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股价与中国上市公司投资——盈余管理与投资者情绪的交叉研究
引用本文:谭跃,夏芳.股价与中国上市公司投资——盈余管理与投资者情绪的交叉研究[J].会计研究,2011(8).
作者姓名:谭跃  夏芳
作者单位:暨南大学管理学院会计系/暨南大学金融研究所 510632
摘    要:本文考虑到中国证券市场代理问题及信息不对称严重和投资者非理性状况共存的特征,将盈余管理与投资者情绪结合起来分析两者对股价的影响,进而分析两者与中国上市公司投资的关系。通过划分平静时期和动荡时期,本文发现在不同的时期里,盈余管理与投资者情绪导致的错误定价关系两者趋势并不总是一致;盈余管理和投资者情绪在不同时期里分别主导着股价与公司投资的关系;而且在不同时期里,融资约束和换手率对所研究问题的影响也是不同的。

关 键 词:盈余管理  投资者情绪  上市公司投资

Stock Price and the Investment of Listed Companies in China: The Research from the Integration of Earnings Management and Investors' Sentiment
Tan Yue & Xia Fang.Stock Price and the Investment of Listed Companies in China: The Research from the Integration of Earnings Management and Investors' Sentiment[J].Accounting Research,2011(8).
Authors:Tan Yue & Xia Fang
Institution:Tan Yue & Xia Fang
Abstract:Proceeding from the coexistence of information asymmetry and investor irration problem in Chinese stock market, this paper analyzes the influence of earnings management and investors’ sentiment on stock price, and further studies the relationship on corporate investment and these two. Through partitioning of sample interval, we show that earnings management and investors’ sentiment are not always in the consistent trends, and they separately dominate the explanation between stock price and corporate investment in different intervals. Further analysis indicates that, the effects of financial constraints and turnover on this issue are also different in different intervals.
Keywords:
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