会计应计异象研究述评

本文系统地介绍和评论了会计应计异象的理论和经验研究,应计异象的存在性以及应计异象的解释:应计计量观、净经营资产增长观、风险溢价和资产定价模型误设观及高估权益的代理成本观,探讨了会计应计异象与其他金融异象之间的联系,并提出了会计应计异象领域未来的研究方向。

Rewiew of Research on the Accounting Accrual Anomaly

Accounting accrual is the core of the accrual-based accounting.This paper summarizes and reviews the theoretical and empirical research of accounting accrual anomaly,including the existing of accrual anomaly and four explanation for the existing:accrual measurement,growth in net operating assets,risk premium and asset pricing model misspecification,and agency costs of overvalued equity.This paper also discusses the relation between accounting accrual anomaly and other financial anomalies.At the end of paper,I point out some directions for future researc.