盈余持续性对股价漂移的影响研究

Research on the Impact of Earnings Persistence on Stock Price Drift

文章选取2003—2019年中国上市公司数据,对股价漂移的影响因素进行了梳理,报告了中国资本市场上存在的股价漂移异象,通过采用实证研究的方法,对盈余持续性对股价漂移带来的影响进行研究,得出了盈余持续性能有效缓解股价漂移的基本结论,在公司治理水平较高和有媒体关注的组中,缓解作用更加显著。进一步研究发现,盈余持续性通过降低代理成本和投资者意见分歧度两条路径缓解股价漂移。最后,文章还检验了盈余平滑带来的盈余持续性对股价漂移的影响,结果显示,盈余平滑的有效信息属性越大,越能有效缓解股价漂移现象。基于文章的研究结论,提出了缓解资本市场股价漂移异象的政策建议,以期实现资本市场定价效率提高的目的。

This paper is based on 2003—2019 annual data of listed companies in our country,the paper analyzes the influence factors of PEAD,reported in Chinese capital market share prices drift vision,through using the method of empirical study,the surplus continued to study the impact of PEAD,it is concluded that the surplus sustained performance effectively ease PEAD.The mitigation effect was more significant in the group with higher levels of corporate governance and media attention.Further research shows that earnings persistence can alleviate PEAD by reducing agency cost and investor opinion divergence.Finally,this paper also tests the impact of earnings persistence caused by earnings smoothing on PEAD.The results show that the larger the effective information attribute of earnings smoothing is the more effective it is to alleviate PEAD.Based on the research conclusion of this paper,some policy suggestions are put forward to alleviate the abnormal PEAD in capital market,in order to improve the pricing efficiency of capital market.