破解A股上市公司会计盈利之谜

Accounting Earning Puzzle of A-Share Listed Firms

本文使用1229家A股上市公司2001～2006年的非平行面板数据,利用pooled模型以及固定时期效应单向模型对表征会计盈利的不同指标的变化趋势背离之谜进行了破解。结果发现,固定资产投资以及无形资产投资是利润盈利指标与现金流盈利指标变化趋势背离的最显著的原因;负债水平的变化对利润指标与现金流盈利指标变化趋势的背离也有一定的解释能力;而股市大盘的波动对两者的影响却较为复杂。

Using an unbalanced panel data of 1229 A-share listed firms covering year 2001 to 2006 under the pooled model and the period fixed effect model, the paper finds a puzzle that the trends of different index as proxies of the accounting earnings are not the same. The fixed assets and the intangible assets are two most significant driving forces that lead to the opposite trends between profit earnings index and cash flow earnings index. Leverage also has a certain explanation power. And the effect of the stock market fluctuation towards the opposite trends is not intuitive.