现金流量与应计利润在企业债券市场中的有用性——来自沪市的经验证据

文章选取了截止到2005年底在上交所上市的企业债券39支,一共79个公司/年度样本,计算债券年度持有收益率,进而根据面板数据估计了一个横截面回归模型。经验证据表明,债券持有人对会计盈余的两个组成部分都作出正面的估价,并且估价的方式有些类似。这表明会计数字在中国企业债券市场中是有用的,但是应当继续加强发债主体财务信息披露。

The Usefulness of Cash Flows in the Corporate Bond Market——Empirical Evidence from the Shanghai Stock Exchange

For 39 corporate bonds listed in Shanghai Stock Exchange during as of 2005,a sample of 79 firm-years was used to calculate annual return rate and stablish a cross-sectional regression model.Empirical evidence shows that corporate bondholders positively value both components of accounting earnings and the corporate bondholders value each component similarly.The results show that accounting numbers are efficient in China bonds market.So,we should continue to strengthen financial information disclosure of corporate issuing bonds.