财贸研究
財貿研究
재무연구
Finance and Trade Research
2015年
2期
128~138
,共null页
投资者情绪 盈余公告市场反应 盈余操纵择机
投資者情緒 盈餘公告市場反應 盈餘操縱擇機
투자자정서 영여공고시장반응 영여조종택궤
investor sentiment ; stock market response to earnings news ; market timing of earnings manip-ulation
以中国沪深股市2007—2013年上市公司为样本,实证检验投资者情绪、盈余公告市场反应与盈余操纵择机行为之间的关系。结果发现:第一,利好(利空)盈余消息的盈余反应系数(ERC)在情绪高涨期比在情绪低迷期更高(低),利好(利空)盈余消息的ERC与投资者情绪正(负)相关。第二,公司盈余的操纵性应计成分与盈余反应系数显著正相关。对于公布利好盈余消息的公司,投资者情绪越高涨,二者之间的正相关关系越强;对于公布利空盈余消息的公司,投资者情绪越低迷,二者之间的正相关关系越强。第三,随着盈余反应系数的上升,管理者提早报告利好盈余消息,推迟报告利空盈余消息的时间选择行为会得到增强。
以中國滬深股市2007—2013年上市公司為樣本,實證檢驗投資者情緒、盈餘公告市場反應與盈餘操縱擇機行為之間的關繫。結果髮現:第一,利好(利空)盈餘消息的盈餘反應繫數(ERC)在情緒高漲期比在情緒低迷期更高(低),利好(利空)盈餘消息的ERC與投資者情緒正(負)相關。第二,公司盈餘的操縱性應計成分與盈餘反應繫數顯著正相關。對于公佈利好盈餘消息的公司,投資者情緒越高漲,二者之間的正相關關繫越彊;對于公佈利空盈餘消息的公司,投資者情緒越低迷,二者之間的正相關關繫越彊。第三,隨著盈餘反應繫數的上升,管理者提早報告利好盈餘消息,推遲報告利空盈餘消息的時間選擇行為會得到增彊。
이중국호심고시2007—2013년상시공사위양본,실증검험투자자정서、영여공고시장반응여영여조종택궤행위지간적관계。결과발현:제일,리호(리공)영여소식적영여반응계수(ERC)재정서고창기비재정서저미기경고(저),리호(리공)영여소식적ERC여투자자정서정(부)상관。제이,공사영여적조종성응계성분여영여반응계수현저정상관。대우공포리호영여소식적공사,투자자정서월고창,이자지간적정상관관계월강;대우공포리공영여소식적공사,투자자정서월저미,이자지간적정상관관계월강。제삼,수착영여반응계수적상승,관리자제조보고리호영여소식,추지보고리공영여소식적시간선택행위회득도증강。
Taking the listed companies in China from 2007 to 2013 as a sample, this paper examines the relation between investor sentiment, stock market response to earnings news and market timing of earnings ma- nipulation. The empirical results demonstrate that: Firstly, the earnings response coefficient of good (bad) earnings news is higher during high (low) sentiment periods than during periods of low (high) sentiment, the earnings response coefficient of good (bad) earnings news is positively (negatively) related to investor senti- ment; Secondly, discretional accruals of corporate earnings are significantly related to the earnings response coefficient, for the companies announcing good news, the higher the investor sentiment is, the stronger the positive correlation between them is; for the companies announcing bad news, the lower the investor sentiment is, the stronger the positive correlation between them is; Thirdly, with the earnings response coefficient increa- ses, the behavior that managers report good earnings news early and bad earnings news lately has been strengthened.