摘要
本文以2001—2004年沪深股市上市公司为样本,考察了会计信息可靠性与盈余持续性。研究发现,更可靠的会计信息具有更高的盈余自相关系数和股票回报,会计信息可靠性与盈余持续性正相关。从盈余自相关角度看,更可靠的会计信息具有更强的盈余持续性。从股票回报角度看,市场符合"幼稚投资者"假说,存在利润"功能锁定"现象,市场不能充分理解会计信息可靠性与盈余相关性的关系,对会计信息可靠性给出了异常定价。本结论有力地支持了新会计准则对真实性和可靠性的强调。
This paper based on the work of Sloan (1996) and Richardson et al. (2005) by linking accrual reliability to earnings persistence. Through the investigation of the Chinese public listed corporations in the period of 2001--2004, we examine the relationship of accounting information reliability and earnings persistence. We construct a model showing that less reliable accruals leading to lower earning persistence. We then develop our model, trying to prove that lower stock return reflect on less reliable accruals. By empirical test, we find that less reliable accounting information leading to lower earnings persistence and that investors do not fully anticipate the lower persistence leading to significant security mispricing. This result efficiently supports the rules of new accounting standard that focuses on the au- thenticity and reliability.
出处
《中国会计评论》
2007年第2期219-232,共14页
China Accounting Review
基金
本项研究得到"西南财经大学创新人才培养基金资助"。
关键词
会计信息
可靠性
盈余持续性
应计总额
现金收益
Accounting Information, Reliability, Earning Persistence, Total Accrual,Cash Earning