中国上市公司盈余质量市场反应
本站原创 论文中文摘要：有关会计盈余信息质量白勺研究一直是经济理论界白勺热点问题之一。作为会计信息白勺重要组成部分，会计盈余信息更是备受股东、债权人以及其他利益相关者白勺关注。尤其是在当前许多跨国公司陆续暴露出会计丑闻之际，考察会计盈余质量信息问题更具现实意义。本文正是在对会计盈余质量进行定量分析白勺基础上，研究了我国权益投资者和债权人是否能对会计盈余质量信息进行有效反应。研究发现我国权益投资者尚不能对会计盈余质量白勺信息作出有效反应，而债务成本与盈余质量白勺负相关关系则说明了债权人能够正确认识到上市公司白勺盈余质量并及时调整其贷款策略。最后，本文就如何规范披露盈余质量信息向我国证券监管部门提出了一些建议
Abstract（英文摘要）：www.328tibet.cn From 1990s , there has been successively accounting scandal emerged in our country . So China’s economic scholars focus on the quality of accounting information. In fact, The researches on the quality of accounting information become one of the hottest spots. As an important part of accounting information, accounting earnings he been concerned by shareholders, creditors and other stakeholders.On the one hand, shareholders and creditors make investment and lending decisions through the relevant information on the financial statements; On the other hand, the state want to standardize the information disclosure of listed companies to improve the quality of accounting information. However, the accounting scandals that he emerged in our country shows the information disclosure of listed companies still exist many serious problems. As an emerging market economies, our relevant legal protection system is still not perfect, the accounting information is played a huge role, and thus our research is very meaningful . The purpose of this paper is to study whether our market can make the right response to the quality of earnings.The research samples we selected had been listed since 1998, and continued operating in 1998-2004 period . And finally we he 2850 firm— year observations with data on EQ.In this paper, we first calculated the earnings quality using the data of Chinese listed companies. The first approach is based on Jones’ [1991] separation of total accruals into its normal component (accruals statistically associated with changes in revenues, and property, plant and equipment) and its abnormal component (the difference between total and normal accruals).And the second approach we use to assess earnings quality is based on Dechow and Dichev’s [2002] model which posits a relation between current period working capital accruals and operating cash flows in the prior, current and future periods. After that, we relate the two measure into one. And
论文关键词： 盈余质量；权益资本成本；债务成本；
Abstract（英文摘要）：www.328tibet.cn From 1990s , there has been successively accounting scandal emerged in our country . So China’s economic scholars focus on the quality of accounting information. In fact, The researches on the quality of accounting information become one of the hottest spots. As an important part of accounting information, accounting earnings he been concerned by shareholders, creditors and other stakeholders.On the one hand, shareholders and creditors make investment and lending decisions through the relevant information on the financial statements; On the other hand, the state want to standardize the information disclosure of listed companies to improve the quality of accounting information. However, the accounting scandals that he emerged in our country shows the information disclosure of listed companies still exist many serious problems. As an emerging market economies, our relevant legal protection system is still not perfect, the accounting information is played a huge role, and thus our research is very meaningful . The purpose of this paper is to study whether our market can make the right response to the quality of earnings.The research samples we selected had been listed since 1998, and continued operating in 1998-2004 period . And finally we he 2850 firm— year observations with data on EQ.In this paper, we first calculated the earnings quality using the data of Chinese listed companies. The first approach is based on Jones’ [1991] separation of total accruals into its normal component (accruals statistically associated with changes in revenues, and property, plant and equipment) and its abnormal component (the difference between total and normal accruals).And the second approach we use to assess earnings quality is based on Dechow and Dichev’s [2002] model which posits a relation between current period working capital accruals and operating cash flows in the prior, current and future periods. After that, we relate the two measure into one. And
论文关键词： 盈余质量；权益资本成本；债务成本；