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本文以2003、2004年沪市A股为样本,以应计项目作为会计盈余的质量特征,分析市场对超常应计项目的信息识别能力。结果发现:在进行股票定价时投资者能识别超常应计项目并作出反应;对于会计盈余表现好的公司,超常应计为正的公司其盈余反应系数小于超常应计为负的公司(2004年数据不明显支持该结论);对于会计盈余表现差的公司,超常应计为正的公司其盈余反应系数大于超常应计为负的公司(2003年数据不支持该结论)。本文结果也进一步证实了现金流量表在投资决策中的重要作用。
Based on the sample of A-shares of Shanghai Stock Exchange in 2003 and 2004, this paper analyzes the market’s ability of information recognition for abnormal accruals based on accruals as the quality characteristics of accounting surpluses. The result shows that investors can identify and respond to extraordinary accruals when making stock pricing. For companies with good accounting earnings, companies with abnormal accruals have a smaller earnings response coefficient than those abnormally accrued (2004 The data do not support this conclusion.) For firms with poor accounting earnings, companies with abnormally good positives have larger earnings response than those abnormally high (2003 data do not support this conclusion). The result of this paper further confirms the important role of cash flow in investment decision.