持续分类转移、核心盈余持续性与市场反应研究——来自中国上市公司的经验证据

Research on Continuous Classification Shifting, Core Earnings Persistence and Market Reaction:Empirical Evidence from Chinese Listed Companies

研究者对上市公司通过各种手段调整盈余结构、夸大核心盈余的行为进行了多角度研究,但对其中的分类转移仍有研究不足之处。以2011～2015年沪深两市A股上市公司作为样本,探索只进行一期分类转移和持续分类转移对核心盈余持续性的影响以及盈余披露后一段期间内的市场反应,发现:只进行一期分类转移行为会降低核心盈余持续性,而持续分类转移不会导致核心盈余持续性的降低;在盈余披露后的一段期间内,投资者能够看穿只进行一期分类转移的公司,不能识别持续分类转移公司;而且,营业成本的错分类为持续分类转移提供了更大的空间。

Researchers have conducted multi-perspective studies on the Chinese listed companies about their means of adjusting earnings structure and exaggerating core earnings,however,the study on classification shifting is still insufficient.This paper,taking A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2015 as samples,explores the impact of only one phase of classification shifting and continuous classification shifting on the persistence of core earnings and the market response after earnings disclosure.The results show that the classification shifting behavior only in one period will reduce the core earnings persistence,while the continuous classification shifting does not lead to the reduction of core earnings persistence;within a period of time after earnings disclosure,investors can see through companies carrying out classification shifting only one period,but cannot identify those carrying out continuous classification shifting.Further research shows that the misclassification of operating costs provides more space for the company’s continuous classification shifting.