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1.
盈余管理在西方被称为“市场参与者的游戏”,近年来日益受到我国会计学界的关注。证券市场的迅速发展要求上市公司提供高质量的会计信息,由于盈余管理与会计信息质量关系密切,使得对上市公司盈余管理问题的研究成为投资者、债权人、政府主管部门以及会计准则制定机构关注的重点。另一方面,证券市场经验数据证明,股价的波动也同盈余管理密切相关,而利益相关者很可能利用盈余管理手段来影响股价从而获取利益。因此,加强我国上市公司盈余管理和股价相关性的研究,对提高上市公司会计信息质量和改善证券市场资源优化配置功能有着重要意义。本文运用实证分析方法,选取了竞争性强的家电行业和竞争性弱的石油行业的上市公司,从盈余管理度量着手,研究竞争性不同行业的上市公司盈余管理对股价的影响大小,并对投资者的行为提出相关建议。  相似文献   

2.
上市公司的盈余管理和投资者情绪是否影响了股价的"同涨同跌"(股价同步性),证券市场信息效率是否因此受到了影响?本文采用2002~2010年中国股市和上市公司样本,用R2度量股价同步性,检验在不同市场不确定性下盈余管理和投资者情绪对股价同步性的影响。研究发现:管理者盈余管理使得股价同步性降低,而投资者情绪波动使得股价同步性上升;但是,两者均导致股票收益的"惯性"或"反转"效应增强,即市场信息效率下降。因此,本文认为不能简单地以股价同步性的高低来衡量股价的信息效率,需结合影响股价同步性的信息不对称和心理因素进行新的解释。  相似文献   

3.
股价崩盘风险受到哪些因素影响一直是学者和资本市场关注的热点问题之一,本文考察了机会主义盈余管理行为如何影响股价崩盘风险。本文选取2007-2016年中国上市公司数据进行研究,结果发现:上市公司的盈余管理程度与股价崩盘风险呈显著正相关关系;相对于非机会主义,机会主义的盈余管理对股价崩盘风险的影响更大;无论是盈余管理程度、还是机会主义盈余管理行为,对股价崩盘风险的影响都随着投资者情绪高涨而加大。本文拓展了盈余管理与股价崩盘风险之间关系的研究,有助于投资者全面理解机会主义盈余管理对股价崩盘风险的影响。  相似文献   

4.
郭斌  张帆 《西南金融》2012,(8):61-63
本文选取2007-2009年我国A股上市银行数据,运用利润平滑Jones模型,验证了新会计准则实施以来,我国商业银行盈余管理的存在性.并实证分析了金融工具的公允价值计量方法对我国银行盈余管理产生的影响.研究发现,可供出售金融资产的处置损益与操纵性应计利润显著正相关,表明可供出售金融资产成为商业银行盈余管理新的有效工具.但没有证据表明交易性金融资产和衍生金融工具与银行盈余管理有显著的相关性.  相似文献   

5.
近年来,有关实证会计研究结果表明,我国上市公司存在着大量的盈余管理行为.严重影响了会计信息的真实可靠性,误导了信息使用者的经济决策.本文将从盈余管理的角度,对新会计准则对上市公司盈余管理的影响进行分析,着重探讨新会计准则对企业盈余管理的影响,分析新会计准则下企业盈余管理的可操作空间,以及提出相应治理对策.  相似文献   

6.
王光俊 《中国外资》2010,(8):150-151
近年来,有关实证会计研究结果表明,我国上市公司存在着大量的盈余管理行为,严重影响了会计信息的真实可靠性,误导了信息使用者的经济决策。本文将从盈余管理的角度,对新会计准则对上市公司盈余管理的影响进行分析,着重探讨新会计准则对企业盈余管理的影响,分析新会计准则下企业盈余管理的可操作空间,以及提出相应治理对策。  相似文献   

7.
基于盈余管理视角的新会计准则探析   总被引:1,自引:0,他引:1  
正确认识盈余管理和新会计准则两者之间的关系和作用机理,对于会计信息编制者而言,有助于深刻理解新准则的核心理念,在进行职业判断时认真权衡信息的可靠性和相关性,提高信息质量;对于会计信息使用者而言,有助于全面了解企业的业绩水平和竞争能力,提高投资决策水平;对于资本市场发展而言,有助于降低市场参与各方的交易成本,提高资源配置效率。本文拟在分析盈余管理与新准则关系的基础上,分析盈余管理在新准则一些代表性项目中的作用机理,并就适当规范新准则下的盈余管理提出针对性的建议。  相似文献   

8.
2007年我国会计准则发生重大变革,目前的研究对于上市公司如何利用新准则公允价值进行盈余管理等问题缺乏研究,因此研究新会计准则公允价值计量对上市公司盈余管理的影响具有重要的理论意义。文章采用新准则体系实施后的上市公司样本数据,加入了资产减值准备和公允价值变动等多个变量,对100家公司的盈余管理进行了相关性研究。研究结果表明,首先,公司利用营业外收支进行盈余管理活动。其次,上市公司仍存在利用资产减值准备进行盈余管理的情况。最后通过论述现行会计准则与上市公司盈余管理之间的关系,提出完善我国会计准则建设的相关建议。  相似文献   

9.
盈余管理是指企业管理当局在遵循会计准则的基础上,通过对企业对外报告的会计收益信息进行控制或调整,以达到自身利益最大化的行为。适度的盈余管理是企业走向成熟的标准,但滥用盈余管理则有损会计信息质量的可靠性。为提高会计信息质量,减少企业滥用盈余管理行为,新《企业会计准则》理念先进、体系完整,并充分体现了与国际准则的趋同,能有效遏制企业滥用盈余管理的行为。但也必须看到,新会计准则也  相似文献   

10.
本文运用我国A股上市公司2003~2013年的数据,研究了两权分离度(控制权和现金流权)对通过股价同步性所刻画的市场信息传递的阻隔程度。研究结果发现:首先,两权分离度和实际控制人性质与股价同步性正相关,而股权制衡度与股价同步性负相关;其次,实际控制人的国有性质以及股权制衡度的提高显著降低了两权分离对股价同步性的正向影响。研究结果表明,上市公司中两权分离度高、国有性质以及股权制衡度低等股权结构特征会降低公司信息披露的水平和质量,影响公司的信息透明度,从而降低股价中包含的公司特质信息,导致较高的股价同步性水平,最终影响证券市场的运行效率。  相似文献   

11.
This paper examines the relation between the stock price synchronicity and analyst activity in emerging markets. Contrary to the conventional wisdom that security analysts specialize in the production of firm-specific information, we find that securities which are covered by more analysts incorporate greater (lesser) market-wide (firm-specific) information. Using the R2 statistics of the market model as a measure of synchronicity of stock price movement, we find that greater analyst coverage increases stock price synchronicity. Furthermore, after controlling for the influence of firm size on the lead–lag relation, we find that the returns of high analyst-following portfolio lead returns of low analyst-following portfolio more than vice versa. We also find that the aggregate change in the earnings forecasts in a high analyst-following portfolio affects the aggregate returns of the portfolio itself as well as those of the low analyst-following portfolio, whereas the aggregate change in the earnings forecasts of the low analyst-following portfolio have no predictive ability. Finally, when the forecast dispersion is high, the effect of analyst coverage on stock price synchronicity is reduced.  相似文献   

12.
The functional relation between expected stock prices and accounting information is analyzed through the theory of inverse probability. The approach models the mean of the posterior distribution for price, given the information that the accounting process provides. The implications of alternative assumptions about accounting measurement error and the unconditional price distribution are discussed. Our most refined model is consistent with recent empirical evidence showing convexity in the relationship between price and accounting information. Empirical tests, while exploratory, provide further evidence of a nonlinear relation between stock price and accounting measures of earnings and book value.  相似文献   

13.
In this study, we revisit the link between R2 (synchronicity) and earnings management (opacity) because of the importance of the ongoing debate on the relation between idiosyncratic risk and earnings management in the finance and accounting literatures. Hutton et al. (J. Financial Economics, 2009) provide evidence of a positive link between opacity and R2. They interpret their finding to imply that firms with high R2 (high synchronicity) have less firm-specific information impounded in their stock price. Our results for this relationship fail to unequivocally support the results reported in Hutton et al. (2009). We show that their results are not only time variant but also not robust to the alternative empirical technique recommended for panel data by Petersen (2009) and alternative estimation of discretionary accruals adjusted for firm performance prescribed by Kothari et al. (2005). We also find no support for a convex relation between idiosyncratic risk and opacity. The findings documented in this study substantially revise some of Hutton et al.'s findings in this important and growing area of research.  相似文献   

14.
In this paper, we investigate the impact of the implementation of a set of new auditing standards in 1996 on the information environment in the emerging markets in China. Because the implementation of such standards can increase the quality and/or quantity of accounting disclosures, it can be conceptualized as an improvement in the information environment of public companies. We investigate the improvement in accounting disclosure and information environment from both the market perspective and the accounting perspective. First, consistent with the information economics literature (e.g., [Holthausen, R., & Verrecchia, R., (1990). The effect of informedness and consensus on price and volume behavior. The Accounting Review, 65, 191–208]), we find that companies experience a significant increase in trading volume and price volatility subsequent to the implementation of the standards. Second, consistent with the literature on earnings management (e.g., [Chen, C. W. K., & Yuan, H. Q., (2004). Earnings management and capital resource allocation: evidence from China's accounting-based regulation of right issue. The Accounting Review, 79, 645–665, Jian, M., & Wong, T. J., (2004). Earnings management and tunneling through related party transactions: evidence from Chinese corporate groups. Working Paper, Nanyang Technological University and Hong Kong University of Science and Technology]), we find a decrease in earnings management and, hence, an increase in quality of earnings. Finally, we find a decrease in the synchronicity of stock prices and, hence, an increase in the quality of firm-specific information available to investors, which is consistent with the literature on price synchronicity (e.g., [Morck, R., Yeung, B., & Yu, W., (2000). The information content of stock markets: why do emerging markets have synchronous stock price movements? Journal of Financial Economics, 58, 215–260]). Our results have significant implications for standard setters, regulators, researchers, managers, and investors in general and those in the emerging markets in particular.  相似文献   

15.
This paper examines the properties of the accounting measures of dilution under pre‐2001 Canadian GAAP. Fully diluted earnings per share (EPS) presents investors with a per‐share figure that attempts to capture the maximum potential dilution that would occur if all dilutive convertible securities were converted and all dilutive stock options and rights exercised. We examine how the difference between basic and fully diluted EPS, which we refer to as the dilutive adjustment, affects the ability of EPS to predict one‐period‐ahead EPS. Moreover, we address the issue of the explanatory power of changes in the dilutive adjustment for unexpected stock returns over the year and at the earnings announcement date. Surprisingly, in contrast with the traditional accounting view that increases in the dilutive adjustment present the investor with bad news due to potential dilution of the future earnings stream, the dilutive adjustment is positively related to next period's earnings and increases in the dilutive adjustment are positively correlated with contemporaneous long‐window stock returns. These results can be attributed to the relation between the dilutive adjustment and the earnings process combined with a partial resolution of the uncertainty attached to growth firms. We find no evidence that investors use information from the disclosure of fully diluted EPS at the earnings announcement date. These results are consistent with increases in the dilutive adjustment capturing the partial realization of a firm's growth potential that more than outweighs the potential dilution attached to the convertible securities; however, this information appears to be already embedded in price prior to the disclosure of fully diluted EPS.  相似文献   

16.
江轩宇  林莉 《金融研究》2022,502(4):57-76
利用2006-2019年沪深A股数据,本文考察了会计信息可比性对企业劳动收入份额的影响。研究发现,会计信息可比性的增强显著提高了企业的劳动收入份额,表明会计信息质量的提高有助于员工更好地分享企业的发展成果。进一步研究结果表明,(1)降低资本成本及增大自主研发强度是会计信息可比性提高企业劳动收入份额的两大作用路径;(2)会计信息可比性的增强主要提高了普通雇员的劳动收入份额,对高管劳动收入份额的影响并不显著;(3)会计信息可比性对劳动收入份额的影响存在一定异质性,当企业自身融资约束程度较高、信息透明度较低,或可比公司的会计盈余质量较强时,会计信息可比性与劳动收入份额的正相关关系更强;(4)会计信息可比性通过提高劳动收入份额,提升了企业的价值创造能力。  相似文献   

17.
Online stock forums allow investors to share information and exchange opinions, which facilitates the incorporation of firm-specific information into prices and reduces stock price synchronicity. However, prior research presents mixed evidence as to the value of messages in online forums. Using the information of the Eastmoney Guba online forum in China, we find a causal and negative relation between Guba messages and stock price synchronicity. The finding is robust after accounting for media reports and firm fixed effects and using both an instrumental variable analysis and an experimental design that exploits exogenous changes in the authenticity of Guba messages. We find the impact of Guba information is attributed to its roles in both information dissemination and investor interaction and is more pronounced for messages with a negative narrative tone. Additional tests suggest Guba messages improve firm information disclosure quality, reduce stock price crash risk and decrease stock return volatility synchronicity.  相似文献   

18.
This paper investigates the relation between the extent of media coverage and stock price synchronicity and whether this relation varies across different institutional infrastructures. We document three notable findings. First, media coverage is negatively associated with stock price synchronicity, suggesting that the media facilitates the incorporation of firm-specific information into stock prices. Second, a firm's information environment and corporate governance play a moderating role in the relation between media coverage and the synchronicity of stock prices. Third, the synchronicity-reducing effect of media coverage is stronger in countries with weak institutional infrastructures. Overall, our study suggests that media coverage is an important determinant of stock price synchronicity.  相似文献   

19.
Effect of Investor Speculation on Earnings Management   总被引:2,自引:0,他引:2  
This paper considers how the presence of a speculative investor, who bets on a firm's future earnings report, affects how the firm's management manipulates that report. We examine the influence of the speculator's information on earnings management behavior, quality of reported earnings, and stock price efficiency. We also provide predictions for, and interpretations of, short‐window event studies and long‐window association studies.  相似文献   

20.
This paper studies how firm disclosure activity affects the relation between current annual stock returns, contemporaneous annual earnings and future earnings. Our results show that firms with relatively more informative disclosures "bring the future forward" so that current returns reflect more future earnings news. We also find that changes in disclosure activity are positively related to changes in the importance of future earnings news for current returns. These results suggest that a firm's disclosure activity reveals credible, relevant information not in current earnings, and that this information is incorporated into the current stock price.  相似文献   

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