摘要
利用中国银行间债券市场和交易所市场中公司债交易的相关面板数据研究了发债主体的会计信息在公司债交易市场中的有用性。研究结果表明:发债主体的会计信息会影响债券当年的年度持有收益率;现金流量和应计利润是会计盈余的两个组成部分,这两部分均与债券的年度持有收益率显著正相关;现金流量部分同应计利润项目相比,与债券收益率的相关性更强,这说明当市场或投资者对公司债进行估价时,赋予了现金流量更大的权重。
This paper investigates usefulness of accounting information in corporate bond trading market based on the corporate bond data of Chinese interbank market, Shanghai Stock Exchange and Shenzhen Stock Ex- change. Empirical evidence shows that issuer's accounting information affect the annual return; especially the prof- itability and cash flow have significant positive relation with the return. Cash flow item and total accrual item also positively relate with return and compared with accrual item, cash flow has more positive relation with bond return, which shows that the market or investors give the cash flow higher weight than accrual when they evaluate corporate bonds.
出处
《首都经济贸易大学学报》
北大核心
2013年第1期16-29,共14页
Journal of Capital University of Economics and Business
关键词
会计信息
公司债
现金流量
应计利润
因子分析
accounting information
corporate bonds
cash flow
accrual item
factor analysis