摘要
从财务分析的角度,建立中国上市公司的盈余质量评价指标体系,探讨盈余质量对股票投资收益的解释,研究发现:盈余质量与未来股票收益具有显著的正相关性;盈余质量相对较好的上市公司具有较高的盈余反映系数。因此,盈余质量分析有利于投资者作出正确的投资决策。
This paper constructs an index system to assess earnings quality of China's listed companies from the perspective of financial statement analysis, and examines whether earnings quality can explain the stock returns. The findings of this study are as follows: earnings quality are significantly and positively associated with future stock returns; higher earnings quality imply higher earnings response coefficients. In conclusion, earnings quality analysis is useful to investors making proper decision.
出处
《湖南大学学报（社会科学版）》
2005年第2期29-34,共6页
Journal of Hunan University(Social Sciences)
基金
国家博士点基金:企业投融资决策机理与运作管理(No.20030532012)
关键词
盈余质量
指标体系
盈余反映系数
股票收益
earnings quality
index system
earnings response coefficients
stock returns
