文档介绍：华侨大学
硕士学位论文
盈余反应系数的影响因素分析——基于盈余持续性的视角
姓名:李爽
申请学位级别:硕士
专业:企业管理
指导教师:刘金雄
20090501
论文摘要

会计信息的投资决策的有用性,可分为决策有用的信息观和计量观,
信息观强调会计信息的可靠性,大多采用历史成本法,决策有用的计量观
强调会计的相关性,多采用现时成本法进行计量。为此,会计政策面临着
两难选择,是采用更加可靠的历史成本法还是采用更加相关的现时成本
法?当前以历史成本为基础的会计报告模式所提供的会计信息是否是有用
的?如果有用的话,投资者又是怎样运用报表信息的,这些都成为会计理
论与实务关注的焦点。研究这些基本问题的一个重要方法,就是研究盈余
反应系数及其影响因素。
盈余反应系数是基于资本市场来研究会计信息有用性。对于盈余反应
系数(ERC)国外学术界有着统一的普遍认识,而国内学术界对盈余反应
系数的定义大不相同。本文在参考国外文献的基础上,重新定义了盈余反
应系数,并探究了其与资本市场,会计信息的关系。
在前人研究的基础上,本文论述了盈余持续性是影响盈余反应系数的
最基本影响因素,并以主营业务利润、现金流量、长期投资为基础设立盈
余持续性的替代变量,建立有关的实证模型。实证结果表明,作为对盈余
反应系数的影响因素,主营业务比率和投资现金比率的盈余反应系数都有
显著性,现金利润比率不具有显著性。也就是说,从实证上验证了利润表
的决策有用性,也验证了现金流量表的信息会计有用性。

关键词:盈余反应系数市场有效性盈余持续性
I
Abstract

Usefulness of accounting information for investment decision-making can
be divided into information concept perspective and measurement perspective.
Information concept perspective emphasizes the reliability of accounting
information, and most uses historical cost method. Measurement perspective
emphasizes the relevance of accounting information, and most use current cost
method. To this end, the accounting policies are faced with the dilemma that was
the adoption of more reliable historical cost method or a more relatively current
cost method? Is it the accounting information based on historical cost useful at
present? If it is useful, how do the investors use information of the financial
statements? These above all e the focus of attention in accounting theory
and practice. The major way to study these basic problems is to study the
earnings response coefficient and its influencing factors.
Earnings response coefficient is based on the capital market and study the
usefulness of accounting information. Earnings response coefficient (ERC) has a
generally recognition in foreign academic circles, but the definition of earnings
response coefficient differs materially in domestic academics. This paper
redefines earnings response coe