场外市场会计盈余的信息含量  

The Information Content of Accounting Earnings Announcements in the OTC Market

作　　者：陈国辉[1] 刘斌[1] 

机构地区：[1]东北财经大学会计学院,辽宁大连116025

出　　处：《财经理论与实践》2012年第3期51-56,共6页The Theory and Practice of Finance and Economics

摘　　要：以万德数据库提供的新三板企业为样本,检验场外主体市场的会计盈余信息含量。混合样本检验显示,盈余信息披露对投资者超额收益有显著影响。分期检验中,2009年披露的盈余信息还不具备有效的信息含量;2010年披露的盈余信息具有信息含量,可能预示着场外市场的完善和成熟。此外,样本检验结果没有找到场外市场具有半强势有效的证据,但可以推断该市场处于弱势有效状态。Using the data from companies in the New Third Board provided by the Wind data- base, the information content of accounting earnings announcements in the OTC market has been tested. Generally, the accounting earnings announcements has significant effect on excess re- turns. There was no useful information in the announcements desclosed in 2009, while some use- ful information was found in the announcements desclosed in 2010, which probably indicate that the OTC market is growing. In addition, there are no semi--strong form market evidences, therefore, it is reasonable to regard the market as a weak form market.

关 键 词：场外市场 CAR 会计盈余 信息含量 

分 类 号：F234[经济管理—会计学]