新准则下会计信息质量与盈余公告后漂移现象

Accounting Information Quality and Post Earnings Announcement Drift under New Accounting Standards

新会计准则实施以后,会计信息质量是否仍然会影响到投资者对未来盈余的预期,从而影响盈余公告后漂移现象(PEAD)。通过对新准则下年报财务数据的分析发现,会计信息质量越差的企业,盈余公告后未预期盈余的绝对值越大,且盈余公告后累计超常收益的绝对值也越大。这说明投资者在进行盈余预测时,会计信息质量是一个重要的参考依据。投资者在解读会计信息质量差的企业财务报告时,由于其不确定性的提高,使得预测的偏差程度也随之增加,进而影响到PEAD现象。

After the implementation of the New Accounting Standards,whether or not could the quality of accounting information influence the investors’ expectations of future earnings,so as to affect the Post Earnings Announcement Drift（PEAD）.Based on the analysis of financial data from annual report under new criteria,the worse the quality of accounting information,the greater the absolute value of unexpected earnings and cumulative abnormal returns.This shows that the quality of accounting information is an important element in making profit forecasts.Poor accounting information quality increases the uncertainty,which influences the accuracy of profit forecasting,and indirectly affects the PEAD phenomenon.