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从上证A股所有股票中选出了大公司股票与小公司股票各80家,以2002年—2004年为研究区间,通过构建计量经济模型来研究我国股市是否存在未预期的股票价格对盈余信息反映是公司规模的减函数,即“规模效应”.实证研究表明,我国上证A股市场不支持这一假说.说明了我国上市公司的会计信息含量还远远满足不了投资者的需求,若提高盈余报告时效性和盈余信息内容的可信性,才能增加投资者信息收集的动力,促进股票价值的理性回归,保护投资者利益.
From the stock of Shanghai A shares all selected 80 stocks of large companies and small companies, with 2002-2004 as the research interval, through the construction of econometric model to study whether there is an unexpected stock price in China’s stock market earnings information Reflecting the size of the company is a decreasing function of the “scale effect.” Empirical studies have shown that China’s A-share market does not support this hypothesis that the accounting information of listed companies in China is still far from meeting the needs of investors, if increased Timeliness of earnings reports and the credibility of earnings information content can increase the motivation of investors to collect information, promote the rational return of stock value and protect the interests of investors.