| 盈余持续性、审计师类型对盈余持续性的影响及资本市场反应 |
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| 引用本文： | 刘文达,权小锋. 盈余持续性、审计师类型对盈余持续性的影响及资本市场反应[J]. 税务与经济, 2011, 0(4) |
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| 作者姓名： | 刘文达 权小锋 |
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| 作者单位： | 厦门大学管理学院,福建厦门,361005 |
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| 摘 要： | 以我国2002~2008年期间A股上市公司为研究对象,延续Sloan的方法,利用mishkin检验来考察公司盈余持续性、审计师类型对盈余持续性的影响及股票市场反应。发现公司盈余中应计成分持续性低于现金流量成分;四大审计客户的盈余持续性要高于非四大审计的客户;与公司盈余中现金流量成分相比,四大审计师更显著提高公司盈余中应计成分的持续性;股票价格中所包含的公司盈余预期不能反映公司盈余中应计成分和现金流量成分持续性的差别;股票价格中包含的盈余预期可以总体上反映四大与非四大审计师对公司盈余持续性影响的差异,但股票价格中包含的盈余预期不能反映四大与非四大审计师对公司盈余中应计成分和现金流量成分持续性影响的不同,市场符合＂幼稚投资者＂假说。
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| 关 键 词： | 盈余持续性 四大审计师 资本市场反应 |
Earning Persistence,the Effect of Auditor and Stock Market Reaction |
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| Liu Wen-da,Quan Xiao-feng. Earning Persistence,the Effect of Auditor and Stock Market Reaction[J]. Taxation and Economy, 2011, 0(4) |
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| Authors: | Liu Wen-da Quan Xiao-feng |
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| Affiliation: | Liu Wen-da,Quan Xiao-feng(Management School,Xiamen University,Xiamen 361005,China) |
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| Abstract: | This paper investigates earnings persistence,the effect of auditor and stock market reaction of the Chinese listed companies in the period of 2002-2008 with the methods of Sloan.We find that the accrual component of earnings exhibits lower persistence than the cash flow component of earnings,the earnings of companies audited by Big4 exhibits higher persistence than the earnings of companies audited by Non-Big4,comparing to the cash flow component of earnings,the effect of Big4 is more significant.The earnin... |
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| Keywords: | earning persistence auditor stock market reaction |
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