盈余管理对上市公司股价的影响
首发时间:2010-05-14
摘要:盈余管理在国内外是一个普遍存在的事实,本文旨在研究上市公司通过盈余管理在证券市场上是否对投资者产生了影响。本文以2007~2009年期间在我国上交所和深交所A股市场上市的171家公司为研究样本,研究盈余管理对上市公司股价的影响。本文采用修正的截面Jones模型,将净利润分解为经营活动现金流量、操纵性应计利润和非操纵性应计利润三个部分,主要运用操纵性应计利润来衡量上市公司的盈余管理,并建立多元线性回归模型来比较其与现金流量对股价影响的程度。实证研究结果表明:盈余管理会对企业的股价产生影响,并且大于现金流量对股价的影响,盈余管理会误导投资者的决策。
关键词: 盈余管理 现金流量 股价 修正的截面Jones模型
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The effect of earnings management on the stock prices
Abstract:Since earnings management is an universal fact at home and abroad,this paper aims to research whether earnings management impact the investors in the stock market. This paper takes the listed companies between 2007 and 2009 as the sample, test the influence of the rate of stock return. In this paper, modified Jones model cross-section was used, the net cash flow from operating activities decomposition, manipulation of accruals and non-manipulation of accruals three parts, mainly the manipulation of accruals to measure earnings management of listed companies, and the multiple linear regression model was established to compare its impact on stock price with cash flow. The results show that earnings management will affect the company‘s stock price and greater than the cash flow, earnings management decisions would be misleading to investors.
Keywords: Earnings management cash flow stock modified Jones model cross-section
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No.3586265291831273****
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