会计信息与分析师的信息解释行为

Accounting Information and the Behavior of Analysts' Information Interpretation

本文以2007-2013年我国A股主板上市公司为样本,针对财务报告中的会计信息,研究分析师信息解释的具体内容及其行为特征。结果发现:(1)分析师倾向于解读应计信息含量较高的财务报告,并且相对于操控性应计,分析师更倾向于解读非操控性应计含量较高的财务报告;(2)分析师倾向于解读会计信息可比性程度较高的财务报告;(3)针对存在公允价值信息的样本,我们发现分析师更倾向于解读利润表的公允价值信息。本文为分析师在资本市场中对于会计信息的解读提供了新的经验证据,也弥补了现有文献对于分析师信息解释内容和行为特征研究的欠缺。

Using a dataset of Chinese A-share listed companies from 2007 to 2013,and focusing on the accounting information disclosed in financial reporting,this paper investigates the contents and behavior of analysts' information interpretation. We find that:( 1) Analysts tend to interpret the financial statements which contained more information of accrual,and comparing with the discretionary accrual analysts are more inclined to interpret the financial statements with more non-discretionary accrual;( 2) Analysts tend to interpret the financial statements with higher comparability of accounting information;( 3) Focus on the samples with fair value information,we find that analysts are more inclined to interpret the fair value information from income statements. This paper provides new evidence of analysts' interpretation on accounting information in the capital market,and enriches the existing literatures on the contents and behavior of analysts' information interpretation.