摘要
财务报表中现金流和盈余的内容为市场参与者提供了重要的信息，影响其交易行为，进而影响股票价格的确定。文章通过相关性检验、单变量检验、多变量检验及稳健性检验等方法对622家中国上市企业2003～2007年的样本数据进行分析，发现当盈余比现金流更平稳的时候，抑削了知情交易的程度，而当盈余比现金流更波动的时候，知情交易变得更加活跃。此外，还发现诸如换手率、公司规模、杠杆率等财务变量对知情交易也有影响。
The content of cash flow and earning in financial report provide important information to market traders, affecting their trading behavior and determination of stock price. Through correlation tests, univariate tests, multivariate tests and robust test of sample data from 622 Chinese listed companies sample data from 2003 to 2007, this study finds that when earning is smoother than cash flow, the informed trading is restrained, whereas when earning is more volatile than cash flow, informed trading becomes more active. In addition, financial variables such as turnover, firm＇s size, leverage also affect informed trading.
出处
《系统工程》
CSCD
北大核心
2009年第3期21-28,共8页
Systems Engineering
基金
国家自然科学基金资助项目(70771076)
国家杰出青年科学基金资助项目(70225002)
关键词
现金流波动性
盈余波动性
知情交易
Cash Flow Volatility
Earning Volatility
Informed Trading
