盈余持续性视角下盈余管理程度与股价的相关性研究
发布时间：2018-08-25 20:22
【摘要】：盈余管理的目标之一就是实现盈余持续性以达到对股价的操控作用,因此考虑到盈余管理,盈余持续性就存在真实性的问题,所以在考虑盈余管理的基础上,研究股价能否辨别盈余管理之后的盈余持续性具有理论意义和实践意义。本文以盈余持续性为视角,在对盈余管理与盈余持续性相关理论梳理的基础上,对上市公司股价与盈余管理程度的关系进行研究,辨别投资者能否识别上市公司的盈余管理行为。本文从2000-2014年深沪上市公司财务指标方面的数据为研究对象,首先,对代表盈余的变量进行描述性分析,采用线性一阶自回归模型分析上市公司的会计盈余持续性;其次,根据所计算的每家公司的盈余持续性从小到大进行排序,按四分位分组,再对每一组内公司根据Jones模型计算每家公司的盈余管理程度,判断每一组盈余持续性相同或相近的公司的盈余管理程度是否相同或相近;再次,对每一组内公司就股价与盈余管理程度进行回归分析,检验具有相同盈余持续性而盈余管理程度不同的公司,股价是否有不同的反应;以判断投资者能否识别上市公司的盈余管理行为;最后,分析了实证结果,讨论了未来研究方向。
[Abstract]:One of the objectives of earnings management is to achieve earnings sustainability to achieve the manipulation of stock prices. Therefore, considering earnings management, earnings persistence has the problem of authenticity, so on the basis of considering earnings management, It is of theoretical and practical significance to study whether stock price can distinguish earnings persistence after earnings management. From the perspective of earnings persistence, this paper studies the relationship between stock price and earnings management of listed companies on the basis of combing the relevant theories of earnings management and earnings sustainability. Identify whether investors can identify earnings management behavior of listed companies. In this paper, the data of financial indexes of Shenzhen and Shanghai listed companies from 2000 to 2014 are studied. Firstly, the variables representing earnings are analyzed, and the linear first order autoregressive model is used to analyze the persistence of accounting earnings of listed companies. According to the calculated earnings persistence of each company from small to large order, divided by quartile, then calculate the earnings management degree of each company according to Jones model. To determine whether the earnings management degree of each group of companies with the same or similar earnings persistence is the same or not. Thirdly, the regression analysis of the stock price and earnings management degree of the companies in each group is carried out. To test whether the stock price of the company with the same earnings persistence and different degree of earnings management has different reactions; to determine whether investors can identify the earnings management behavior of listed companies; finally, to analyze the empirical results. The future research direction is discussed.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51
，
本文编号：2203996
[Abstract]:One of the objectives of earnings management is to achieve earnings sustainability to achieve the manipulation of stock prices. Therefore, considering earnings management, earnings persistence has the problem of authenticity, so on the basis of considering earnings management, It is of theoretical and practical significance to study whether stock price can distinguish earnings persistence after earnings management. From the perspective of earnings persistence, this paper studies the relationship between stock price and earnings management of listed companies on the basis of combing the relevant theories of earnings management and earnings sustainability. Identify whether investors can identify earnings management behavior of listed companies. In this paper, the data of financial indexes of Shenzhen and Shanghai listed companies from 2000 to 2014 are studied. Firstly, the variables representing earnings are analyzed, and the linear first order autoregressive model is used to analyze the persistence of accounting earnings of listed companies. According to the calculated earnings persistence of each company from small to large order, divided by quartile, then calculate the earnings management degree of each company according to Jones model. To determine whether the earnings management degree of each group of companies with the same or similar earnings persistence is the same or not. Thirdly, the regression analysis of the stock price and earnings management degree of the companies in each group is carried out. To test whether the stock price of the company with the same earnings persistence and different degree of earnings management has different reactions; to determine whether investors can identify the earnings management behavior of listed companies; finally, to analyze the empirical results. The future research direction is discussed.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51
，
本文编号：2203996
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