投资者情绪、盈余公告市场反应与盈余操纵择机  

Investor Sentiment,Stock Market Response to Earnings News and Market Timing of Earnings Manipulation

作　　者：姚海鑫[1] 鹿坪[1] 田甜[1] 

机构地区：[1]辽宁大学商学院,辽宁沈阳110136

出　　处：《财贸研究》2015年第2期128-138,共11页Finance and Trade Research

基　　金：辽宁省教育厅人文社会科学研究项目"并购增强企业动态竞争力的理论与实证研究"(W2014015)

摘　　要：以中国沪深股市2007—2013年上市公司为样本,实证检验投资者情绪、盈余公告市场反应与盈余操纵择机行为之间的关系。结果发现:第一,利好(利空)盈余消息的盈余反应系数(ERC)在情绪高涨期比在情绪低迷期更高(低),利好(利空)盈余消息的ERC与投资者情绪正(负)相关。第二,公司盈余的操纵性应计成分与盈余反应系数显著正相关。对于公布利好盈余消息的公司,投资者情绪越高涨,二者之间的正相关关系越强;对于公布利空盈余消息的公司,投资者情绪越低迷,二者之间的正相关关系越强。第三,随着盈余反应系数的上升,管理者提早报告利好盈余消息,推迟报告利空盈余消息的时间选择行为会得到增强。Taking the listed companies in China from 2007 to 2013 as a sample, this paper examines the relation between investor sentiment, stock market response to earnings news and market timing of earnings ma- nipulation. The empirical results demonstrate that： Firstly, the earnings response coefficient of good （bad） earnings news is higher during high （low） sentiment periods than during periods of low （high） sentiment, the earnings response coefficient of good （bad） earnings news is positively （negatively） related to investor senti- ment; Secondly, discretional accruals of corporate earnings are significantly related to the earnings response coefficient, for the companies announcing good news, the higher the investor sentiment is, the stronger the positive correlation between them is; for the companies announcing bad news, the lower the investor sentiment is, the stronger the positive correlation between them is; Thirdly, with the earnings response coefficient increa- ses, the behavior that managers report good earnings news early and bad earnings news lately has been strengthened.

关 键 词：投资者情绪 盈余公告市场反应 盈余操纵择机 

分 类 号：F275[经济管理—企业管理]