财务报告质量与股票收益波动率关系探讨

本文主要探讨高质量的财务报告是否可以帮助投资者做出相关决策，从而避免股市波动时所造成的损失。文章以2007年—2012年A股上市公司为研究样本，考察财务报告质量与股票收益波动率之间的内在关系。研究发现，股票收益波动率与恶化的盈余质量之间存在显著的正相关关系。从一定程度上来说，上市公司的收益波动率越小，说明其财务报告质量越高。当股市出现大幅波动时，由于投资者可以从高质量的财务报告中得到有效的信息，从而可以有效减少损失。

Financial Reporting Quality and Idiosyncratic Return Volatility

The purpose of this article was to make sure whether the high quality of finance reporting can help the investom to make proper decisions to avoid their loss as the stock market volatility. It investigates the relationship between the quality of fi- nancial reporting and the idiosyncratic return volatility by using the listed companies from 2007 to 2011. Research shows find that deteriorating earnings quality is positively associated with higher idiosyncratic return volatility. To the extent that listed company＇ s return volatility is smaller, the quality of the earning quality is higher. Because investors can get higher quality financial infor- marion , they can lessen losses as the stock market crash.