上市公司盈余管理与资本市场反应关系研究

发布时间：2018-01-07 18:34

本文关键词：上市公司盈余管理与资本市场反应关系研究　出处：《浙江工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：盈余管理最早开始于上世纪八十年代的西方学术界,一直是会计理论研究中的重点领域。随着资本市场的不断发展与完善,盈余管理不仅引起学术界、实务界和监管部门的广泛关注,对于资本市场也有一定的影响。上市公司通过盈余管理进行利润操控,影响盈余信息质量,盈余信息质量是衡量上市公司经营业绩与未来收益的重要指标,与资本市场关系密切。研究上市公司盈余管理与资本市场反应的关系,对上市公司自身发展与资本市场资源配置有重要意义。本文在分析上市公司盈余管理和资本市场反应的相关理论的基础上,结合沪深两市A股1471家上市公司2007-2011年样本数据,采用多元线性回归的方法,实证分析了上市公司盈余管理与资本市场反应的关系。研究发现：①应计盈余管理和真实盈余管理与股票换手率存在正相关关系,异常经营活动净流量和异常生产成本对股票年超常回报率存在负相关关系,异常操控性费用对股票年超常回报有显著的积极作用,应计盈余管理对股票年超常回报没有显著影响；②当考察应计盈余管理与真实盈余管理对资本市场的共同影响,真实盈余管理对股票换手率有正相关关系,应计盈余管理对股票换手率没有显著影响,应计盈余管理对股票年超常回报率有正相关关系,异常经营活动净流量和异常生产成本对股票年超常回报率有负相关关系,异常生产成本和异常操控性费用对股票年超常回报率有正相关关系。
[Abstract]:Earnings management began in the last century, in 80s the western academic circles, has been the focus of research in the field of accounting theory. With the development of the capital market, earnings management not only caused widespread concern in academia, practitioners and regulators, have certain influence to the capital market. The listed company profit manipulation the influence of earnings management, earnings quality, earnings information quality is an important indicator to measure the performance of listed companies and future earnings, capital market and close relationship. The relationship between earnings management and capital market reaction of listed companies, plays an important role in allocation of resources and capital market development of the listed company itself.
The basic theory of earnings management of listed companies and capital market based on the analysis on the combination of Shanghai and Shenzhen two A shares of 1471 listed companies in the sample data of 2007-2011 years, by using multiple linear regression method, empirical analysis of the relationship between earnings management and capital market reaction of listed companies. The study found that: the accrual earnings management and real earnings management and stock turnover rate is positively related to the abnormal operating activities net flow and abnormal production cost on stock abnormal returns are negatively related to abnormal handling costs, a significant positive effect on stock abnormal return, return should count the earnings management of stock abnormal no significant effect when common effects; the accrual earnings management and real earnings management on the capital market, the real earnings management on the stock exchange rate has a positive correlation between earnings management of stock The exchange rate has no significant impact on earnings management has a positive correlation with stock abnormal returns, abnormal operating activities net flow and abnormal production costs are negatively related to stock abnormal returns, abnormal production costs and abnormal handling cost on the positive relationship between the stock return rate. The extraordinary years

【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.1;F832.51

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