| 企业竞争力、盈余持续性与不对称性 |
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| 引用本文： | 徐浩峰,朱松,余佩琨. 企业竞争力、盈余持续性与不对称性[J]. 审计与经济研究, 2011, 0(5) |
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| 作者姓名： | 徐浩峰 朱松 余佩琨 |
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| 作者单位： | 中山大学管理学院;北京师范大学经济与工商管理学院;中信资产管理公司; |
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| 基金项目： | 国家自然科学基金面上项目(71072089,70772017); 广东省自然科学基金项目(10451027501004606) |
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| 摘 要： | 以我国沪深两市上市公司为研究样本,实证分析企业会计特征和竞争力特征对盈余持续性的影响后发现,上述特征显著影响会计盈余的持续性。此外,实证结果揭示了持续性高的盈余向资本市场传递更多正面的信息,提高公司的市场反应;如果资本市场未能反映盈余持续性的信息,投资者据此制定的交易策略就能获得超额收益。
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| 关 键 词： | 会计盈余信息 盈余持续性 应计盈余 现金盈余 企业竞争力 盈余特征 |
Enterprise Compositeness,Earnings Persistence and Asymmetry |
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| XU Haofeng,ZHU Song,YU Peikun. Enterprise Compositeness,Earnings Persistence and Asymmetry[J]. , 2011, 0(5) |
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| Authors: | XU Haofeng ZHU Song YU Peikun |
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| Affiliation: | XU Haofeng1,ZHU Song2,YU Peikun3(1.School of Management,Sun Yatsen University,Guangzhou 510275,China,2.School of Economics and Business Management,Beijing Normal University,Beijing 100875,3.Zhongxin Assets Management Company,Beijing 100600,China) |
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| Abstract: | On the basis of samples of listed companies from Shanghai and Shenzhen Stock Markets,we make an empirical analysis of enterprise accounting and competitiveness characteristics.We find that the above characteristics considerably affect the accounting earnings persistence.Moreover,the results indicate that the persistent and high earnings transmit more positive information to the capital market,thus increasing the enterprise's reaction to market in question.And finally,we also find that if the capital market ... |
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| Keywords: | information of accounting earnings earnings persistence accrual earnings cash earnings enterprise competitiveness earnings characteristics |
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