頁籤選單縮合
題名 | 盈餘品質對盈餘價值相關性的影響研究:來自滬深兩市的經驗證據=The Impact of Earnings Quality on the Value-relevance of Accounting Information: Evidence from the Listed Companies in Shanghai and Shenzhen Stock Markets |
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作者姓名(中文) | 李延喜; 王陽; 鮑洪岩; 鄭春豔; | 書刊名 | 多國籍企業管理評論 |
卷期 | 3:1 2009.03[民98.03] |
頁次 | 頁1-17 |
分類號 | 495.78 |
關鍵詞 | 盈餘品質; 盈餘價值相關性; 價格模型; Earnings quality; Value-relevance; Factors analysis; Price model; |
語文 | 中文(Chinese) |
中文摘要 | 本文研究了會計盈餘品質對滬深兩市上市公司盈餘價值相關性的影響。其中,盈餘品質是指會計盈餘對企業經濟活動本質的反映程度;盈餘價值相關性是指資本市場對盈餘資訊的反應程度。上市公司會計盈餘品質問題一直以來都受到廣大投資者、債權人、政府部門等利益相關者的高度關注。特別是近幾年,國內外會計造假事件頻繁,盈餘管理盛行,公司披露的盈餘品質紛紛受到質疑,考查上市公司盈餘的價值相關性、綜合評價上市公司的盈餘品質,以及檢驗盈餘品質對盈餘價值相關性的影響,對證券市場的監管、上市公司資訊的披露和投資者的決策具有重要意義。本文以服裝及紡織業、電器機械及器材製造業及房地產開發與經營業等6個行業174家A股上市公司2003-2007年的資料為樣本,利用因數分析法從盈利性、持續性及現金保障性等5個方面綜合評價上市公司的盈餘品質,並將綜合評價的得分作為盈餘品質的代理變數加入價格模型中,通過實證研究來分析盈餘品質對盈餘價值相關性的影響。研究結果表明:(1)滬深兩市上市公司盈餘品質普遍較低,所選行業中房地產開發與經營業盈餘品質最高,電器機械及器材製造業次之,服裝及紡織業、化學原料及化學製品製造業居中,交通運輸設備製造業品質最差;(2)滬深兩市上市公司盈餘資訊總體上具有價值相關性,但是其相關性不高,有個別年份不具有相關性,說明滬深兩市投資者對會計報表的利用程度還不高;(3)盈餘品質僅在2004年具有價值相關性,但盈餘品質對盈餘價值相關性具有增量解釋能力,不同年份增量解釋能力不同,說明投資者不同年度對盈餘品質的關注程度不同。這與年報披露年度的股市狀況有關,如果股市處於熊市則投資者更關注盈餘品質,其增量資訊含量大,否則增量資訊含量小。 |
英文摘要 | This paper explores the impacts of earnings quality on accounting information value-relevance. The earnings quality refers to how much the operating activities can be reflected by the companies' reported earnings and the accounting information value-relevance means how the stock market responds to the accounting information. The quality of listed company's accounting information has always been highly valued by investors, creditors and government authorities. However, in recent years, as the frequency of the financial scandal at home and abroad, People have questioned the quality of earnings which was disclosed by companies. Therefore re-examining the company's earnings value-relevance, evaluating the quality of the earnings of listed companies comprehensively, and checking the influence of earnings quality to earnings value-relevance are of great significant to the supervision of China's securities market, the disclosure of the listed companies and the investors' decision-making. Based on the Factor Analysis, this paper evaluates the earnings quality of listed companies comprehensively, and takes the comprehensive assessment scores as the deputy variable of the earnings quality, then adds the variable to the price model to test the impact of earnings quality on earnings value-relevance. The sample includes 174 A shares of listed companies, which belongs to 6 industries, including: Apparel and textile industry; electrical machinery and equipment manufacturing industry; real estate development and management industry and so on. The results show that: (1) The earnings quality of China's listed companies is relatively low. The earnings quality of the real estate development and management industry is the highest of all the 6 selected industries, the electrical machinery and equipment manufacturing industry is lower, followed by clothing and textile industry and chemical materials and chemical products industry. The earnings quality of transportation equipment manufacturing industry is the lowest of all. (2) Totally speaking, earnings information of China's listed company has value relevance except the year 2004-2005, and its relevance is not high which shows that the investors didn't make their decisions by using accounting information. (3) Earnings quality only has value relevance in year 2004, but it has incremental capacity to explain the value-relevance of earnings which is different in various years. This means that the investors concerned about the earnings quality in varying degrees in different years. This result is related with the stock market situation of different years. If the stock market in a bear market, the investors will pay more attention to the earnings quality, its incremental information content is large; otherwise its incremental information content is small. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。