摘要
本文以我国A股上市公司2003-2010年的数据为样本,研究了分析师现金流预测与应计质量之间的关系。研究发现:第一,分析师现金流预测提高了应计项目的透明度,抑制了管理层操纵应计项目的盈余管理,进而提高了应计质量;第二,分析师的影响力加强了其现金流预测对应计质量的积极影响,即影响力越大的分析师(最佳分析师或者来自顶级券商的分析师)的现金流预测越能够抑制管理层通过应计项目进行的盈余管理行为。本文的研究表明分析师发布现金流预测起到了信息监督的作用,弥补了外部监管机构信息匮乏的缺陷,扮演了改善上市公司应计质量的角色。
Based on the data of Chinese A-share market from 2003 to 2010, the paper discusses the effect of analysts＇ cash flow on accrual quality.We find that analysts＇ provision of cash flow forecasts makes manipulation of accruals more transparent, thereby decreasing earnings management through accruals and improving accrual quality. And star analysts or analysts coming from the most famous brokerages, whose cash flow forecasts can inhibit earnings management better. This paper shows that analysts＇ cash flow forecasts play the role of the information supervision and improve accrual quality of list companies, to make up for the lack of information of the external supervision mechanism.
出处
《投资研究》
北大核心
2013年第10期108-123,共16页
Review of Investment Studies
