A股盈余公告的投资者保护水平研究
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摘要
一、研究目的
本文在系统回顾国内外相关文献基础上,从“事后”角度根据实际市场反应,考察我国A股上市公司年度盈余公告的投资者保护水平。为此,本文首先研究如何比较投资者保护水平；其次,实证检验A股年度盈余公告的投资者保护水平。
具体来说,本文着力解决如下三个问题：
第一,鉴于投资者保护水平是一个相对概念,所以本文以有效市场状态下年度盈余公告附近的市场反应作为投资者保护水平较高的“范本”。接下来,一方面通过理论分析确定研究立足点：正常的现实市场状态。即现实市场的市场反应应当与有效市场具有类似特征,使得两种市场条件下的市场反应具有可比性,从而考察现实市场年度盈余公告的投资者保护水平。另一方面,根据“盈余管理→正常的盈余→正常的盈余-回报关系”这一思路,对现实市场的正常性进行检验,以排除现实市场与有效市场不可比的异常情况,为下文实证分析投资者保护确定合理的样本。
第二,鉴于国内衡量投资者保护水平的指标要么属于“事前”范畴,要么考察股权分置改革是否公平。因此,本文根据年度盈余公告的实际市场反应,构建一个能够量化投资者保护水平的指标；然后根据投资者保护水平较高的情况提出假设并设计实证模型,考察A股年度盈余公告的投资者保护水平。该问题也是本文的重点——设计一个基于经济后果的、可重复使用的投资者保护指数,并能够判别实际的投资者保护水平。
第三,由于本文设计的投资者保护水平指标属于“新生事物”,围绕该指标得到的实证结论很可能不够稳健,所以本文利用目前较为传统的方法,进一步验证年度盈余公告的投资者保护水平——直接利用年度盈余公告附近的市场反应考察投资者保护水平：一方面,考察年度盈余公告前股价是否已经提前做出反应；另一方面,考察年度盈余公告前交易量是否已经提前做出反应。以上比较基础仍是有效市场条件下的市场反应,即投资者保护水平较高的状态。
二、各章主要内容
本文共分为七章,各章的主要内容如下：
第1章,导论。本章介绍四个方面的内容：第一,本文的研究背景；第二,研究目的；第三,研究思路和方法；第四,预期的创新点。
第2章,文献综述。本章对国内外的相关文献进行综述,围绕盈余管理、盈余的市场反应、投资者保护等三个方面展开,并在总结现有文献基础上进行评述,同时指出目前研究存在的不足之处。
第3章,投资者保护的理论分析。本章首先回顾有效市场假说的基本内容,以及它对会计的影响；其次,论述有效市场条件下的市场反应,并作为评价现实市场投资者保护水平的基础；再次,讨论现实市场条件下的市场反应,分析现实市场与有效市场条件下的差异。
第4章,现实市场的正常性检验。本章主要为下文的研究打下基础。根据“盈余管理→正常的盈余→正常的盈余-回报关系”这一思路,首先讨论盈余管理的两种主要方式：可操控性应计和非经常性损益对上市公司年度盈余的影响。前者会影响盈余质量,而盈余质量会直接影响投资者对盈余的评价；后者则可能导致盈余-回报出现非线性关系。其次,考察我国A股市场的盈余-回报关系,主要分析亏损公司盈余是否具有信息含量,盈余-回报是否存在非线性问题,审计意见是否具有信息含量以及剔除非经常性损益能否修正盈余-回报的非线性问题等。
第5章,投资者保护：指数化研究。本章是研究重点。首先,根据实际市场反应设计投资者保护指数,并根据有效市场条件下的市场反应构建研究模型；其次,对研究模型进行回归分析,考察A股年度盈余公告的投资者保护水平；再次,为进一步避免其他信息对股价的干扰,通过手工收集方法,以2005-2008年在年度盈余公告窗口只发布年报的上市公司为样本,考察投资者保护水平。
第6章,投资者保护：市场提前反应。由于本文使用的投资者保护指数为笔者设计,研究结论不一定令人完全信服,因此使用目前传统的研究方法,从盈余-回报模型和交易量两个角度,分别考察年度盈余公告前和公告后的市场反应——在公告前股价和交易量是否已经提前做出反应,检验A股年度盈余公告的投资者保护水平。
第7章,主要结论与政策建议。本章是总结,全面概括了本文的主要研究结论,提炼出本文的主要创新点,介绍了本文研究中存在的主要局限性,最后提出政策建议和进一步研究方向。
三、主要创新点
本文的主要创新点体现在以下三个方面：
第一,目前国内关于投资者保护的研究集中于两个方面：一是从“事前”角度通过相关制度考察投资者保护水平。但是“事前因素”只能说“可能在多大程度上保护投资者”,“是否保护投资者”则仍需从“事后”角度根据经济后果判断。二是股权分置改革。不过由于股权分置改革自身的特殊性,其研究方法和研究结论难以推广到更一般的情况。
本文以有效市场作为评价现实市场投资者保护水平的标准,根据年度盈余公告前后的累计超额回报数据设计投资者保护指数,进而通过多元线性回归考察投资者保护水平,研究发现A股年度盈余公告的投资者保护水平较低。相对于以往研究,本文衡量投资者保护的指标更加明确,并且可以作为“事件研究”的一种衍生方法,从信息披露和市场反应角度考察投资者保护水平,扩展了投资者保护的研究领域。
第二,本文除了设计投资者保护指数,还通过传统方法：盈余-回报模型和交易量,考察A股年度盈余公告的投资者保护水平,同时扩展了传统盈余-回报模型和交易量的研究范围。尽管研究方法都很常见,但是通过将年度盈余公告窗口分为公告前和公告后,发现公告前窗口的股价和交易量已经提前做出系统反应,而公告后窗口则不存在显著的盈余-回报关系,进一步说明A股年度盈余公告的投资者保护水平较低。
目前国内利用盈余-回报关系的文章仍基于以年报公告日为中点的对称窗口,关于交易量的文章则相对较少。为什么年度盈余公告前窗口股价、交易量会提前反应,为什么公告后不存在显著的盈余-回报关系?这些问题都有待进一步研究。
第三,目前国内关于亏损公司和微利公司的实证研究还不多。本文系统地考察可操控性应计和非经常性损益对亏损公司、微利公司当年盈余水平的影响,发现亏损公司的可操控性应计不存在“盈余反转”现象,并且报告亏损没有信息含量；微利公司主要依靠非经常性损益维持盈利。以上发现说明,亏损公司和微利公司具有不同于一般盈利公司的特征,未来应对上市公司“区别对待”,并加大对亏损公司和微利公司的研究力度。
Based on the review of references, according to the reaction of actual market from the angle "ex-post", this dissertation investigates the investor protection level of listed companies in'our A-share market, which specifically try to handle the following three issues:
First, the investor protection level is a relative concept, which the dissertation considers the reaction of market close-by the annual earnings announcement as a high level "template" in the status of efficient market. However, the reality is much more complicated than the efficient market as an abstract concept, what's the influence that the annual earnings affected by the earnings management? As a major tool of research on the investor protection level, what's the conclusion that the earning-return model will provide under the actual market circumstance? The dissertation shall investigate the above two issues, to ensure that the investor protection level could be reflected by the market reaction-there is the comparability between actual market reaction and efficient market situation.
Second, in view of the index of the investor protection level whether belongs to the "ex-ante" categories or belongs to the equity of reform of split share structure. Thus, pursuant to the market reaction of annual earnings announcement to build up the index of which the investor protection level could be quantized, then try to investigate the investor protection level of A-share annual earnings announcement by regression model constructed upon the market reaction of efficient market. This issue is the key point of the dissertation-designing the investor protection index which is based on the economic consequence and repeatable, distinguishing the actual investor protection level.
Third, the "new creation" investor protection level index, around which the conclusion is unsteady, therefore the dissertation uses a traditional method at present to further prove the investor protection level of annual earnings announcement-using the reaction of market close-by the annual earnings announcement directly:One side, investigate whether or not there is any abnormal in earnings-return relationship before and after annual earnings announcement; on the other side, investigate whether or not there is any abnormal in stock volumes before and after annual earnings announcement. The above comparing basis is still the market reaction under the circumstance of efficient market.
The dissertation is divided into seven chapters, the main content of each listed below:
Chapter 1, Introduction. The chapter introduces four aspects:1, the research background; 2, the research purpose; 3, the research ideas; 4, the prospective innovations.
Chapter 2, Review of references. The chapter reviews references around the earnings management, the market reaction of earnings, the investor protection, etc. Make observations based on all present references and point out the disadvantages.
Chapter 3, Theory analysis. First, the chapter reviews the basic content of efficient markets hypothesis and its influences to the accounting. Second, discuss the market reaction under the circumstance of efficient market as the basis of evaluating investor protection level in actual market. Third, discuss the market reaction under the circumstance of actual market. At last, come to the conclusion-earning-return model, pointing out its influence by actual market.
Chapter 4, Earnings management & earning-return model. The chapter mainly lays the root for the following issues. First, discuss the two main methods of earnings management:The influence of discretionary accruals and nonrecurring earnings components to the listed companies'annual earnings. The discretionary accruals shall affect the quality of earnings, which will directly affect the investor's evaluation of earnings. The nonrecurring earnings components shall lead to earning- return's non linearity. Second, investigate the earning-return relationship in our A-share market, mainly analyze whether or not there is any information content in loss company, whether or not there is non-linearity in earning-return, whether or not there is any information content in auditor opinion, and whether or not there is any revise of earning- return's non linearity without consideration of nonrecurring earnings components.
Chapter 5, Investor protection:indexation research. The chapter is the key point of the dissertation. First, design investor protection index pursuant to actual market reaction, build up research model pursuant to efficient market. Second, regression analysis to the research model, investigate the investor protection level of A-share annual earnings announcement. Third, avoid the stock price's interruption by other information, to investigate the investor protection level via artificial collection, by listed companies which only provided their annual report at the window of annual earnings announcement during 2005-2008.
Chapter 6, Investor protection:market reaction. There may be some defaults in the research conclusion due to the investor protection index designed by author himself, therefore, use the traditional method at present, from the angles of earnings-return and trading volumes, to investigate the market reaction before and after the annual earnings announcement separately. Comparing to the situation under the circumstance of efficient market, investigate the investor protection level of A-share annual earnings announcement.
Chapter 7, Conclusion. The chapter is about conclusions, generalizing main points of view, abstracting main innovations, introducing main restrictions. Bring out policies and suggestions at last.
There are three aspects of innovations in the dissertation:
First, there are two main aspects of research on investor protection in our country at present:1, "Ex-ante" research, to investigate the investor protection level or design investor protection index via institutional level. "Ex-ante" index only tells the possibility of investor protection level, couldn't judge from actual economic consequence.2, Reform of split share structure. Base on the "ex-post" angle, to check out valuable consideration's rationality by the investigation of index. There are some restrictions in the conclusion since the non-repeatable of reform of split share structure.
The dissertation designs investor protection index pursuant to the cumulative abnormal return before and after the annual earnings announcement. Investigate the investor protection level through multiple linear regressions. Compare to former relative research, the index here is more definite, and could be considered as a derivation of "event research", to investigate the investor protection level from the information disclosure and market reaction.
Second, besides designing the investor protection index, the dissertation via traditional method:investigate the investor protection level in A-share market through earnings-return model and trading volumes. Although these are common methods, it is found out that the stock price and trading volumes have already systematically reacted prior to announcement and no significant relationship in the earning-return by dividing annual earnings announcement into before and after.
Those papers about the earning-return relationship are still based on the annual announcement as the middle point of symmetry window. And there are few papers about trading volumes. The dissertation extends the research field of traditional earning-return model and trading volumes. There are further discussions about why the stock price before annual earnings announcement and trading volumes reacted in advance, why there is no significant relationship in earnings-return after annual announcement.
Third, there is little empirical research on company with loss and with meager profits in our country at present. The dissertation systematically investigates the influence of annual earnings level caused by discretionary accruals and nonrecurring earnings component in the loss or meager profits company. Meanwhile, it is found out that there is "earnings reverse" phenomenon in the nonrecurring earnings component. Besides, the dissertation also makes some extending research on earning-return model.
本文在系统回顾国内外相关文献基础上,从“事后”角度根据实际市场反应,考察我国A股上市公司年度盈余公告的投资者保护水平。为此,本文首先研究如何比较投资者保护水平；其次,实证检验A股年度盈余公告的投资者保护水平。
具体来说,本文着力解决如下三个问题：
第一,鉴于投资者保护水平是一个相对概念,所以本文以有效市场状态下年度盈余公告附近的市场反应作为投资者保护水平较高的“范本”。接下来,一方面通过理论分析确定研究立足点：正常的现实市场状态。即现实市场的市场反应应当与有效市场具有类似特征,使得两种市场条件下的市场反应具有可比性,从而考察现实市场年度盈余公告的投资者保护水平。另一方面,根据“盈余管理→正常的盈余→正常的盈余-回报关系”这一思路,对现实市场的正常性进行检验,以排除现实市场与有效市场不可比的异常情况,为下文实证分析投资者保护确定合理的样本。
第二,鉴于国内衡量投资者保护水平的指标要么属于“事前”范畴,要么考察股权分置改革是否公平。因此,本文根据年度盈余公告的实际市场反应,构建一个能够量化投资者保护水平的指标；然后根据投资者保护水平较高的情况提出假设并设计实证模型,考察A股年度盈余公告的投资者保护水平。该问题也是本文的重点——设计一个基于经济后果的、可重复使用的投资者保护指数,并能够判别实际的投资者保护水平。
第三,由于本文设计的投资者保护水平指标属于“新生事物”,围绕该指标得到的实证结论很可能不够稳健,所以本文利用目前较为传统的方法,进一步验证年度盈余公告的投资者保护水平——直接利用年度盈余公告附近的市场反应考察投资者保护水平：一方面,考察年度盈余公告前股价是否已经提前做出反应；另一方面,考察年度盈余公告前交易量是否已经提前做出反应。以上比较基础仍是有效市场条件下的市场反应,即投资者保护水平较高的状态。
二、各章主要内容
本文共分为七章,各章的主要内容如下：
第1章,导论。本章介绍四个方面的内容：第一,本文的研究背景；第二,研究目的；第三,研究思路和方法；第四,预期的创新点。
第2章,文献综述。本章对国内外的相关文献进行综述,围绕盈余管理、盈余的市场反应、投资者保护等三个方面展开,并在总结现有文献基础上进行评述,同时指出目前研究存在的不足之处。
第3章,投资者保护的理论分析。本章首先回顾有效市场假说的基本内容,以及它对会计的影响；其次,论述有效市场条件下的市场反应,并作为评价现实市场投资者保护水平的基础；再次,讨论现实市场条件下的市场反应,分析现实市场与有效市场条件下的差异。
第4章,现实市场的正常性检验。本章主要为下文的研究打下基础。根据“盈余管理→正常的盈余→正常的盈余-回报关系”这一思路,首先讨论盈余管理的两种主要方式：可操控性应计和非经常性损益对上市公司年度盈余的影响。前者会影响盈余质量,而盈余质量会直接影响投资者对盈余的评价；后者则可能导致盈余-回报出现非线性关系。其次,考察我国A股市场的盈余-回报关系,主要分析亏损公司盈余是否具有信息含量,盈余-回报是否存在非线性问题,审计意见是否具有信息含量以及剔除非经常性损益能否修正盈余-回报的非线性问题等。
第5章,投资者保护：指数化研究。本章是研究重点。首先,根据实际市场反应设计投资者保护指数,并根据有效市场条件下的市场反应构建研究模型；其次,对研究模型进行回归分析,考察A股年度盈余公告的投资者保护水平；再次,为进一步避免其他信息对股价的干扰,通过手工收集方法,以2005-2008年在年度盈余公告窗口只发布年报的上市公司为样本,考察投资者保护水平。
第6章,投资者保护：市场提前反应。由于本文使用的投资者保护指数为笔者设计,研究结论不一定令人完全信服,因此使用目前传统的研究方法,从盈余-回报模型和交易量两个角度,分别考察年度盈余公告前和公告后的市场反应——在公告前股价和交易量是否已经提前做出反应,检验A股年度盈余公告的投资者保护水平。
第7章,主要结论与政策建议。本章是总结,全面概括了本文的主要研究结论,提炼出本文的主要创新点,介绍了本文研究中存在的主要局限性,最后提出政策建议和进一步研究方向。
三、主要创新点
本文的主要创新点体现在以下三个方面：
第一,目前国内关于投资者保护的研究集中于两个方面：一是从“事前”角度通过相关制度考察投资者保护水平。但是“事前因素”只能说“可能在多大程度上保护投资者”,“是否保护投资者”则仍需从“事后”角度根据经济后果判断。二是股权分置改革。不过由于股权分置改革自身的特殊性,其研究方法和研究结论难以推广到更一般的情况。
本文以有效市场作为评价现实市场投资者保护水平的标准,根据年度盈余公告前后的累计超额回报数据设计投资者保护指数,进而通过多元线性回归考察投资者保护水平,研究发现A股年度盈余公告的投资者保护水平较低。相对于以往研究,本文衡量投资者保护的指标更加明确,并且可以作为“事件研究”的一种衍生方法,从信息披露和市场反应角度考察投资者保护水平,扩展了投资者保护的研究领域。
第二,本文除了设计投资者保护指数,还通过传统方法：盈余-回报模型和交易量,考察A股年度盈余公告的投资者保护水平,同时扩展了传统盈余-回报模型和交易量的研究范围。尽管研究方法都很常见,但是通过将年度盈余公告窗口分为公告前和公告后,发现公告前窗口的股价和交易量已经提前做出系统反应,而公告后窗口则不存在显著的盈余-回报关系,进一步说明A股年度盈余公告的投资者保护水平较低。
目前国内利用盈余-回报关系的文章仍基于以年报公告日为中点的对称窗口,关于交易量的文章则相对较少。为什么年度盈余公告前窗口股价、交易量会提前反应,为什么公告后不存在显著的盈余-回报关系?这些问题都有待进一步研究。
第三,目前国内关于亏损公司和微利公司的实证研究还不多。本文系统地考察可操控性应计和非经常性损益对亏损公司、微利公司当年盈余水平的影响,发现亏损公司的可操控性应计不存在“盈余反转”现象,并且报告亏损没有信息含量；微利公司主要依靠非经常性损益维持盈利。以上发现说明,亏损公司和微利公司具有不同于一般盈利公司的特征,未来应对上市公司“区别对待”,并加大对亏损公司和微利公司的研究力度。
Based on the review of references, according to the reaction of actual market from the angle "ex-post", this dissertation investigates the investor protection level of listed companies in'our A-share market, which specifically try to handle the following three issues:
First, the investor protection level is a relative concept, which the dissertation considers the reaction of market close-by the annual earnings announcement as a high level "template" in the status of efficient market. However, the reality is much more complicated than the efficient market as an abstract concept, what's the influence that the annual earnings affected by the earnings management? As a major tool of research on the investor protection level, what's the conclusion that the earning-return model will provide under the actual market circumstance? The dissertation shall investigate the above two issues, to ensure that the investor protection level could be reflected by the market reaction-there is the comparability between actual market reaction and efficient market situation.
Second, in view of the index of the investor protection level whether belongs to the "ex-ante" categories or belongs to the equity of reform of split share structure. Thus, pursuant to the market reaction of annual earnings announcement to build up the index of which the investor protection level could be quantized, then try to investigate the investor protection level of A-share annual earnings announcement by regression model constructed upon the market reaction of efficient market. This issue is the key point of the dissertation-designing the investor protection index which is based on the economic consequence and repeatable, distinguishing the actual investor protection level.
Third, the "new creation" investor protection level index, around which the conclusion is unsteady, therefore the dissertation uses a traditional method at present to further prove the investor protection level of annual earnings announcement-using the reaction of market close-by the annual earnings announcement directly:One side, investigate whether or not there is any abnormal in earnings-return relationship before and after annual earnings announcement; on the other side, investigate whether or not there is any abnormal in stock volumes before and after annual earnings announcement. The above comparing basis is still the market reaction under the circumstance of efficient market.
The dissertation is divided into seven chapters, the main content of each listed below:
Chapter 1, Introduction. The chapter introduces four aspects:1, the research background; 2, the research purpose; 3, the research ideas; 4, the prospective innovations.
Chapter 2, Review of references. The chapter reviews references around the earnings management, the market reaction of earnings, the investor protection, etc. Make observations based on all present references and point out the disadvantages.
Chapter 3, Theory analysis. First, the chapter reviews the basic content of efficient markets hypothesis and its influences to the accounting. Second, discuss the market reaction under the circumstance of efficient market as the basis of evaluating investor protection level in actual market. Third, discuss the market reaction under the circumstance of actual market. At last, come to the conclusion-earning-return model, pointing out its influence by actual market.
Chapter 4, Earnings management & earning-return model. The chapter mainly lays the root for the following issues. First, discuss the two main methods of earnings management:The influence of discretionary accruals and nonrecurring earnings components to the listed companies'annual earnings. The discretionary accruals shall affect the quality of earnings, which will directly affect the investor's evaluation of earnings. The nonrecurring earnings components shall lead to earning- return's non linearity. Second, investigate the earning-return relationship in our A-share market, mainly analyze whether or not there is any information content in loss company, whether or not there is non-linearity in earning-return, whether or not there is any information content in auditor opinion, and whether or not there is any revise of earning- return's non linearity without consideration of nonrecurring earnings components.
Chapter 5, Investor protection:indexation research. The chapter is the key point of the dissertation. First, design investor protection index pursuant to actual market reaction, build up research model pursuant to efficient market. Second, regression analysis to the research model, investigate the investor protection level of A-share annual earnings announcement. Third, avoid the stock price's interruption by other information, to investigate the investor protection level via artificial collection, by listed companies which only provided their annual report at the window of annual earnings announcement during 2005-2008.
Chapter 6, Investor protection:market reaction. There may be some defaults in the research conclusion due to the investor protection index designed by author himself, therefore, use the traditional method at present, from the angles of earnings-return and trading volumes, to investigate the market reaction before and after the annual earnings announcement separately. Comparing to the situation under the circumstance of efficient market, investigate the investor protection level of A-share annual earnings announcement.
Chapter 7, Conclusion. The chapter is about conclusions, generalizing main points of view, abstracting main innovations, introducing main restrictions. Bring out policies and suggestions at last.
There are three aspects of innovations in the dissertation:
First, there are two main aspects of research on investor protection in our country at present:1, "Ex-ante" research, to investigate the investor protection level or design investor protection index via institutional level. "Ex-ante" index only tells the possibility of investor protection level, couldn't judge from actual economic consequence.2, Reform of split share structure. Base on the "ex-post" angle, to check out valuable consideration's rationality by the investigation of index. There are some restrictions in the conclusion since the non-repeatable of reform of split share structure.
The dissertation designs investor protection index pursuant to the cumulative abnormal return before and after the annual earnings announcement. Investigate the investor protection level through multiple linear regressions. Compare to former relative research, the index here is more definite, and could be considered as a derivation of "event research", to investigate the investor protection level from the information disclosure and market reaction.
Second, besides designing the investor protection index, the dissertation via traditional method:investigate the investor protection level in A-share market through earnings-return model and trading volumes. Although these are common methods, it is found out that the stock price and trading volumes have already systematically reacted prior to announcement and no significant relationship in the earning-return by dividing annual earnings announcement into before and after.
Those papers about the earning-return relationship are still based on the annual announcement as the middle point of symmetry window. And there are few papers about trading volumes. The dissertation extends the research field of traditional earning-return model and trading volumes. There are further discussions about why the stock price before annual earnings announcement and trading volumes reacted in advance, why there is no significant relationship in earnings-return after annual announcement.
Third, there is little empirical research on company with loss and with meager profits in our country at present. The dissertation systematically investigates the influence of annual earnings level caused by discretionary accruals and nonrecurring earnings component in the loss or meager profits company. Meanwhile, it is found out that there is "earnings reverse" phenomenon in the nonrecurring earnings component. Besides, the dissertation also makes some extending research on earning-return model.
引文
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89.杨德明、林斌、辛清泉,盈利质量、投资者非理性行为与盈余惯性,金融研究,2007.2,122-132
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92.叶建芳、周兰、李丹蒙、郭琳,管理层动机、会计政策选择与盈余管理——基于新会计准则下上市公司金融资产分类的实证研究,会计研究,2009.3,25-30
93.游家兴,谁反应过度,谁反应不足——投资者异质性与收益时间可预测性分析,金融研究,2008.4,161-173
94.于李胜,王艳艳,信息不确定性与盈余公告后漂移现象(PEAD)——来自中国上市公司的经验证据,管理世界,2006.3,40-49+56
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97.岳衡、林小驰,证券分析师VS统计模型：证券分析师盈余预测的相对准确性及其决定因素,会计研究,2008.8,40-49
98.张程睿、王华,公司信息透明度的市场效应——来自中国A股市场的经验证据,中国会计评论,2007.3,第5卷第1期,1-20
99.张海燕、陈晓,投资者是理性的吗?——基于ST公司交易特性和价值的分析,金融研究, 2008.1,119-131
100.张然,中国上市公司现金流管理研究——兼对新兴市场和成熟市场现金流管理行为比较研究,中国会计评论,2007.10,381-400
101.章卫东、李德忠,定向增发新股折扣率的影响因素及其与公司短期股价关系的实证研究,会计研究,2008.9,73-80
102.张昕,中国亏损上市公司第四季度盈余管理的实证研究,会计研究,2008.4,25-32
103.张昕、胡大源,亏损上市公司是否会在第四季度平滑利润?中国会计评论,2008.9,309-320
104.张先治、张晓东,基于投资者需求的上市公司内部控制实证分析,会计研究,2004.12,55-61
105.张翼、林小驰,公司治理结构与管理层盈利预测,中国会计评论,2005.12,第3卷第2期,241-252
106.张峥、魏聃、唐国正、刘力,可转债投资者的转股行为是理性的吗?——中国市场的实证研究,金融研究,2007.8,103-119
107.赵春光,现金流量价值相关性的实证研究——兼评现金流量表准则的实施效果,会计研究,2004.2,29-35
108.赵宇龙,会计盈余披露的信息含量——来自上海股市的经验证据,经济研究,1998.7,41-49
109.赵宇龙、王志台,我国证券市场“功能锁定”现象的实证研究,经济研究,1999.9,56-63
110.郑国坚,基于效率观和掏空观的关联交易与盈余质量关系研究,会计研究,2009.10,68-76
111.周县华、吕长江,股权分置改革、高股利分配与投资者利益保护——基于驰宏锌锗的案例研究,会计研究,2008.8,59-68
112.朱凯、赵旭颖、孙红,会计准则改革、信息准确度与价值相关性——基于中国会计准则改革的经验证据,管理世界,2009.4,47-54
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2.白重恩、刘俏、陆洲、宋敏、张俊喜,中国上市公司治理结构的实证研究,经济研究,2005.2,81-91
3.宾国强、舒元,股权分割、公司业绩与投资者保护,管理世界,2003.5,101-108
4.薄仙慧、吴联生,国有控股与机构投资者的治理效应：盈余管理视角,经济研究,2009.2,81-91+160
5.蔡宁、魏明海、路晓燕,投资者保护变迁与会计改革的共生互动性,会计研究,2008.3,19-26
6.陈胜蓝、魏明海,投资者保护与财务会计信息质量,会计研究,2006.10,28-35
7.陈晓、陈淑燕,股票交易量对年报信息的反应研究——来自上海、深圳股市的经验证据,金融研究,2001.7,98-105
8.陈晓、陈小悦、刘钊,A股盈余报告的有用性研究——来自上海、深圳股市的实证证据,经济研究,1999.6,21-28
9.陈晓、戴翠玉,A股亏损公司的盈余管理行为与手段研究,中国会计评论,2004.12,229-310
10.陈信元、黄俊,政府干预、多元化经营与公司业绩,管理世界,2007.1,92-97
11.陈卓思、高峰、祁斌,机构投资者交易行为特征研究,金融研究,2008.4,122-130
12.程书强,机构投资者持股与上市公司会计盈余信息关系实证研究,管理世界,2006.9,129-136
13.程小可、李玲玲,会计盈余与股票市场回报非线性关系研究——与线性关系的对比及来自沪市的证据,中国软科学,2004.2,37-43
14.崔学刚,公司治理机制对公司透明度的影响——来自中国上市公司的经验数据,会计研究,2004.8,72-80
15.代冰彬、陆正飞、张然,资产减值：稳健性还是盈余管理,会计研究,2007.12,35-42
16.戴德明、毛新述、姚淑瑜,上市公司预测盈余信息披露的有用性研究——来自深圳、上海股市的实证证据,中国会计评论,2005.12,253-272
17.高雷、宋顺林,掏空、财富效应与投资者保护——基于上市公司关联担保的经验证据,中国会计评论,2007.3,第5卷第1期,21-42
18.高雷、宋顺林,关联交易、线下项目与盈余管理——来自中国上市公司的经验证据,中国会计评论,2008.3,61-78
19.高雷、张杰,公司治理、机构投资者与盈余管理,会计研究,2008.9,64-72
20.高雷、张杰,公司治理、资金占用与盈余管理,金融研究,2009.5,121-140
21.何佳、何基报、王霞、翟伟丽,机构投资者一定能够稳定股市吗?——来自中国的经验证据,管理世界,2007.8,35-42
22.贺建刚、刘峰,司法体系、会计准则导向与投资者保护：一项案例研究,会计研究,2006.11,8-15
23.侯宇、叶冬艳,机构投资者、知情人交易和市场效率——来自中国资本市场的实证证据,金融研究,2008.4,131-145
24.胡奕明、唐松莲,独立董事与上市公司盈余信息质量,管理世界,2008.9,149-160
25.计小青、曹啸,标准的投资者保护制度和替代性投资者保护制度：一个概念性分析框,金融研究,2008.3,151-162
26.姜国华、李远鹏、牛建军,我国会计准则和国际会计准则盈余报告差异及经济后果研究,会计研究,2006.9,27-34
27.姜国华、徐信忠、赵龙凯,公司治理和投资者保护研究综述,管理世界,2006.6,161-170
28.姜国华、张然,稳健性与公允价值：基于股票价格反应的规范性分析, 会计研究,2007.6,20-25
29.雷光勇、刘慧龙,控股股东性质、利益输送与盈余管理幅度——来自中国A股公司首次亏损年度的经验证据,中国工业经济,2007.8,90-97
30.李明辉、曲晓辉,我国上市公司财务报告法律责任的问卷调查及分析,会计研究,2005.5,47-53
31.李涛、李红,养老金投资规模、投资者保护与股票市场发展——论经合组织国家的经验与中国的选择,金融研究,2004.5,106-115
32.李翔、冯峥,会计信息披露需求：来自证券研究机构的分析,会计研究,2006.3,63-68+10
33.李心丹、肖斌卿、王树华、刘玉灿,中国上市公司投资者关系管理评价指标及其应用研究,管理世界,2006.9,117-128
34.李心丹、肖斌卿、张兵、朱洪亮,投资者关系管理能提升上市公司价值吗?——基于中国A股上市公司投资者关系管理调查的实证,管理世界,2007.9,117-128
35.李志文、姚正春、朴军,中国股市的ROE代表什么?中国会计评论,2007.10,305-314
36.李增泉、卢文彬,会计盈余的稳健性：发现与启示,会计研究,2003.2,19-27
37.林斌、辛清泉、杨德明、陈念,投资者关系管理及其影响因素分析——基于深圳上市公司的实证检验,会计研究,2005.9,32-38
38.刘峰、周福源,国际四大意味着高审计质量吗——基于会计稳健性角度的检验,会计研究,2007.3,79-87
39.刘伟、刘星,审计师变更、盈余操纵与审计师独立性——来自中国A股上市公司的经验证据,管理世界,2007.9,129-135
40.鲁桂华,陈晓,“庄”与会计盈余的价格含义,管理世界,2005.7,48-54
41.逯东、孟子平、杨丹,政府补贴、成长性和亏损公司定价,南开管理评论,2010.2,97-104
42.陆正飞、魏涛,配股后业绩下降：盈余管理后果与真实业绩滑坡,会计研究,2006.8,52-59
43.罗斯·L.·瓦茨、杰罗尔德·L.·齐默尔曼著,陈少华、黄世忠、陈光、陈 剑深译,《实证会计理论》,东北财经大学出版社,2006年9月中国第2版,第13页
44.吕长江、肖成民,最终控制人利益侵占的条件分析——对LLSV模型的扩展,会计研究,2007.10,82-86
45.吕长江、肖成民,法律环境、公司治理与利益侵占——基于中、美股票市场的比较分析,中国会计评论,第6卷第2期,2008.6,141-162
46.孟焰、袁淳,亏损上市公司会计盈余价值相关性实证研究,会计研究,2005.5,42-46
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49.潘琰、辛清泉,解读企业信息需求——基于机构投资者的信息需求探索,会计研究,2004.12,14-22
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55.沈艺峰、许年行、杨熠,我国中小投资者法律保护历史实践的实证检验,经济研究,2004.9,90-100
56.石晓乐、陈小悦,盈余中现金流成分的分解及其持续性研究,中国会计评论,2009.6,175-190
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64.王兵,独立董事监督了吗?——基于中国上市公司盈余质量的视角,金融研究,2007.1,109-121
65.威廉R.斯科特著,陈汉文、夏文贤、陈靖等译,财务会计理论,机械工业出版社,2006年1月第一版
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71.王雄元,自愿性信息披露：信息租金与管制,会计研究,2005.4,25-29
72.王雄元、严艳,强制性信息披露的适度问题,会计研究,2003.2,13-18
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