【摘要】：盈余管理的目標(biāo)之一就是實現(xiàn)盈余持續(xù)性以達到對股價的操控作用,因此考慮到盈余管理,盈余持續(xù)性就存在真實性的問題,所以在考慮盈余管理的基礎(chǔ)上,研究股價能否辨別盈余管理之后的盈余持續(xù)性具有理論意義和實踐意義。本文以盈余持續(xù)性為視角,在對盈余管理與盈余持續(xù)性相關(guān)理論梳理的基礎(chǔ)上,對上市公司股價與盈余管理程度的關(guān)系進行研究,辨別投資者能否識別上市公司的盈余管理行為。本文從2000-2014年深滬上市公司財務(wù)指標(biāo)方面的數(shù)據(jù)為研究對象,首先,對代表盈余的變量進行描述性分析,采用線性一階自回歸模型分析上市公司的會計盈余持續(xù)性;其次,根據(jù)所計算的每家公司的盈余持續(xù)性從小到大進行排序,按四分位分組,再對每一組內(nèi)公司根據(jù)Jones模型計算每家公司的盈余管理程度,判斷每一組盈余持續(xù)性相同或相近的公司的盈余管理程度是否相同或相近;再次,對每一組內(nèi)公司就股價與盈余管理程度進行回歸分析,檢驗具有相同盈余持續(xù)性而盈余管理程度不同的公司,股價是否有不同的反應(yīng);以判斷投資者能否識別上市公司的盈余管理行為;最后,分析了實證結(jié)果,討論了未來研究方向。
[Abstract]:One of the objectives of earnings management is to achieve earnings sustainability to achieve the manipulation of stock prices. Therefore, considering earnings management, earnings persistence has the problem of authenticity, so on the basis of considering earnings management, It is of theoretical and practical significance to study whether stock price can distinguish earnings persistence after earnings management. From the perspective of earnings persistence, this paper studies the relationship between stock price and earnings management of listed companies on the basis of combing the relevant theories of earnings management and earnings sustainability. Identify whether investors can identify earnings management behavior of listed companies. In this paper, the data of financial indexes of Shenzhen and Shanghai listed companies from 2000 to 2014 are studied. Firstly, the variables representing earnings are analyzed, and the linear first order autoregressive model is used to analyze the persistence of accounting earnings of listed companies. According to the calculated earnings persistence of each company from small to large order, divided by quartile, then calculate the earnings management degree of each company according to Jones model. To determine whether the earnings management degree of each group of companies with the same or similar earnings persistence is the same or not. Thirdly, the regression analysis of the stock price and earnings management degree of the companies in each group is carried out. To test whether the stock price of the company with the same earnings persistence and different degree of earnings management has different reactions; to determine whether investors can identify the earnings management behavior of listed companies; finally, to analyze the empirical results. The future research direction is discussed.
【學(xué)位授予單位】：華僑大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275;F832.51
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本文編號：2203996