上市公司年报自利性归因的市场反应实证研究  

An Empirical Research on Market Response to Self-serving Attribution of Listed Companies' Annual Reports

作　　者：姚德权[1] 杨华沙[1] 

机构地区：[1]湖南大学工商管理学院,长沙410082

出　　处：《四川师范大学学报（社会科学版）》2014年第6期58-64,共7页Journal of Sichuan Normal University(Social Sciences Edition)

基　　金：国家社科基金重点项目"中国出版企业化路径与政策措施研究"(10AXW001);教育部新世纪优秀人才支持计划(NCET-08-0186);高校博士点专项科研基金项目(200805320025)

摘　　要：年报中自利性归因现象的存在,在一定程度上会影响投资者的投资决策。运用内容分析法对2011年沪A上市公司随机抽样,进行多元线性回归检验。实证发现,自利性归因能在一定程度上影响上市公司累计超额收益率;当公司意外盈余为正时,自利性归因会影响市场对盈余的敏感度,投资者更倾向于年报中的自利性归因的语言解释。Self-serving attribution in annual reports will to some extent influence the investors＇ in- vestment decision. This paper applies content analysis to do multi-linear regression test based on the ran- dom selection in Shanghai A-share listed companies of 2011. Result shows that firstly, self-serving attri- bution has some impact on cumulative abnormal return of listed companies; secondly, when the company has unexpected earnings, self-serving attribution will influence the market＇ s sensitivity to the earnings while investors tends to welcome the language explanation of self-serving attribution in annual reports.

关 键 词：上市公司年报 公司盈余 自利性归因 累计超额收益率 市场反应 

分 类 号：F832.51[经济管理—金融学] F275