上海股市盈余持续性的实证研究

An Empirical Study on the Perisistence of Earnings in Shahghai Stock Market

在其他研究证明了中国上市公司的会计盈余具有信息含量的基础上 ,本文选择了影响会计盈余质量诸因素中的一个方面———会计盈余的持续性作为研究的出发点 ,以在上海证券交易所上市的股票为研究对象 ,用主营业务利润作为公司永久性盈余的表征变量 ,检验市场能否区分持续性不同的会计盈余。研究结果表明投资者还不能辨别不同质量的盈余项目。

Accounting earnings can provide value relevant information to investors in China′s stock market.We choose the persistence of earnings, one of the factors that contribute to the quality of accounting earnings, as the start point of our research and use the profit from principal operations as the proxy variable of permanent earnings to examine whether the market can differentiate the accounting earnings of different persistence. Our findings, based on manufacturing listed firms in Shanghai stock market, indicate that investors are not able to differentiate the distinct economic implications of different earning items.