会计稳健性缓解了盈余惯性吗

Does accounting conservatism alleviate the PEAD

以2005~2018年我国A股上市公司为样本,研究会计稳健性对盈余惯性的影响。实证结果表明,会计稳健性可以显著降低盈余惯性。作为资本市场的重要中介,机构投资者和分析师在会计稳健性影响盈余惯性中发挥了积极作用,表现有机构投资者持股比例高的公司和有分析师关注的公司,会计稳健性对盈余惯性的缓解作用更加明显。进一步研究考察会计稳健性缓解盈余惯性的作用机制,结果表明,会计稳健性通过提高会计信息质量和增强投资者关注度两条路径缓解了盈余惯性。

The paper investigates the influence of accounting conservatism on Post-earnings announcement drift(PEAD)by sampling A-shares listed firms from 2005 to 2018.The empirical results show that accounting conservatism can significantly reduce the PEAD.The institutional investors and analysts as an important intermediary in the capital market,their attentions has played a positive role in the influence of accounting conservatism on PEAD,which is manifested that accounting conservatism plays a more obvious role in alleviating PEAD in both companies with a high proportion of institutional shareholding and those with analysts'attention.Further research explores the mechanism of accounting conservatism relieving PEAD.The results show that accounting conservatism alleviates PEAD by improving the quality of accounting information.