摘要
本文将2012年我国退市制度的变革引入Ohlson剩余收益模型,结合盈余持续性分析了其对市场定价行为的影响。研究结果表明:投资者能够区分持续性不同的会计盈余,与线下项目相比,营业利润作为永久性会计盈余在市场定价中发挥了主导作用;同时,2012年我国退市制度的变革进一步增强了营业利润在市场定价中的作用。2012年退市制度的变革实施效果良好,有助于会计信息质量的提高及市场资源的优化配置。
By introducing the launch of Chinese delisting system in 2012 into Ohlson Residual Income Model, the article analyzes the influence of the earning persistence on the pricing behaviors in the market. It shows that investors can differentiate the accounting earnings with different persistence; compared with the offline projects, the operating profits, as permanent accounting earnings, play a primary role in the market pricing; at the same time, the launch of Chinese delisting system in 2012 further enhanced the role of operating profits in the market pricing and helped to improve the quality of accounting information and optimize the allocation of market resources. This policy has been implemented with good results.
出处
《中国注册会计师》
北大核心
2018年第4期53-56,共4页
The Chinese Certified Public Accountant
基金
中国石油大学(北京)科研基金(项目编号:2462015YQ0702)资助
