研究表明，更波动或更平滑的报告盈余向资本市场传递了噪音信息，干扰了投资者的理性决策，其解释力低于现金流波动。国有控股公司信息对称程度较低，盈余公告的信息披露质量较好，管理者利用私有信息谋取私利的可能性较小。强化信息披露质量，提高上市公司信息透明度，降低信息不对称程度，已成为资本市场研究的重要课题，希望本文的研究结论能给我国资本市场的信息披露管制提供一定的经验证据。
[Abstract]:The quality of the quality of information disclosure related to the effective operation of market economy, rational investors also have a crucial impact. Provide a good theoretical basis for the information quality of the rapid development of information economics theory study the capital market for us. At present, the market microstructure research literature at home and abroad in the research on information quality problems the main limitation in the field of finance, the endogenous information theory to the research literature in the field of accounting is still relatively small, especially in empirical research. This paper tries to make up for the defects, on the basis of the relevant research literature at home and abroad, trying to use the method of empirical research and theoretical logic framework to study different properties accrued, part of the enterprise information environment influence report earnings.
This paper in 2006 to the Shanghai stock exchange in 2010 709 A-share listed companies as A for the final study sample. Through the establishment of multiple regression model variables and explanatory variables, the empirical test of the nature of the ultimate controller, accrual volatility and the probability of informed trading relationship. First, through empirical study, we found that the overall level of informed trading in state owned enterprises is lower than non state-owned enterprises. The government holding a larger proportion of enterprises, the informed trading level is low, the two has a clear correlation. In order to make the empirical results more robust, we further consider the informed trading status report earnings before and after the announcement of the companies of different property rights.
Secondly, we study the information content of earnings smoothing or volatility, especially smooth earnings and big bath information effect. Through empirical research we found that, when earnings than cash flow more smoothly, will have more informed trading; when the volatility of earnings is greater than cash flow, informed trading will be increased significantly. Further, change more smooth earnings and more volatile earnings and informed trading has significant correlation. Furthermore, we will report earnings accrued part is further divided into discretionary accruals and non discretionary accruals, the study found that discretionary accruals and more informed trading significantly. The absolute value of ACEV meter should volatility and informed trading is U type relationship still holds.
Finally, in the analysis of the nature of property rights and the combined effects of cross accrual volatility factors, we found that the correlation between plan and enterprise should the possibility of informed trading was significantly higher than that of state-owned enterprises state-owned companies report earnings, the stock transaction occurred in the probability of informed trading is higher.
浠ヤ笂鐮旂┒琛ㄦ槑,鏇存尝鍔ㄦ垨鏇村钩婊戠殑鎶ュ憡鐩堜綑鍚戣祫鏈�甯傚満浼犻�掍簡鍣�闊充俊鎭�,骞叉壈浜嗘姇璧勮

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