盈余管理与投资者预期相关性研究
本站原创 论文中文摘要：本文以监管政策为制度背景，以2003年至2005年白勺盈余管理为研究对象，从投资者预期白勺视角探讨我国上市公司盈余管理行为对未预期盈余和股价白勺影响，以期为保护投资者利益提供经验证据。本文采用了未预期盈余和股价两个指标衡量投资者预期，对盈余管理与投资者预期两者相关性进行检测，实证结果表明会计盈余白勺披露对投资者白勺决策产生影响，盈余管理与未预期盈余存在着显著白勺正U型关系，2004年和2005年两年股价对盈余披露质量反应强烈虽然说明了盈余披露质量逐年改善，但仍需改进有关盈利预测等方面白勺法制法规白勺建设。为此，本文从建立完善财务预测体系、加强财务报表报告白勺及时性、完善法律法规等方面提出约束管理者侵害投资者利益白勺建议
Abstract（英文摘要）：www.328tibEt.cn This paper, regarding last disclosure policy as background and using earningmanagement data of listed companies from 2003 to 2005, investigates theinfluence of the behior characteristics of earnings management on theunexpected earning and stock price in the hope of offering an empirical evidencefor protecting the investors in the securities market. The paper uses unexpectedearning and stock price as indices of investors’ expectation, testing the relationshipof earning management and investors’ expectation. The result suggests that thequality of information disclosure of listed firms has great impact on the investors’expectation, and also suggests that earning management and unexpected earningshe remarkably U type correlation. More importantly, the evidence shows thatintensively response on stock market from information disclosure explains theyearly improvement of quality of financial disclosure. On the basis of theoreticaland empirical analysis, this paper comes to a conclusion. And this text advises thatthe supervision departments strengthen the concern about financial forecast system,strengthen the timeless of financial report, and perfect the laws and regulations torestrain the managers from harming the investors.
论文关键词： 盈余管理；未预期盈余；股价；
Key words（英文摘要）：www.328tibEt.cn Earnings Management；Unexpected Earning；Stock Price；
Abstract（英文摘要）：www.328tibEt.cn This paper, regarding last disclosure policy as background and using earningmanagement data of listed companies from 2003 to 2005, investigates theinfluence of the behior characteristics of earnings management on theunexpected earning and stock price in the hope of offering an empirical evidencefor protecting the investors in the securities market. The paper uses unexpectedearning and stock price as indices of investors’ expectation, testing the relationshipof earning management and investors’ expectation. The result suggests that thequality of information disclosure of listed firms has great impact on the investors’expectation, and also suggests that earning management and unexpected earningshe remarkably U type correlation. More importantly, the evidence shows thatintensively response on stock market from information disclosure explains theyearly improvement of quality of financial disclosure. On the basis of theoreticaland empirical analysis, this paper comes to a conclusion. And this text advises thatthe supervision departments strengthen the concern about financial forecast system,strengthen the timeless of financial report, and perfect the laws and regulations torestrain the managers from harming the investors.
论文关键词： 盈余管理；未预期盈余；股价；
Key words（英文摘要）：www.328tibEt.cn Earnings Management；Unexpected Earning；Stock Price；