李正辉,潘郭钦.会计盈余价值相关性的非对称性研究[J].湖南大学学报:自然科学版,2014,41(6):127~132
会计盈余价值相关性的非对称性研究
A Study of the Asymmetry of the Value Relevance of Accounting Earnings
  
DOI:
中文关键词:  会计盈余  价值相关性  非对称性  回归分析
英文关键词:accounting earnings  value relevance  asymmetry  regression analysis
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作者单位
李正辉,潘郭钦 (湖南大学 金融与统计学院湖南 长沙410079) 
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中文摘要:
      ST公司和非ST公司会计盈余价值相关性具有非对称性,对盈余价值具有重要影响的因素主要为账面价值、经营现金流量等;通过使用中国A股市场2009—2011年ST公司和非ST公司相关数据,利用盈余资本化模型实证发现ST公司会计盈余价值相关性明显弱于非ST公司;通过逐步引入账面净资产、经营活动现金流量、账面净资产与经营活动现金流量的交互效应,证实:1)账面净资产具有价值相关性;2)ST公司经营活动现金流量具有显著的负的价值相关性;3)会计盈余与经营现金流量、账面净资产与经营现金流量对股票价格具有显著的交互影响.
英文摘要:
      The value relevance of accounting earnings between ST companies and non-ST companies is asymmetric.Book value and operating cash flows are main factors which have great influence on earnings value. This paper uses the relevant data of China′s A-share market between 2009 and 2011,and finds out that the accounting earnings of ST companies is far weaker than that of non-ST companies according to earning capitalization model. This paper introduces book net assets,operating cash flow and interaction effects of book net assets and operating cash flow,and finds out that (1) book net asset has value relevance, (2) the operating cash flow of ST companies has significant negative correlation and (3) accounting earnings, book net asset and operating cash flow have significant interaction effects.
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