中国股票市场对会计盈余和会计应计量信息的反映

The Reflection in Stock Price for the Information of Accounting Earnings and Accruals

现金流量所产生的会计盈余的持久性要大于会计应计量所产生的会计盈余的持久性。但是,中国股票市场并不能有效地区分这种差异,上市公司的股票价格似乎高估了会计应计量所产生的会计盈余的持久性,而低估了现金流量所产生的会计盈余的持久性。

The persistence of earnings from cash flow is greater than that of earnings from accruals. However, China's stock market can not distiguish the difference. Stock prices overstate the persistence of earnings from accruals and understate the persistence of earnings from cash flows.