摘要
以2005-2014年深圳证券交易所A股上市公司为样本,基于公司信息质量和盈余管理分析股价公开信息和私有信息对公司特质风险的影响。结果表明,首先,公司信息质量和公司特质波动显著负相关,即公司信息质量越低,特质风险水平就越高。其次,在负向管理中,公司特质波动与应计管理和真实管理均显著正相关;在正向管理中,这种显著相关性消失,表明私有信息交易对公司特质风险存在重要影响。再次,公司信息质量对特质风险与盈余管理的相关性存在负面作用。
The paper analyzes the impact of private information and public information on idiosyncratic risk by the way of information disclosure quality and earnings management, based on sample of A shares of SSE between 2005-2014. The results show higher idiosyncratic risk exists in the stock price with higher information uncertainty because of negative correlation between them. Furthermore, private information have important effect on idiosyncratic risk because of significant positive correlation between idiosyncratic risk and accrual or real earnings management level existing in process of negative management and not existing in process of positive process. In addition, information quality has negative effect on the correlation between idiosyncratic risk and earning management.
出处
《山西财经大学学报》
CSSCI
北大核心
2016年第3期79-89,共11页
Journal of Shanxi University of Finance and Economics
基金
国家社会科学基金项目"基于信息不确定性视角下的中国股票市场公司特质风险研究"(13CGL026)
关键词
公司特质风险
信息披露质量
应计盈余管理
真实盈余管理
私有信息
idiosyncratic risk
information disclosure quality
accrual earnings management
real earnings management
private information
