盈余储备、投资决策与信息含量——来自我国房地产上市公司1995—2010年的经验证据  

Earning Reserve, Investment Decision, and Information Content——Empirical Evidence from Listed Companies in Real Estate Industry in Year 1995—2010

作　　者：刘媛媛[1] 刘斌[2] 

机构地区：[1]北京大学光华管理学院,100871 [2]重庆大学经济与工商管理学院,400044

出　　处：《会计研究》2012年第6期38-45,92,共8页Accounting Research

摘　　要：自1995年我国实行房屋预售制度以来,房地产上市公司的预收账款占比在总体上呈上升趋势,这种与其他非房地产行业形成鲜明对比的预收账款是否有业绩预示作用?是否有投资决策价值?是否被证券投资者所发现和利用?本文首先构造了预收账款所隐含盈余储备指标的计算公式,其次运用我国房地产上市公司1995—2010年的数据对此进行了验证。Ever since year 1995 when advance sale system of houses was implemented in China, deposit in advance of listed companies in real estate industry has been increasing disproportionately in comparison with other industries. Does earning reserve from this deposit in advance influence earnings' forcast and managers' investment decision; and is it used by security investors? This study first develops measures of earning reserve from this deposit in advance; then several empirical tests were conducted by using data from Listed Companies in Real Estate Industry in Year 1995-2010.

关 键 词：预收账款 盈余储备 业绩预示 投资决策 信息含量 

分 类 号：F293.33[经济管理—国民经济] F832.51F224