摘要
本文研究中国A股市场投资者如何利用财务报表盈余信息。研究发现,投资者利用季度和年度盈余信息时存在显著差异:投资者一方面对季度盈余信息反应不足,从而导致季度盈余公告后漂移现象;另一方面对年度盈余信息过度反应,从而导致年度盈余公告后反转现象。研究结果显示,业绩预告制度是造成投资者对年度盈余信息过度反应的重要原因。
This paper investigates how na?ve is the investors’use of earnings information in China’s A-share stock market.We show that investors use quarterly and annual earnings information in quite a different way.On one hand,investors underreact quarterly earnings information and the price will continue to drift after quarterly earnings announcement.One the other hand,investors overreact annual earnings information and the price will reverse after annual earnings announcement.Further evidence shows that management earnings forecast is the main cause of the overreaction of annual earnings information.
出处
《会计研究》
CSSCI
北大核心
2017年第8期41-47,共7页
Accounting Research
基金
国家自然科学基金(71273013
71132004)
教育部人文社科研究项目(12YJA630186)
光华思想力(#22)研究项目的阶段性成果
