公司治理、投资者情绪与盈余反应  

Corporate Governance,Investor Sentiment and Earnings Response

作　　者：刘婧 温雅丽 许金玲 Liu Jing;Wen Yali;Xu Jinling(School of Accounting,Guangdong University of Finance and Economics,Guangzhou 510320,China;School of Management,Sun Yat-sen University,Guangzhou 510320,China;School of Accounting,Guangdong University of Finance,Guangzhou 510521,China;School of Accounting and Finance,Zhuhai University of Beijing Institute of Technology,Zhuhai Guangdong 519000,China)

机构地区：[1]广东财经大学会计学院 [2]中山大学管理学院,广州510320 [3]广东金融学院会计学院,广州510521 [4]北京理工大学珠海学院会计与金融学院,广东珠海519000

出　　处：《统计与决策》2020年第7期154-158,共5页Statistics & Decision

基　　金：教育部高教司第一批产学合作协同育人项目(201701063018)。

摘　　要：文章以2010-2017年沪深A股非金融企业为样本,在全样本以及区分盈余消息好坏、公司治理水平的情况下,实证分析投资者情绪对盈余反应的影响及公司治理水平在这一过程中所发挥的效用。在构造治理指数的基础上,将样本划分为高治理质量组和低治理质量组,同时细分窗口期检验投资者情绪对盈余反应的作用差异。结果发现:当其他条件不变,投资者情绪会正向影响盈余公告的市场反应;高质量的公司治理有助于抑制投资者情绪对盈余反应系数的提升作用;消极的投资者情绪比积极的投资者情绪更能影响盈余反应。This paper uses the sample data of A-share non-financial corporations listed in Shanghai&Shenzhen from 2010 to 2017 to make an empirical analysis on the impact of investor sentiment on earnings response and the effectiveness of corporate governance in this process,under the condition of the full sample and the difference between good and bad earnings news and the level of corporate governance.On the basis of constructing the governance index,the paper divides the samples into high governance quality group and low governance quality group,simultaneously segmenting the window period to test the difference in the effect of investor sentiment on earnings response.The results show that when other conditions remain unchanged,investor sentiment will positively affect the market response to the earnings announcement,that high quality corporate governance helps to restrain the ascension of investor sentiment to surplus response coefficient,and that negative investor sentiment has greater impact on earnings response than positive investor sentiment.

关 键 词：盈余反应 投资者情绪 公司治理 未预期盈余 

分 类 号：F275[经济管理—企业管理]