盈余质量与定向增发股份解锁后机构投资者的减持行为
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财经研究 2010 年 第 36 卷第 11 期, 页码：94 - 104
摘要
参考文献
摘要
文章采用定向增发股份解除锁定的独特事件,研究了盈余质量对机构投资者决策的影响。实证结果发现,在定向增发股份锁定结束后,参与定向增发的机构投资者的减持幅度与公司的盈余质量负相关,解锁后股东户数增长率和股票换手率的变化也与盈余质量负相关。以上结果一致说明盈余质量影响机构投资者的交易决策,盈余质量越高,定向增发股份解除锁定后机构投资者减持越少。
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[2]Basu Sudipta.The conservatism principle and the asymmetric timeliness of earnings[J].Journal of Accounting and Economics,1997,24(1):3-37.
[3]Bhattacharya Utpal,Hazem Daouk,Michael Welker.The world price of earningsopacity[J].Accounting Review,2003,78(3):641-678.
[4]Biddle C Gary,Gilles Hilary.Accounting quality and firm-level capital investment[J].The Accounting Review,2006,81(5):963-982.
[5]Biddle C Gary,Gilles Hilary,Rodrigo S Verdi.How does financial reporting quality re-lated to investment efficiency?[R].Working Paper,hllp://ideas.reper.org/a/eee/jae-con/v48y2009i2-3p112-131.html,2009-09-01.
[6]Dechow M Patricia,Ilia D Dichev.The quality of accruals and earnings:The role of ac-crual estimation errors[J].The Accounting Review,2002,77(Supplement):35-59.
[7]Francis Jennifer,Ryan LaFond,Per M Olsson.Costs of equity and earningsattributes[J].The Accounting Review,2004,79(4):967-1010.
[8]Francis Jennifer,Ryan LaFond,Per M Olsson.The market pricing of accrualsquality[J].Journal of Accounting and Economics,2005,39(2):295-327.
[9]Lee Gemma,Ronald W Masulis.Seasoned equity offerings:Quality of accounting informationand expected flotation costs[J].Journal of Financial Economics,2009,92(3):443-469.
[10]McNichols Maureen F.The quality of accruals and earnings:The role of accrual estima-tion errors[J].The Accounting Review,2002,77(Supplement):61-69.
[11]Sloan Rechard G.Do stock prices fully reflect information in accruals and cash flows a-bout future earning?[J].The Accounting Review,1996,71(3):289-315.
[12]Teoh S H,I Welch,T J Wong.Earnings management and the long-term market per-formance of initial public offerings[J].Journal of Finance,1998,53(6):1935-1974.
[13]Teoh S H,I Welch,T J Wong.Earnings management and the post-issue performance ofseasoned equity offerings[J].Journal of Financial Economics,1998,50(1):63-99.
[14]Xie Hong.The mispricing of abnormal accruals[J].The Accounting Review,2001,76(3):357-373.
引用本文
薛爽, 郑琦. 盈余质量与定向增发股份解锁后机构投资者的减持行为[J]. 财经研究, 2010, 36(11): 94–104.
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