【作者】 李兵兵；

【导师】 梅世强；

【作者基本信息】 天津大学 ， 会计学， 2011， 硕士

【摘要】 盈余反应系数是基于资本市场来研究会计信息的有用性。因为盈余反应系数是会计信息和资本市场联系的纽带,同时将会计中的未预期盈余和超额股票回报联系起来,所以研究以上问题的一个很重要的方法就是研究盈余反应系数及其影响因素。在总结国内外文献的基础上,本文建立了多项影响上市公司盈余反应系数的指标,并设计了盈余反应系数评价指标体系,从盈余的持续性、成长性、安全性、保障性四个角度并分别选用了主营业务利润贡献率、净利润增长率、资产权益率和主营业务收入经营现金比率四个指标进行评价,运用回归分析的方法,考察了市场对意外盈余的反应。本文选取了2008-2010年沪市A股制造业共376家上市公司三年共1010个样本。首先,对选择的四项指标以及模型中未预期盈余和累计超额股票回报率做了描述性统计。其次,分别进行了单因素和多因素的回归分析。最后,实证结果表明了主营业务利润贡献率、净利润增长率、资产权益率对盈余反应系数具有显著性并产生了正向的影响,而主营业务收入经营现金比率不具有显著性,也就说明了财务报表的信息会计有用性。更多还原

【Abstract】 Earnings response coefficient is based on the capital market and study the usefulness of accounting information. For earnings response coefficient is the connections of accounting information and capital market, meantime connect the end surplus and oversubscribed stocks return. So an important way of researching above problems is to study the earnings response coefficient and factors that can affect it.On the basis of summary of domestic and overseas articles, we establish several indexes which effect the earnings response coefficient of quoted companies, and designed evaluating index system of surplus action coefficient, with four degrees of persistence, growing, security and ensuring, then use major operation profit devotions rate, retained profits growing rate, capital equity rate and major operation income casing rate to evaluate, which inspects marking action to unexpected surplus in the way of regression analysis.This paper selected 1010 samples in A-share manufacturing listed companies of shanghai exchanges from 2008-2010.First, we did a describing statistics to the chosen four indexes, unexpected earnings and accumulative abnormal stock return in model. Then we did regression analysis to single and more indexes. Finally, the practical result shows that major operation profit devotions rate, retained profits growing rate capital equity have significant to the earnings response coefficient and make right influence , but main business income casing rate is not notable, which shows the usage of financial report’s accounting information.更多还原