资产负债项目可靠性、盈余持续性及其市场反应

Accrual Reliability,Earnings Persistence and their Capital Market Reactions

本文将资产负债项目的可靠性和盈余的持续性相联系,并探讨资本市场能否解读这种联系。首先,理论分析表明可靠性更差的资产负债项目导致盈余的持续性更低。其次对应计项目进行分类并评价其可靠性。最后,证据表明,更不可靠的应计项目导致盈余的持续性更低,并且资本市场没有充分预期到这种联系从而作出错误反应。这些结果说明,在财务报表中确认可靠性更低的应计项目会导致更大的成本,相关性的获得不应以牺牲可靠性为代价。

This essay links accrual reliability to earnings persistence,and explores whether the capital market can read these linkages.First,we establish a model aiming to indicate that less reliable accruals lead to lower earnings persistence.Second,we carry out a complete balance sheet classification of accruals,and rate each based on the reliability of the respective accruals.Last,evidence shows that less reliable accruals lead to lower earnings persistence and that investors do not fully expect this lower earnings persistence.Accordingly,there are substantial costs associated with recognizing less reliable accruals in financial statements,and we should not achieve relevance at the expense of reliability.