| 股市周期、投资者情绪与盈余管理——来自中国A股市场的证据 |
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| 引用本文： | 潘妙丽,蒋义宏. 股市周期、投资者情绪与盈余管理——来自中国A股市场的证据[J]. 上海立信会计学院学报, 2011, 0(5) |
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| 作者姓名： | 潘妙丽 蒋义宏 |
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| 作者单位： | 上海证券交易所博士后工作站;上海财经大学会计学院; |
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| 基金项目： | 国家自然科学基金项目(70872067); 教育部重点研究基地重大项目(08JJD630005) |
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| 摘 要： | 将中国大陆1394家上市公司2004年至2007年期间5576份年报,分为熊市悲观样本组与牛市乐观样本组,用Givoly&Hayn(2000)的应计项目模型和Ball&Shiva-kumar(2005)的应计项/现金流模型进行实证检验。研究发现:熊市悲观样本组的应计利润以及非经营性应计利润较低,会计盈余下降周期与熊市悲观周期吻合;牛市乐观样本组的应计利润以及非经营性应计利润较高,会计盈余上升周期与牛市乐观周期一致。上市公司经营者(代理人)操纵应计项目以及刻意安排应计项目在牛市与熊市之间回转,使得熊市悲观周期会计盈余被低估而牛市乐观周期会计盈余被高估,以迎合投资者(委托人)牛市过度乐观而熊市过度悲观的情绪和盈余预期。
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| 关 键 词： | 股市周期 投资者情绪 盈余管理 应计利润 |
Stock Market Cycles,Investor Sentiment and Earnings Management:Evidence from A-share Stock Market in China |
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| PAN Miao-li,JIANG Yi-hong. Stock Market Cycles,Investor Sentiment and Earnings Management:Evidence from A-share Stock Market in China[J]. Journal of Shanghai Lixin University of Commerce, 2011, 0(5) |
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| Authors: | PAN Miao-li JIANG Yi-hong |
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| Affiliation: | PAN Miao-li1,JIANG Yi-hong2 ( 1.Postdoctoral Workstation,Shanghai Stock Exchange,Shanghai 200135,China,2.School of Accounting,Shanghai University of Finance and Economics,Shanghai 200433,China) |
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| Abstract: | This paper divides 5576 annual reports of 1394 companies listed in China Mainland from 2004 to 2007 into two groups,one is the bear market negative group for the year 2004 and 2005,the other is the bull market positive group for the year 2006 and 2007,then compares the accruals between these two groups using the Givoly & Hayn(2000) accrual model and Ball & Shivakumar(2005) model.We find that both accruals and non operation accruals in the former group are significantly lower than accruals in the latter,this... |
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| Keywords: | stock market cycles investor sentiment earnings management accrual profit |
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