会计信息在投资决策中长期锚定效应研究——对计量观实证方法的改进
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财经研究 2009 年 第 35 卷第 11 期, 页码：49 - 59
摘要
参考文献
摘要
文章以2003-2007年间我国A股上市公司为研究对象,通过筛选市场中股价相对关系"稳定"的成员的方式,对影响股价的非会计信息进行了有效控制,改进了计量观的实证方法。研究结果说明,在年度财务报告发布后的长时间窗口中,由历史性会计信息确定的各股票间的股价初始相对关系,在这段时期的投资者决策过程中具有锚定效应,会计信息对投资决策的影响力在"稳定"成员样本中更为突出。文章所进行的研究尝试,为日后检验2007准则的实施效果提供了有效的参考。
关键词
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[13]Feltham G,Ohlson J A.Valuation and clean surplus accounting for operating and fi-nancial activities[J].Contemporary Accounting Research,1995,(11):689-731.
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[19]Sami H,D Zhou.Acomparison of value relevance of accounting information in differ-ent segments of the Chinese stock market[J].The International Journal of Accounting,2004,39:403-427.
[2]边泓.有限理性投资者对会计信息的使用模式研究[J].财经研究,2007,(10):61-72.
[3]陈晓,陈小悦,刘钊.A股盈余报告的有用性研究———来自上海、深圳股市的实证证据[J].经济研究,1999,(6):21-28.
[4]陈信元,陈东华,朱红军.净资产、剩余收益与市场定价:会计信息的价值相关性[J].金融研究,2002,(4):59-70.
[5]党建忠,陈军,褚俊红.基于Feltham-Ohlson模型的中国上市公司股票价格影响因素检验[J].统计研究,2004,(3):57-61.
[6]陆静,孟卫东,廖刚.上市公司会计盈利、现金流量与股票价格的实证研究[J].经济科学,2002,(5):34-42.
[7]孙爱军,陈小悦.关于会计盈余的信息含量的研究———兼论中国股市的利润驱动特征[J].北京大学学报(哲学社会科学版),2002,(1):15-27.
[8]Beaver W H.The information content of earnings[J].Journal of Accounting Research,1968,(6):67-92.
[9]Baruch Lev.On the usefulness of earnings and earnings research:Lessons and direc-tions fromtwo decades of empirical research[J].Journal of Accounting Research,1989,(27):153-192.
[10]Chen J P,C S Chen,X Su.Is accounting information value relevant in the emerging Chinese stock market?[J].Journal of International Accounting Auditing and Taxation,2001,(10):1-22.
[11]Jones C P,Litzenberger R H.Quarterly earnings reports and intermediate stock price trends[J].Journal of Finance,1970,(3):143-148.
[12]Easton P D,T S Harris.Earnings as an explanatory variables for returns[J].Journal of Accounting Research,1991,(29):19-36.
[13]Feltham G,Ohlson J A.Valuation and clean surplus accounting for operating and fi-nancial activities[J].Contemporary Accounting Research,1995,(11):689-731.
[14]Jianwei Liu,Chunjiao Liu.Value relevance of accountinginformationin different stock market segments:The case of Chinese A-,B-,and H-Shares[J].Journal of InternationalAccounting Research,2007,(6):55-81.
[15]John R M Hand.Discussion of“Earnings,book values,and dividends in equity valua-tion:An empirical perspective”by J.Ohlson[J].Contemporary Accounting Review,2001,(18):121-130.
[16]Kahneman D,Tversky A.Judgment under uncertainty:Heuristics and biases[J].Sci-ence,1974,185:1124-1131.
[17]Ohlson J A.Earnings,book values,and dividends in security valuation[J].Contempo-rary Accounting Research,1995,(11):661-687.
[18]P M Dechow,S P Kothari,R L Watts.The relation between earnings and cash flows[J].Journal of Accounting and Economics,1998,25:133-168.
[19]Sami H,D Zhou.Acomparison of value relevance of accounting information in differ-ent segments of the Chinese stock market[J].The International Journal of Accounting,2004,39:403-427.
引用本文
边泓, 曲兴华. 会计信息在投资决策中长期锚定效应研究——对计量观实证方法的改进[J]. 财经研究, 2009, 35(11): 49–59.
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