制度变革、盈余持续性与市场定价行为研究

本文将会计制度变迁、配股政策的变革和股权分置改革作为资本市场制度变革的典型代表引入Ohlson剩余收益模型,结合盈余持续性分析了其对市场定价行为的影响。研究发现:随着我国证券市场的发展,营业利润在市场定价中发挥着主导作用,线下项目的定价作用减弱;随着配股政策和会计制度等的改革,线下项目对配股权在市场定价中的作用下降;会计制度改革和股权分置改革增强了持续性盈余的定价作用。这说明,制度变革提高了市场效率。

On the Institutional Change,Earnings Sustainability and Market Pricing Behavior

This paper analyzes China’s pricing behavior of stock market from the perspective of institutional change and earnings sustainability.The findings come as follows.With the development of stock market,the role of operating profit in earnings pricing behavior will be intensified,while the role of pricing of non-operating items will be weakened.The success of reform of accounting standards,non-tradable shares and shares-rationing policies has improved the capital market pricing efficiency.