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非经常性损益的市场反应问题研究 被引量：6

Research on Market Reaction to Special Items
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摘要 利用1999年至2005年中国股票市场的数据,就投资者给股票定价时对非经常性损益信息的反应程度进行Ohl-son模型和修正的Ohlson模型分析。结果发现,两个模型基本得到了验证,特别是样本期间后期的各年度的检验。相关经验证据支持投资者在做出定价决策时,区分了扣除非经常性损益每股收益和每股非经常性损益信息,并对扣除非经常性损益每股收益给予了比每股非经常性损益更高的定价。 This paper measures the reaction to information of special items in China, when investors are pricing the stocks. The aurhors use data from 1999 to 2005 to test the Ohlson Model （Ohlson, 1995） and adjusted Ohlson Model. The paper finds empirical evidences to support Ohlson Model and adjusted Ohlson Model. This means that investors distinguish the earnings deducted special items per share and special items per share, and price more the former one than the latter one.
作者 孟焰 王伟
机构地区 中央财经大学会计学院 中国人民大学商学院
出处 《山西财经大学学报》 CSSCI 北大核心 2009年第11期118-124,共7页 Journal of Shanxi University of Finance and Economics
基金 国家自然科学基金资助项目(70672065)
关键词 非经常性损益 市场反应 OHLSON模型 special items market reaction Ohlson model
分类号 F23 [经济管理—会计学]
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参考文献15

  • 1David Burgstahler, James Jiambalvo,Terry Shevlin. Do Stock Prices Fully Reflect the hnplications of Special Items for Future Earnings [J] .Journal of Accounting Research,2002,40(3):585 - 612.
  • 2David Burgstahler, James Jiambalvo, Terry Shevlin. Time- series Properties and Pricing of the Special Items Component of Earnings [Z]. Working Paper, 1999.
  • 3David C Burgstahler, Michael J Eames. Earnings Management to Avoid Losses and Earnings Decreases:Are Analysts Fooled[ J]. Contemporary Accounting Research, 2003, Summer: 253 - 294.
  • 4James A Ohlson. Earnings, Book Values, and Dividends in Equity Valuation[ J]. Contemporary Accounting Research, 1995, Spring: 107- 120.
  • 5Micchael J Eames, James Sepe. The Valuation of Special Items[ Z]. Working Paper, Santa Clara University, 2003.
  • 6Patrieia M Dechow, Weili Ge. The Persistence of Earnings and Cash Flows and the Role of Special Items:Implications for the Accrual Anomaly [ J ]. Review of Accounting Studies, 2006,11 (2 - 3) : 253 - 296.
  • 7Ram T S Ramakrishnan, Jacob K Thomas. Valuation of Permanent, Transitory and Price - irrelevant Components of Reported Earnings [Z]. Working Paper, 1997.
  • 8Somnath Das, Baruch key. Nonlinearity in the Returns- Earnings Relation:Tests of Alternative Specifications and Explanations [ J ]. Contemporary Accounting Research, 1994,11( Ⅰ - Ⅱ ) :353 - 379.
  • 9T J Atwood, Hong Xie. The Market Mispricing of Special Items and Accruals:One Anomaly or Two[ Z]. Working Paper, Florida State University, 2005.
  • 10Terrance R Skantz, Barbara G Pierce. Value Line and I/B/E/S Earnings Forecasts in the Presence of Monrecurring Gains and Losses: Evidence of Inconsistency[ Z]. Working Paper, November 25th, 1997.

二级参考文献10

  • 1Ballas. valuation implication of exceptional and extraordinary items[ J ]. British Accounting Review, 1999, ( 31 ) : 281 - 295.
  • 2Barth, Beaver and Landsman. The relevance of the value relevance literature for financial accounting standard setting: another view[J]. Journal of Accounting and Economics,2001, (31) :77 - 104.
  • 3Charles J.P. Chen, Shimin Chen and Xijia Su. Is accounting information value - relevant in the emerging Chinese stock market?[J ]. Journal of international accounting, auditing & taxation, 2001,(10):1-22.
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  • 7Ohlson, J. earnings, book values, and dividends in equity valuation[ M]. Contemporary accounting research, 1995.
  • 8赵宇龙.会计盈余披露的信息含量——来自上海股市的经验证据[J].经济研究,1998,33(7):41-49. 被引量：475
  • 9陈晓,陈小悦,刘钊.A股盈余报告的有用性研究——来自上海、深圳股市的实证证据[J].经济研究,1999,34(6):21-28. 被引量：340
  • 10吴世农,李常青,陈碧华.我国上市公司现金流量的市场反应和信息含量分析[J].首都经济贸易大学学报,2001,3(5):5-12. 被引量：16

共引文献30

同被引文献56

引证文献6

二级引证文献16

山西财经大学学报
2009年 第11期

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