中国资本市场应计异象问题研究——基于上市公司成长性的全新视角

Research on the Accrual Anomaly in China's Capital Market—based on the perspective of Corporate Growth

本文以我国1999年-2005年的上市公司为研究对象,从企业成长性的角度对应计异象进行阐释。研究发现应计利润与企业的成长性正相关,与未来股票收益负相关,应计利润与企业成长性的正相关程度越强,应计异象越明显。这反映了企业成长性是引起应计异象的一个重要因素。

The paper studies the relation between corporate growth and accrual anomaly and finds that accruals are positively related to growth indexes, while growth indexes are negatively related to future stock return, and the magnitude of the accrual anomaly increases with the correlation between accruals and growth indexes. These resuhs suggest that corporate growth is a driver of the accrual anomaly.