应计质量与资产定价
|
摘要
应计质量(Accruals quality)是盈余质量(Earnings Quality)的重要组成部分之一。应计质量主要用于衡量应计额与现金流之间的对应程度,应计质量通过应计利润与各个应计项目或现金流量与财务指标等变量之间的相互关联作用与相互匹配关系来反映盈余信息可靠性,是盈余信息可靠性最为合理的衡量指标,能够最为准确地反映盈余质量。
对于盈余质量的研究,国内相关研究主要集中在研究盈余管理(Earnings Management)现象上,尚未有专门针对应计质量的全面系统的研究。而国外对于应计质量的研究,更侧重于考察其价值相关性(The Value Relevance),并通过会计盈余与股价变化之间的关系进行考察,并在过去几十年内取得了很大的进展。然而,对于应计质量的风险定价(Risk-pricing)研究方面,即,是否应计质量能作为一个风险定价因子解释股票超常回报率?从国外相关研究来看,目前尚无定论。并且,随着2001年后A股市场因为大力发展机构投资者加之合格境外投资者(QFII)的推出,已处于国际接轨的转型期,A股市场专业化投资的进程是否会促进整体投资实力的加强,从而更有效甄别公司真实价值,在市场上进行正确定价,起到有效配置资源、维稳市场的作用?国内尚无人从研究上市公司应计质量角度出发进行相关研究。因此,本文从应计分离模型效力分析、应计质量的度量与评估、影响应计质量的内在因素、应计质量的价值相关性、应计质量与盈余的持续性、可预测性的相关性、应计质量的风险定价等方面系统地研究了应计质量。具体研究内容如下：
一、本文采用应计分离法,以现有文献中常用的应计分离模型作比较,在借鉴前人研究的结果的基础上,运用Z统计量检验第一误差、直接以事件期公司为样本来检验回归方程预测误差和比较模型分离来的可操控应计是否具有短期效应这三种方法综合比较模型的精确度,确定最优应计分离法模型是综合模型,从而为如何较为精确地计量盈余管理变量提供了一个可行的依据。
二、系统分析了影响应计质量的各种内在因素,将样本数据分为五个应计质量等级(Accruals Quality Quintile)组合,运用Panel Data回归考察不同盈余质量的公司内在因素对公司盈余质量的敏感度,并得出实证结论：在中国A股市场,经营现金流的不稳定是造成上市公司盈余波动的最重要的原因。这个实证结果在一定程度上说明,在会计期间内,收入和已实现的现金流的不匹配是上市公司应计质量低下的最为重要的原因；
三、运用Panel Data回归分析应计质量对公司盈市率(EP)的影响机理与方向。并得出实证结论：总应计质量AQj,t、可操控应计质量DiscAQj,,与公司盈市率均成显著负相关,说明A股投资者只能根据上市公司报表所反映的盈余来给股票定价,没有充分考虑到与盈余相关联的信息风险。
四、本文从研究应计盈余波动和应计盈余可预测性之间的相关性出发,运用理论分析建立了一个将应计质量与盈余的可预测性和持续性有机地联系起来的研究框架,,并通过A股市场实证据,运用自回归检验了不同等级应计质量样本的应计盈余的持续性和可预测性,实证结果表明,应计质量越差,应计盈余的持续性越差(即其可预测性更差)。这一层次的研究进一步表明,应计质量的好坏直接影响投资者对于公司业绩的预测,从而影响其对于公司股票的估价。
五、本文系统地将应计质量的替代因子AQfactor引入三因子模型和四因子模型,运用时间序列OLS回归检验,从资产定价角度研究分析了上市公司应计盈余质量是否能作为一个信息风险定价因子来解释A股市场股票超常回报率的变化。并得出实证结论：在中国A股市场,没有充分的证据表明,应计质量能作为一个较为稳定可靠的定价因子来解释股票回报率。
六、本文将机构持股变量引入解释应计质量的内在因素,以总样本和分AQ等级样本分别作Panel Data回归,测度机构持股与应计质量的相关性,并得出实证结论：A股市场机构投资者能有效地识别了那些盈余异常波动的公司,即盈余操控程度最高的那些公司。实证数据在一定程度上肯定了机构投资者的专业投资能力。
七、进一步,本文以机构平均持股比例对样本进行分组,运用时问序列OLS回归进行了资产定价检验,并得出实证结论：机构投资者所具有的识别应计质量好坏的专业能力并不足以在股票定价上对A股形成较为显著的影响,从整体上来看,A股投资者缺乏对对应计质量的好坏鉴定和识别能力,反映在了对A股的定价上。
Accruals quality, as a major component of earnings quality, is mainly employed to measure the matching between accruals and cash flow. As the most plausible indicator of earnings reliability, it can reflect earnings informativeness and most accurately mirror earnings quality, through the interaction and matching between accruals, various accrued items and such variables as cash flow and financial index.
With regard to the study of earnings quality, domestic researches focus on the phenomenon of earnings management; specialized and systematic researches on accruals quality are few. On the study of accruals quality, having made big progress in the past decades, overseas researches place emphasis on value relevance by exploring the relationship between accounting earnings and changes in share price, however, as for the study of risk pricing of accruals quality, they draw no final conclusion that accruals quality can be regarded as a risk pricing factor that accounts for abnormal return on stock. With the rapid development of institutional investor after 2001 and the launch of QFII in A-share market, A-share market is in the transformation period of integrating with the international. Whether the proceeding of specialized investment in A-share market will promote the overall investment power, so that the true value of company can be more effectively evaluated and priced in the market, play the role of allocating resources and stabilizing the market, has been studied by nobody in our country. For that reason, this paper conducts systematic research on accruals quality, in terms of credibility analysis of accruals disjunctive model, the measuring and evaluating of accruals quality, internal factor that affects accruals quality, value relevance of accruals quality, continuity of accruals quality and earnings, predictability correlation, and risk pricing of accruals quality, etc. Concrete research content is listed below:
1. On the basis of predecessors'research and by means of accruals separation method, this dissertation comprehensively compares the model fidelity by adopting three ways: testing error of first kind by Z-Statistic, using corporation in event as a sample to examine the error predicted by regression equation, and judging whether the discretionary accruals separated by comparison model has short-term effect. As a result, it is decided that the optimal accruals separation model is an aggregative model that can provide a feasible standard for accurately measuring earnings management variables.
2. After analysis of the internal factors influencing accruals quality, this paper explores the relevance between internal factors of corporations of different earnings quality and earnings quality by employing Panel Data regression, with sample data divided into 5 accruals quality quintile. An empirical conclusion is drawn that in China A-share market, the instability of operating cash flow is the most important reason that causes listed companies'earnings volatility, which, to a certain degree, demonstrates that the major cause of listed companies'low accruals quality is the mismatching between revenues and accomplished cash flow in the accounting period.
3. The influence of accruals quality on earning/price ratio, corporations'cost of equity's proxy variable, is analyzed by adopting Panel Data regression.
4. Beginning with the correlation between accruals earnings volatility and accruals earnings predictability, this dissertation examines the continuity and predictability of accruals quality samples of different level through data from A-share market and autoregression, by building a research framework that combines accruals quality with earnings predictability and continuity through theory analysis. The empirical result indicates that the lower accruals quality, the poorer continuity of accruals earnings, namely, the poorer its predictability. The further study tells us that accruals quality directly affects investors' predicting of company performance and consequent valuation of company stock.
5. With the proxy factor, AQfactor, of accruals quality introduced into three-factor model and four-factor model, this article gives an analysis of listed companies'accruals quality as an information risk pricing factor that accounts for abnormal return on stock in A-share market, by utilizing time series PLS regression to test. The empirical conclusion is made that there is no sufficient evidence that accruals quality can be regarded as a reliable pricing factor that accounts for return on stock.
6. With institution shareholding variables introduced to explain the internal factors of accruals quality, this paper measures the relativity between institution shareholding and accruals quality, through Panel Data regression of gross sample and samples graded by AQ. The empirical conclusion is that institutional investors in A-share market can effectively identify the companies with abnormal earning volatility, namely, companies with the highest control of earnings. The empirical data, to some extent, affirms the professional investment ability of institutional investors.
7. Furthermore, with the sample grouped at the average rate of institution shareholding, this dissertation employs time series OLS regression to test asset pricing. Through empirical analysis, we find that the professional capacity of discriminating accruals quality is not enough to have remarkable effect on A-share in terms of stock pricing; A-share investors are lacking in capability of evaluating accruals quality, which is mirrored in A-share pricing.
对于盈余质量的研究,国内相关研究主要集中在研究盈余管理(Earnings Management)现象上,尚未有专门针对应计质量的全面系统的研究。而国外对于应计质量的研究,更侧重于考察其价值相关性(The Value Relevance),并通过会计盈余与股价变化之间的关系进行考察,并在过去几十年内取得了很大的进展。然而,对于应计质量的风险定价(Risk-pricing)研究方面,即,是否应计质量能作为一个风险定价因子解释股票超常回报率?从国外相关研究来看,目前尚无定论。并且,随着2001年后A股市场因为大力发展机构投资者加之合格境外投资者(QFII)的推出,已处于国际接轨的转型期,A股市场专业化投资的进程是否会促进整体投资实力的加强,从而更有效甄别公司真实价值,在市场上进行正确定价,起到有效配置资源、维稳市场的作用?国内尚无人从研究上市公司应计质量角度出发进行相关研究。因此,本文从应计分离模型效力分析、应计质量的度量与评估、影响应计质量的内在因素、应计质量的价值相关性、应计质量与盈余的持续性、可预测性的相关性、应计质量的风险定价等方面系统地研究了应计质量。具体研究内容如下：
一、本文采用应计分离法,以现有文献中常用的应计分离模型作比较,在借鉴前人研究的结果的基础上,运用Z统计量检验第一误差、直接以事件期公司为样本来检验回归方程预测误差和比较模型分离来的可操控应计是否具有短期效应这三种方法综合比较模型的精确度,确定最优应计分离法模型是综合模型,从而为如何较为精确地计量盈余管理变量提供了一个可行的依据。
二、系统分析了影响应计质量的各种内在因素,将样本数据分为五个应计质量等级(Accruals Quality Quintile)组合,运用Panel Data回归考察不同盈余质量的公司内在因素对公司盈余质量的敏感度,并得出实证结论：在中国A股市场,经营现金流的不稳定是造成上市公司盈余波动的最重要的原因。这个实证结果在一定程度上说明,在会计期间内,收入和已实现的现金流的不匹配是上市公司应计质量低下的最为重要的原因；
三、运用Panel Data回归分析应计质量对公司盈市率(EP)的影响机理与方向。并得出实证结论：总应计质量AQj,t、可操控应计质量DiscAQj,,与公司盈市率均成显著负相关,说明A股投资者只能根据上市公司报表所反映的盈余来给股票定价,没有充分考虑到与盈余相关联的信息风险。
四、本文从研究应计盈余波动和应计盈余可预测性之间的相关性出发,运用理论分析建立了一个将应计质量与盈余的可预测性和持续性有机地联系起来的研究框架,,并通过A股市场实证据,运用自回归检验了不同等级应计质量样本的应计盈余的持续性和可预测性,实证结果表明,应计质量越差,应计盈余的持续性越差(即其可预测性更差)。这一层次的研究进一步表明,应计质量的好坏直接影响投资者对于公司业绩的预测,从而影响其对于公司股票的估价。
五、本文系统地将应计质量的替代因子AQfactor引入三因子模型和四因子模型,运用时间序列OLS回归检验,从资产定价角度研究分析了上市公司应计盈余质量是否能作为一个信息风险定价因子来解释A股市场股票超常回报率的变化。并得出实证结论：在中国A股市场,没有充分的证据表明,应计质量能作为一个较为稳定可靠的定价因子来解释股票回报率。
六、本文将机构持股变量引入解释应计质量的内在因素,以总样本和分AQ等级样本分别作Panel Data回归,测度机构持股与应计质量的相关性,并得出实证结论：A股市场机构投资者能有效地识别了那些盈余异常波动的公司,即盈余操控程度最高的那些公司。实证数据在一定程度上肯定了机构投资者的专业投资能力。
七、进一步,本文以机构平均持股比例对样本进行分组,运用时问序列OLS回归进行了资产定价检验,并得出实证结论：机构投资者所具有的识别应计质量好坏的专业能力并不足以在股票定价上对A股形成较为显著的影响,从整体上来看,A股投资者缺乏对对应计质量的好坏鉴定和识别能力,反映在了对A股的定价上。
Accruals quality, as a major component of earnings quality, is mainly employed to measure the matching between accruals and cash flow. As the most plausible indicator of earnings reliability, it can reflect earnings informativeness and most accurately mirror earnings quality, through the interaction and matching between accruals, various accrued items and such variables as cash flow and financial index.
With regard to the study of earnings quality, domestic researches focus on the phenomenon of earnings management; specialized and systematic researches on accruals quality are few. On the study of accruals quality, having made big progress in the past decades, overseas researches place emphasis on value relevance by exploring the relationship between accounting earnings and changes in share price, however, as for the study of risk pricing of accruals quality, they draw no final conclusion that accruals quality can be regarded as a risk pricing factor that accounts for abnormal return on stock. With the rapid development of institutional investor after 2001 and the launch of QFII in A-share market, A-share market is in the transformation period of integrating with the international. Whether the proceeding of specialized investment in A-share market will promote the overall investment power, so that the true value of company can be more effectively evaluated and priced in the market, play the role of allocating resources and stabilizing the market, has been studied by nobody in our country. For that reason, this paper conducts systematic research on accruals quality, in terms of credibility analysis of accruals disjunctive model, the measuring and evaluating of accruals quality, internal factor that affects accruals quality, value relevance of accruals quality, continuity of accruals quality and earnings, predictability correlation, and risk pricing of accruals quality, etc. Concrete research content is listed below:
1. On the basis of predecessors'research and by means of accruals separation method, this dissertation comprehensively compares the model fidelity by adopting three ways: testing error of first kind by Z-Statistic, using corporation in event as a sample to examine the error predicted by regression equation, and judging whether the discretionary accruals separated by comparison model has short-term effect. As a result, it is decided that the optimal accruals separation model is an aggregative model that can provide a feasible standard for accurately measuring earnings management variables.
2. After analysis of the internal factors influencing accruals quality, this paper explores the relevance between internal factors of corporations of different earnings quality and earnings quality by employing Panel Data regression, with sample data divided into 5 accruals quality quintile. An empirical conclusion is drawn that in China A-share market, the instability of operating cash flow is the most important reason that causes listed companies'earnings volatility, which, to a certain degree, demonstrates that the major cause of listed companies'low accruals quality is the mismatching between revenues and accomplished cash flow in the accounting period.
3. The influence of accruals quality on earning/price ratio, corporations'cost of equity's proxy variable, is analyzed by adopting Panel Data regression.
4. Beginning with the correlation between accruals earnings volatility and accruals earnings predictability, this dissertation examines the continuity and predictability of accruals quality samples of different level through data from A-share market and autoregression, by building a research framework that combines accruals quality with earnings predictability and continuity through theory analysis. The empirical result indicates that the lower accruals quality, the poorer continuity of accruals earnings, namely, the poorer its predictability. The further study tells us that accruals quality directly affects investors' predicting of company performance and consequent valuation of company stock.
5. With the proxy factor, AQfactor, of accruals quality introduced into three-factor model and four-factor model, this article gives an analysis of listed companies'accruals quality as an information risk pricing factor that accounts for abnormal return on stock in A-share market, by utilizing time series PLS regression to test. The empirical conclusion is made that there is no sufficient evidence that accruals quality can be regarded as a reliable pricing factor that accounts for return on stock.
6. With institution shareholding variables introduced to explain the internal factors of accruals quality, this paper measures the relativity between institution shareholding and accruals quality, through Panel Data regression of gross sample and samples graded by AQ. The empirical conclusion is that institutional investors in A-share market can effectively identify the companies with abnormal earning volatility, namely, companies with the highest control of earnings. The empirical data, to some extent, affirms the professional investment ability of institutional investors.
7. Furthermore, with the sample grouped at the average rate of institution shareholding, this dissertation employs time series OLS regression to test asset pricing. Through empirical analysis, we find that the professional capacity of discriminating accruals quality is not enough to have remarkable effect on A-share in terms of stock pricing; A-share investors are lacking in capability of evaluating accruals quality, which is mirrored in A-share pricing.
引文
[1]. Alford, A. The effect of the set of comparable firms on the accuracy of the price-earnings valuationmethod. [J] Journal of Accounting Research 1992.30(1): 94-108.
[2]. Abarbanell, J., and T. Lehavy. Can Stock Recommendations Predict Earnings Management and Analysts'Earnings Forecast Errors?[D].Working Paper,1998, University of California at Berkeley.
[3]. Aboody, D., Hughes, J., Liu, J., Earnings quality, insider trading, and cost of capital. [J] Journal of Accounting Research 2005,43(5):651-673. Ac
[4]. Ball R.J.and P. Brown, An Empirical Evaluation of Accounting Income Numbers, [J].Journal of Accounting Research 1968 (autumn):159-178.
[5]. Beaver,W.H., The Information Content of Annual Earnings Announcements, Empirical Research in Accounting,[J]Journal of Accounting research,1968,6 (supplement):67-92.
[6]. Beaver,W.H.,R.Clarke,and W.Wright. The association between unsystematic security returns and the magnitude of earnings forecast error. [J]Journal of Accounting Research 1979,17(2):316-340.
[7]. Banz, R. The relationship between return and market value of common stocks. [J]. Journal of Financial Economics 1981,9(1):3-18.
[8]. Basu, S. The relationship between earnings yield, market value, and return for NYSE common stocks:further evidence. [J]. Journal of Financial Economics 1983,12(1):129-156.
[9]. Bhanari, L. Debt/equity ratio and expected common stock returns:empirical evidence. [J] Journal of Finance,1988,43(2):507-528.
[10]. Bernard Victor L. and Thomas L. Stober, The Nature and Amount of Information in Cash Flows and Accruals, [J]. The Accounting Review 1989,64(4):624-652.
[11]. Bernard,V.L.and J.K.Thomas. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings, [J]. Journal of Accounting and economics.1990.13 (4):305-340
[12]. Barth.M.E., John.A. Elliot and Mark.W.Finn. Market Rewards Associated with Increasing Earnings Patterns, [D].Working paper,1995,Comell University.
[13]. Burgstahler,D.and I.Dichev. Earnings Management to Avoid Earnings Decreases and Losses[J]. Journal of Accounting and Economics,1997,24(1):99-126.
[14]. Botosan, C. Disclosure level and the cost of equity capital. [J]. The Accounting Review 1997,72(3):323-349.
[15]. Burgstahler, D., and M. Eames.. Management of earnings and analysts forecasts. [D] Working paper,1998,University of Washington.
[16]. Beaver H.and Mcnichols M F.The Characteristics andValuation of Loss Reserves of PropertyCasualtyInsurers[J].Review of Accounting Studies,1998,3(1-2):73-95
[17]. Barth.Mary.E., Donald.P. Cram and Karen K. Nelson.Accruals and the prediction of future cash flows. [J]. Accounting Review 2001,76(1):27-58.
[18]. Bartov, E, Gul, F. A, and Tsui, S. L. Discretionary Accruals Models and Audit Qualifications.[J]. Journal ofAccounting and Economics.2001,30(3):421-452.
[19]. Botosan, C. and M. Plumlee. A re-examination of disclosure level and the expected cost of equity capital. [J]. Journal of Accounting Research 2002,40(1):21-40.
[20]. Balsam,S.,E.Bartov,and C.Marquardt,Accruals Management,Investor Sophistication, and Equity Valuation:Evidence from 10Q Filings, [J] Journal of Accounting Research 2002,40(4):987-1012.
[21]. Beneish, Messod D., Mark E. Vargus.Insider Trading, Earnings Quality, and Accrual Mispricing. [J] The Accounting Review,2002,77(4):755-791.
[22]. Ball, R. and Shivakumar, L. Earnings quality in U.K. private firm:comparative loss recognition timeliness. [J].Journal of Accounting and Economics 2005.39(1):83-128
[23]. Chambers, A.E.and S.H. Penman. Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements. [J]. Journal of Accounting Research 1984. 22(1):21-47.
[24]. Cahan, S.F., The effect of antitrust investigations on discretionary accruals:A refined test of the political cost hypothesis. [J]. The Accounting Review 1992,61 (Ⅰ): 77-95.
[25]. Chaney P. and Lewis C. Earnings Management and Firm Valuation under Asymmetric Information. [J]. Journal of Corporate Finance.1995,1(3-4):319-345
[26]. Chan, L.K. Chan., N Jegadeesh, and J Lakonishok, Momentum Strategies, [J]. Journal of Finance 1996,51,(5):1681-1713.
[27]. Carhart, Mark M. On Persistence in Mutual Fund Performance [J]. Journal of Finance,1997,52(1):57-82
[28]. Cahan, Steven F., Chavis, Berry M., Elmendorf, Richard G. Earnings Management of Chemical Firms in Response to Political Costs from Environmental Legislation [J]. Journal of Accounting, Auditing & Finance,1997,12(1):.37-65
[29]. Chidambaran, N. and K. John. Relationship Investing and Corporate Governance, [D]working paper,2000.Tulane University and New York University.
[30]. Chan, L.K. Chan, N. Jegadeesh and J. Lakonishok.. Accruals quality and stock returns:the evidence from accruals. [D]. working paper.2001, National Taiwan University and University of Illinois
[31]. Chung, R., M. Firth, and J. Kim, Institutional Monitoringand Opportunistic Earnings Management [J]. Journal of CorporateFinance,2002,8(1):29-48.
[32]. DeAngelo.L. E, Accounting Numbers as Market Valuation Substitutes:A Study of Managements Buyouts of Public Shareholders[J].The Accounting Review,1986, 61(3):400-420.
[33]. DeAngelo, L. E. Managerial competition, information costs, and corporate governance:the use of accounting performance measures in proxy contests. [J]. Journal of Accounting and Economics,1988,10(1):3-36.
[34]. Dechow,P. M.and R. G. Sloan. Executive Incentives and the Horizon Problem:An Empirical Investigation[J].Journal of Accounting and Economics,1991,14 (1):51-89.
[35]. Dechow P R. Accounting earnings and cash flows asmeasures of firm performance: the role of accounting accruals [J].Journal ofAccounting & Economics,1994,18(1): 3-42.
[36]. Defend, M. L, Jiambalvo J. Debt Covenant Effects and the Manipulation of Accruals. [J]. Journal of Accounting and Economics,1994,17 (1-2):145-176.
[37]. Dechow,P. M., R. G. Sloan and A. P. Sweeney. Detecting Earnings Management [J]. The Accounting Review,1995,70 (2):193-225.
[38]. Dechow, P., R. Sloan, A. Sweeney. Causes and Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by the SEC. [J].Contemporary Accounting Research,1996,13(1):1-36.
[39]. Defend, M. L.and C. W. Park. Smoothing Income in Anticipation of Future Earnings. [J]. Journal of Ac-counting and Economics,1997,23(2):115-139.
[40]. Dechow, P.M., S.P.Kothari, and R.L.Watts. The relation between earnings and cash flows. [J].Journal of Accounting and Economics 1998,25(2):133-168.
[41]. Degeorge,F.,Patel,J.and Zeckhauser,R. Earnings management to exceed thresholds. [J]. Journal of Business 1999,72(1):1-33.
[42]. Dechow, P. M. and I. D. Dichev. The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors[J]. The Accounting Review,2002,77 (Supplement):35-59.
[43]. DuCharme, L. L., Malatesta and P. H., Sefcik, S. E. Earnings Management, Stock Issues. and Share-holder Lawsuits. [J]. Journal of Financial Economics, 2004,71(1):27-49.
[44]. Easton, P.D., and M.E.Zmijewski. Cross-sectional variation in the stock market response to accounting earnings announcements., [J] Journal of Accounting and Economics 1989,11 (7):117-141
[45]. Easton,P. and Harris,T. Earnings as an explanatory variable for returns. [J] Journal of Accounting Research,1991,29(1):19-36.
[46]. Erickson, M. and S. Wang. Earnings Management by Acquiring Firms in Stock for Stock Mergers. [J] Journal of Accounting and Economics,1999,27(2):149-176.
[47]. Easley, D., M. O'Hara, and G. Saar, How stock splits affect trading:a microstructure approach, [J]. Journal of Financial and Quantitative Analysis 2001, 36(1):25-51.
[48]. Easley, D., S. Hvidkjaer, and M. O'Hara, Is information risk a determinant of asset returns? [J]. Journal of Finance 2002,57(5):2185-2221.
[49]. Easley, D., O'Hara, M. Information and the cost of capital. [J]. Journal of Finance 2004,59(4):1553-1583.
[50]. Fama, Eugene F. and Kenneth R. French., The Cross-Section of Expected Stock Returns. [J]. Journal of Financial Research,1992,47(2):427-465.
[51]. Freeman, Robert and Senyo Tse, A Nonlinear Model of Security Price Responses to Unexpected Earnings, [J] Journal of Accounting Research,1992,30 (2):185-209.
[52]. Fama E., French K. Common Risk Factors in the Returns on Stocks and Bonds [J]. Journal of Financial Economics,1993,33(1):3-56.
[53]. Frankel.R,M. McNichols and G. P Wilson Discretionary disclosure and external financing [J].The Accounting Review.1995,70(1):135-150.
[54]. Grossman, Sanford J., and Oliver D. Hart. Takeover bids, the free-rider problem, and the theory of the corporation [J]. Bell Journal of Economics,1980,11(1):42-64.
[55]. Gaver, J., K. M. Gaver and J. R. Austin. Additional Evidence on Bonus Plans and Income Management. [J].Journal of Accounting and Economics,1995,19(1):3-28.
[56]. Guay,W.,Kothari,S.P A market-based evaluation of discretionary accrual models [J] Journal of Accounting Research,1996,34(supplement):83-105
[57]. Guidry, F., A. Leone and S. Rock. Earnings-based Bonus Plans and Earnings Management by Business-unit Managers. [J].Journal of Accounting and Economics,1999,26(1-3):113-142,
[58]. Gul, Ferdinand A.; Chen, Charles J. P.; Tsui, Judy S. L., Discretionary Accounting Accruals, Managers'Incentivesand Audit Fees, [J]. Contemporary Accounting Research,2003,20 (3):441-464.
[59]. Gray, Philip, Koh, Ping-Sheng and Tong, Yen H. Accruals Quality, Information Risk and Cost of Capital:Evidence from Australia. Journal of Business, [J] Finance and Accounting,2009,36(1-2):51-72.
[60]. Hagerman, Robert L., Zmijewski, Mark E., Some Economic Determinants of Accounting Policy Choice, [J] Journal of Accounting & Economics,1979,1 (2):141～161.
[61]. Healy,P. M. The Effect of Bonus Schemes on Accounting Decisions[J]. Journal of Accounting and Economics,1985,7(1-3):85-107.
[62]. Holthausen T. W., D. F. Larcker, and T. G. Sloan. Annual Bonus Schemes and the Manipulation ofEarnings, [J].Jounal of Accounting and Economics,1995, 19(1):29-74.
[63]. Healy, P. M and Wahlen J M. A Review of the Earnings Management Literature and its Implications for Standard Setting. [J].Accounting Horizons,1999,13 (4): 365-383
[64]. Hribar, P. M. and Collins, D. W. Errors in estimating accruals:Implications for empirical research. [J]. Journal of Accounting Research 2002,40,(1):105-134
[65]. Hribar P. D. and Collins w.Dectecting Earnings Managemen Using Cross Sectional Abnormal Accrual Model [J] Accounting and Business reaserch 2002,30(4): 313-326
[66]. Hughes, J., Liu, J., Liu, J., Information, diversification, and cost of capital. [J] The Accounting Review 2007,82:705-729.
[67]. Judy Rayburn. The Association of Operating Cash Flow and Accruals with Security Returns. [J]. Journal of Accounting Research 1968,24(supplement):112-133.
[68]. Jenson, M. and W. Meckling. Theory of the Firm:Managerial Behavior, Agency Costs,and Ownership Structure.[J].Journal of Finacial Economics,1976,3 (4) 305-360
[69]. Jones,J. J,Earnings Management During Import Relief Investigations [J]. Journal of Accounting Research,1991,29 (2):193-228.
[70]. Jeter, D.C., L. Shivakumar. Cross-sectional estimation of abnormal accruals using quarterly and annual data:Effectiveness in detecting earnings management. [J]Accounting and Business Research 1999,29:299-319.
[71]. Jennifer Francis, Ryan LaFond, Per Olsson, Katherine Schipper. The Market Pricing of Accruals Quality.[J].Journal of Accounting and Economics,2005,39(2): 295-327
[72]. John E. Core, Wayne R. Guay, Rodrigo S. Verdi. Is Accruals Quality a Priced Risk Factor? [J] Journal of Accounting and Economics 2008.46(1):2-22
[73]. Kaplan, R. S. Comments on Paul Healy:Evidence on the Evidence on the Effect of Bonus Schemes on Accounting Procedures and Accruals Decisions. Journal of Accounting and Economics,1985,7 (1-3):109-13.
[74]. Klein,A.and R.Todd. Are nonrecurring earnings components transitory?[D]. Working paper,1992, University of Texas at Austin
[75]. Kormendi.R.and R.Lipe. Mean reversion in annual earnings and its implication for security valuation. [J].Review of Quantitative Finance and Accounting 1994. 4(1):27-46.
[76]. Kang,S., K. Sivaramakrishnan. Issues in Testing Earnings Management and an Inst rumental Variable Approach[J].Journal of Accounting Research,1995,33 (2):353-367.
[77]. K..R. Subramanyam, The pricing of discretionary accruals,[J] Journal of Accounting and Economics 1996,22(1-3):249-281 of
[78]. Kasanen, E., J. Kinnunen and J. Niskanen. Dividend-based Earnings Management: Empirical Evidence from Finland. [J].Journal of Accounting and Economics,1996, 22(1-3):283-312.
[79]. Kasznik, R. On the association between voluntary disclosure and earnings management. [J] Journal of Accounting Research,1999,37(1):57-81.
[80]. Kothari, S. P., Andrew J. Leone and Charles E. Wasley, Performance matched discretionary accruals, [J] Journal of Accounting and Economics 2005,39(1) 163-197.
[81]. Koh, P. S., Institutional Investor Type, Earnings Management and Benchmark Beaters, [J] Journal of Accounting and Public Policy,2007,26(3):267—299.
[82]. Lintner,John. The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets [J].Review of Economics and Statistics, 1965,47(1):13-37.
[83]. Lev Baruch. On the usefulness of earning:Lessons and directions from two decades of empirical Research. [J]. Journal of Accounting Research,1989,27 (supplement): 153-192.
[84]. Lipe, R. The Relation Between Stock Returns and Accounting Earnings Given Alternative Information. [J].The Accounting Review 1990,65(1):49-71.
[85]. Loughran, T. and J. Ritter, The New Issues Puzzle. [J]. Journal of Finance,1995,50 (1):23-51.
[86]. Levitt, A. The Numbers Game. Speech Delivered at the NYU Center for Law and Business. New York, NY, September,28,1998.
[87]. Liu, J., D. Nissim, and J. Thomas. Equity valuation using multiples. [J]. Journal of Accounting Research 2002,40 (1):135-172
[88]. Liu, J, D. Nissim and J. Thomas. "Equity valuation using multiples". [J] Journal of Accounting Research,2002.40(1):135-172.
[89]. Louis, H. Earnings Management and the Market Performance of Acquiring Firms. [J].Journal of Financial Economics,2004,74(1):121-148.
[90]. Leuz, C, Verrecchia, R. Firms'capital allocation choices, information quality, and the cost of capital. [D]. Working Paper,2004.,University of Pennsylvania.
[91]. Liu, M., Wysocki, P., Operating risk, information risk, and cost of capital. [D].Working Paper,2006, sloan school of management massachusetts institute of technology, Cambridge, Massachusetts
[92]. Liu, L. and E. Peng, Institutional Ownership Composition and Accruals Quality, [D].Working Paper.2006, Finance College of Business and Economics California State University
[93]. Lambert, R., Leuz, C, Verrecchia, R.,. Accounting information, disclosure, and the cost of capital. [J].Journal of Accounting Research.2007,45(2):385-420
[94]. McConnell, John J.; Henn Servaes. Additional Evidence on Equity Ownership & Corporate Value [J]. Journal of Financial Economics,1990,27(2):595-612
[95]. McNichols, M. Research Design Issues in Earnings Management Studies, [J]. Journal ofAccounting and Public Policy.2000,19(4-5):313-345.
[96]. McNichols,M.F. Discussion of the quality of accruals and earnings:the role of accrual estimation errors. [J]The Accounting Review 2002,77(Supplement):61-69.
[97]. Monem, Reza M. Earnings Management in Response to the Introduction of the Australian Gold Tax [J].Contemporary Accounting Research,2003,20(4) 747-774.
[98]. Melendrez Kevin, William C. Schwartz and Mark A. Trombley. How dose the market value accrual and cash flow surprise? [D]Working Paper,2005, Department of Accounting & Business Computer Systems,New Mexico State University-
[99]. Nichols, C., Fundamental or information risk? An analysis of the earnings quality factor. [D].Working Paper,2006, Cornell University,New Yorkand
[100]. Nwaeze Emeka T., Simon S. M. Yang, and Q. Jennifer Yin, Accounting information and CEO compensation:the role cash flow from operation in the presence of earning,[J].Contemporary Accounting Research,2006,23(1):227-265
[101]. Ou.J and Penman, S., Accounting measurement price-earnings ratios and the information content of security prices,[J]. Journal of Accounting Research, 1989,27(supplement):295-329.
[102]. Ohlson, J., Shroff, P, Changes vs levels in earnings as explanatory variables for returns:some theoretical considerations, [J] Journal of Accounting Research,1992, 30 (2):210-226. Ec
[103]. Ohlson J. Earnings, book values, and dividends in equity valuation [J]. Contemporary Accounting Research,1995,11(2):661-687.
[104]. Pourciau, S. Earnings Management and Nonroutine Executive Changes. [J].Journal of Accounting and E-conomics,1993,16(1-3):317-336.
[105]. Peny, Susan. E., and Thomas H. Williams. Earnings Management Preceding Management Buyout Offers. [J].Journal of Accounting and Economics,1994,18 (2):157-179.
[106]. Penman S. Financial Statement Analysis and Security Valuation [M]. New York:McGraw Hill/Irwin,2001.
[107]. Penman S.and Zhang X J Accounting conservatism,the quality of earnings and stock returns [J].The Accounting Review,2002,7(2):237-264.
[108]. Rayburn, J. The association of operating cash flow and accruals with security returns. [J]Journal of Accounting Research,1986, (supplement):112-133.
[109]. Rangan, S. Earnings Management and the Performance of Seasoned Equity Offerings. [J]. Journal of Financial Economics,1998,50(1):101-122.
[110]. Sharpe, William F. Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk [J]. Journal of Finance,1964,19(3):425-442.
[111]. Stattman, D. Book values and stock returns. [J].The Chicago MBA:A Journal of Selected Papers,1980,(4):25-45.
[112]. Shieifer, A. and R. Vishny, Large Shareholders and Corporate Control [J]. Journal of Political Economy,1986,94(3):461-488.
[113]. Strong, J. and J. Meyer. Asset Writedowns:Managerial Incentives and Security Returns[J]. Journal of Finance,1987,42(3):643-661
[114]. Sloan, R.G., Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? [J]. The Accounting Review 1996,71(3):289-316.
[115]. Schipper, K. Commentary on Earnings Management. [J].Accounting Horizons, 1989,3 (4):91-102.
[116]. Sweeney, A. P. Debt-covenant Violations and Managers'Accounting Responses. [J].Journal of Accounting and Economics,1994,17 (3):281-308
[117]. Shivakumar, L. Do finns mislead investors by overstating earnings before seasoned equ ity oferings? [J]. Journal of Accounting and Economics.2000,29(3):339-371.
[118]. Schipper.K. and L.Vincent. "Earnings Quality." [J].Accounting Horizons,2003,17 (Supplement):97-110.
[119]. Shanken, J., Weinstein, M., Economic forces and the stock market revisited. [J] Journal of Empirical Finance 2006.13(2):129-144
[120]. Theil,H. An Economic Theory of the Second Moments of Disturbances of Behavioral Equations[J].The American Economic Review (AER),1971,61(1): 94-190
[121]. Teoh, S. H., T. J. Wong and G. R. Tao, Are Accruals during Initial Public Offerings Opportunistic? Re-view of Accounting Studies,1998,3(1-2),175-208.
[122]. Teoh.S.H, I Welch andT.J.Wong. Earnings Management and the Underperformance of Seasoned Equity Offerings. [J]. Journal of Financial Economics,1998,50 (1):63-99.
[123]. Thomas, J. and Zhang, X. J, Identifying unexpected accruals:a comparison of current approaches[J].Journal of Accounting and Public Policy.2000,19 (4): 347-376
[124]. Watts, R. L and Zimmerman J L.Positive Accounting Theory. [M] Englewood Cliffs:Prentice Hall,1986:225-228.
[125]. Wilson.G.P,The Incremental Information Content of the Accruals and the found Components of earnings after controlling for earnings[J].The Accounting Review,1987,79(4):889-920
[126]. Xie, H. The mispricing of abnormal accruals. [J]. The Accounting Review.2001, 76(3):357-373.no
[127]. 白云霞；吴联生,信息披露与国有股权私有化中的盈余管理[J].会计研究,2008,(10)：37-47mi
[128]. 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J[J].经济研究,2009,(2)：81-91
[129]. 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[J].经济研究.1999(6)：21-28.
[130]. 程小可.公司盈利质量评价与实证分析[M].北京：清华大学出版社,2004.
[131].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,[J]管理世界,2006,(9)：129-136
[132].何问陶,倪全宏.中国上市公司MBO前一年盈余管理实证研究[J].会计研究2005,(6)：58-64
[133].陆建桥.中国亏损上市公司盈余管理实证研究[J].会计研究,1999,(9)：25-35
[134].陆宇峰.净资产倍率和市盈率的投资决策有用性.1999年,[D]上海财经大学博士学位论文.
[135].陆静、孟卫东、廖刚.上市公司会计盈利、现金流量与股票价格的实证研究[J].经济科学.2002,(5)：34-42.
[136].柳木华.盈利之间价值相关性比较研究[J].中国会计与财务研究.2004,6(3)：85-101.
[137].李小平,岳亮,李宝新.盈余操纵与企业融资工具选择[J].系统工程,2007,25(8)：7-14
[138].孙铮,王跃堂.资源配置与盈余操纵之实证研究[J].财经研究,1999,25(4)：3-9
[139].申慧慧,环境不确定性对盈余管理的影响[J].审计研究,2010,(1)：89-96
[140].汤云为,陆建桥.论证券市场中的会计研究：发现与启示.[J].经济研究,1998(7)：50-59
[141]. 王庆文.会计盈余质量对未来会计盈余和股票收益的影响[J].金融研究,2005，(10)：141-152
[142]. 王亚平,吴联生,白云霞.中国上市公司盈余的频度和幅度[J].经济研究,2005,(12)：102-112
[143]. 魏涛,陆正飞,单宏伟.非经常性损益盈余管理的动机、手段和作用研究.[J].管理世界,2007,(1)：113-121
[144]. 吴联生,薄仙慧,王亚平.避免亏损的盈余管理程度--上市公司与非上市公司的比较[J].会计研究,2007,(2)：44-51
[145]. 吴联生,薄仙慧,王亚平.现金流在多大程度上被管理了-来自我国上市公司的证据[J].金融研究,2007,(3)：162-174
[146].王建新.长期资产减值转回研究-来自中国市场的经验证据[J].管理世界,2007,(3)：42-50
[147].王建新.公司治理结构、盈余管理动机与长期资产减值转回[J].会计研究,2007,(5)：60-66
[148].王克敏,王志超.高管控制权、报酬与盈余管理[J].管理世界,2007,(7)：111-119
[149].**；***,应计质量的风险定价研究[J].管理科学,2010,(2)：112-120
[150]. 夏立军,盈余管理计量模型在中国股票市场的应用研究[J].中国会计与财务研究,2003,(2)：94-119
[151]. 肖淑芳,张晨宇,张超,轩然.股权激励计划公告前的盈余管理[J].南开管理评论,2009,12(4)：1 13-119
[152]. 袁淳.会计盈余价值相关性实证研究[M].北京：中国财政经济出版社,2005.
[153]. 姚宏,李延喜,高锐,张晶晶,信息结构、风险偏好与盈余操纵行为[J].会计研究,2006,(5)：58-65
[154]. 杨旭东,莫小鹏.配股政策出台后上市公司盈余管理现象的实证研究[J].会计研究,2006,(8)：44-5 1
[155]. 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[J].经济研究.1998,(7)：41-49.
[156]. 赵宇龙.会计盈余与股价行为[M].上海,上海三联书店,2000.
[157]. 赵春光.会计信息价值相关性的变迁[J].经济管理.2003,(2)：52-60
[158]. 支晓强,童盼.盈余管理、控制权转移与独立董事变更[J].管理世界,2005,(11)：137-144
[159]. 张雁翎,陈涛.盈余管理计量模型效力的实证研究[J].数理统计与管理,2007,26(3)：48 1-488
[160]. 张祥建,郭岚.盈余管理与控股大股东的“隧道行为”[J].南开经济评论,2007,(6)：76-92
[2]. Abarbanell, J., and T. Lehavy. Can Stock Recommendations Predict Earnings Management and Analysts'Earnings Forecast Errors?[D].Working Paper,1998, University of California at Berkeley.
[3]. Aboody, D., Hughes, J., Liu, J., Earnings quality, insider trading, and cost of capital. [J] Journal of Accounting Research 2005,43(5):651-673. Ac
[4]. Ball R.J.and P. Brown, An Empirical Evaluation of Accounting Income Numbers, [J].Journal of Accounting Research 1968 (autumn):159-178.
[5]. Beaver,W.H., The Information Content of Annual Earnings Announcements, Empirical Research in Accounting,[J]Journal of Accounting research,1968,6 (supplement):67-92.
[6]. Beaver,W.H.,R.Clarke,and W.Wright. The association between unsystematic security returns and the magnitude of earnings forecast error. [J]Journal of Accounting Research 1979,17(2):316-340.
[7]. Banz, R. The relationship between return and market value of common stocks. [J]. Journal of Financial Economics 1981,9(1):3-18.
[8]. Basu, S. The relationship between earnings yield, market value, and return for NYSE common stocks:further evidence. [J]. Journal of Financial Economics 1983,12(1):129-156.
[9]. Bhanari, L. Debt/equity ratio and expected common stock returns:empirical evidence. [J] Journal of Finance,1988,43(2):507-528.
[10]. Bernard Victor L. and Thomas L. Stober, The Nature and Amount of Information in Cash Flows and Accruals, [J]. The Accounting Review 1989,64(4):624-652.
[11]. Bernard,V.L.and J.K.Thomas. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings, [J]. Journal of Accounting and economics.1990.13 (4):305-340
[12]. Barth.M.E., John.A. Elliot and Mark.W.Finn. Market Rewards Associated with Increasing Earnings Patterns, [D].Working paper,1995,Comell University.
[13]. Burgstahler,D.and I.Dichev. Earnings Management to Avoid Earnings Decreases and Losses[J]. Journal of Accounting and Economics,1997,24(1):99-126.
[14]. Botosan, C. Disclosure level and the cost of equity capital. [J]. The Accounting Review 1997,72(3):323-349.
[15]. Burgstahler, D., and M. Eames.. Management of earnings and analysts forecasts. [D] Working paper,1998,University of Washington.
[16]. Beaver H.and Mcnichols M F.The Characteristics andValuation of Loss Reserves of PropertyCasualtyInsurers[J].Review of Accounting Studies,1998,3(1-2):73-95
[17]. Barth.Mary.E., Donald.P. Cram and Karen K. Nelson.Accruals and the prediction of future cash flows. [J]. Accounting Review 2001,76(1):27-58.
[18]. Bartov, E, Gul, F. A, and Tsui, S. L. Discretionary Accruals Models and Audit Qualifications.[J]. Journal ofAccounting and Economics.2001,30(3):421-452.
[19]. Botosan, C. and M. Plumlee. A re-examination of disclosure level and the expected cost of equity capital. [J]. Journal of Accounting Research 2002,40(1):21-40.
[20]. Balsam,S.,E.Bartov,and C.Marquardt,Accruals Management,Investor Sophistication, and Equity Valuation:Evidence from 10Q Filings, [J] Journal of Accounting Research 2002,40(4):987-1012.
[21]. Beneish, Messod D., Mark E. Vargus.Insider Trading, Earnings Quality, and Accrual Mispricing. [J] The Accounting Review,2002,77(4):755-791.
[22]. Ball, R. and Shivakumar, L. Earnings quality in U.K. private firm:comparative loss recognition timeliness. [J].Journal of Accounting and Economics 2005.39(1):83-128
[23]. Chambers, A.E.and S.H. Penman. Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements. [J]. Journal of Accounting Research 1984. 22(1):21-47.
[24]. Cahan, S.F., The effect of antitrust investigations on discretionary accruals:A refined test of the political cost hypothesis. [J]. The Accounting Review 1992,61 (Ⅰ): 77-95.
[25]. Chaney P. and Lewis C. Earnings Management and Firm Valuation under Asymmetric Information. [J]. Journal of Corporate Finance.1995,1(3-4):319-345
[26]. Chan, L.K. Chan., N Jegadeesh, and J Lakonishok, Momentum Strategies, [J]. Journal of Finance 1996,51,(5):1681-1713.
[27]. Carhart, Mark M. On Persistence in Mutual Fund Performance [J]. Journal of Finance,1997,52(1):57-82
[28]. Cahan, Steven F., Chavis, Berry M., Elmendorf, Richard G. Earnings Management of Chemical Firms in Response to Political Costs from Environmental Legislation [J]. Journal of Accounting, Auditing & Finance,1997,12(1):.37-65
[29]. Chidambaran, N. and K. John. Relationship Investing and Corporate Governance, [D]working paper,2000.Tulane University and New York University.
[30]. Chan, L.K. Chan, N. Jegadeesh and J. Lakonishok.. Accruals quality and stock returns:the evidence from accruals. [D]. working paper.2001, National Taiwan University and University of Illinois
[31]. Chung, R., M. Firth, and J. Kim, Institutional Monitoringand Opportunistic Earnings Management [J]. Journal of CorporateFinance,2002,8(1):29-48.
[32]. DeAngelo.L. E, Accounting Numbers as Market Valuation Substitutes:A Study of Managements Buyouts of Public Shareholders[J].The Accounting Review,1986, 61(3):400-420.
[33]. DeAngelo, L. E. Managerial competition, information costs, and corporate governance:the use of accounting performance measures in proxy contests. [J]. Journal of Accounting and Economics,1988,10(1):3-36.
[34]. Dechow,P. M.and R. G. Sloan. Executive Incentives and the Horizon Problem:An Empirical Investigation[J].Journal of Accounting and Economics,1991,14 (1):51-89.
[35]. Dechow P R. Accounting earnings and cash flows asmeasures of firm performance: the role of accounting accruals [J].Journal ofAccounting & Economics,1994,18(1): 3-42.
[36]. Defend, M. L, Jiambalvo J. Debt Covenant Effects and the Manipulation of Accruals. [J]. Journal of Accounting and Economics,1994,17 (1-2):145-176.
[37]. Dechow,P. M., R. G. Sloan and A. P. Sweeney. Detecting Earnings Management [J]. The Accounting Review,1995,70 (2):193-225.
[38]. Dechow, P., R. Sloan, A. Sweeney. Causes and Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by the SEC. [J].Contemporary Accounting Research,1996,13(1):1-36.
[39]. Defend, M. L.and C. W. Park. Smoothing Income in Anticipation of Future Earnings. [J]. Journal of Ac-counting and Economics,1997,23(2):115-139.
[40]. Dechow, P.M., S.P.Kothari, and R.L.Watts. The relation between earnings and cash flows. [J].Journal of Accounting and Economics 1998,25(2):133-168.
[41]. Degeorge,F.,Patel,J.and Zeckhauser,R. Earnings management to exceed thresholds. [J]. Journal of Business 1999,72(1):1-33.
[42]. Dechow, P. M. and I. D. Dichev. The Quality of Accruals and Earnings:The Role of Accrual Estimation Errors[J]. The Accounting Review,2002,77 (Supplement):35-59.
[43]. DuCharme, L. L., Malatesta and P. H., Sefcik, S. E. Earnings Management, Stock Issues. and Share-holder Lawsuits. [J]. Journal of Financial Economics, 2004,71(1):27-49.
[44]. Easton, P.D., and M.E.Zmijewski. Cross-sectional variation in the stock market response to accounting earnings announcements., [J] Journal of Accounting and Economics 1989,11 (7):117-141
[45]. Easton,P. and Harris,T. Earnings as an explanatory variable for returns. [J] Journal of Accounting Research,1991,29(1):19-36.
[46]. Erickson, M. and S. Wang. Earnings Management by Acquiring Firms in Stock for Stock Mergers. [J] Journal of Accounting and Economics,1999,27(2):149-176.
[47]. Easley, D., M. O'Hara, and G. Saar, How stock splits affect trading:a microstructure approach, [J]. Journal of Financial and Quantitative Analysis 2001, 36(1):25-51.
[48]. Easley, D., S. Hvidkjaer, and M. O'Hara, Is information risk a determinant of asset returns? [J]. Journal of Finance 2002,57(5):2185-2221.
[49]. Easley, D., O'Hara, M. Information and the cost of capital. [J]. Journal of Finance 2004,59(4):1553-1583.
[50]. Fama, Eugene F. and Kenneth R. French., The Cross-Section of Expected Stock Returns. [J]. Journal of Financial Research,1992,47(2):427-465.
[51]. Freeman, Robert and Senyo Tse, A Nonlinear Model of Security Price Responses to Unexpected Earnings, [J] Journal of Accounting Research,1992,30 (2):185-209.
[52]. Fama E., French K. Common Risk Factors in the Returns on Stocks and Bonds [J]. Journal of Financial Economics,1993,33(1):3-56.
[53]. Frankel.R,M. McNichols and G. P Wilson Discretionary disclosure and external financing [J].The Accounting Review.1995,70(1):135-150.
[54]. Grossman, Sanford J., and Oliver D. Hart. Takeover bids, the free-rider problem, and the theory of the corporation [J]. Bell Journal of Economics,1980,11(1):42-64.
[55]. Gaver, J., K. M. Gaver and J. R. Austin. Additional Evidence on Bonus Plans and Income Management. [J].Journal of Accounting and Economics,1995,19(1):3-28.
[56]. Guay,W.,Kothari,S.P A market-based evaluation of discretionary accrual models [J] Journal of Accounting Research,1996,34(supplement):83-105
[57]. Guidry, F., A. Leone and S. Rock. Earnings-based Bonus Plans and Earnings Management by Business-unit Managers. [J].Journal of Accounting and Economics,1999,26(1-3):113-142,
[58]. Gul, Ferdinand A.; Chen, Charles J. P.; Tsui, Judy S. L., Discretionary Accounting Accruals, Managers'Incentivesand Audit Fees, [J]. Contemporary Accounting Research,2003,20 (3):441-464.
[59]. Gray, Philip, Koh, Ping-Sheng and Tong, Yen H. Accruals Quality, Information Risk and Cost of Capital:Evidence from Australia. Journal of Business, [J] Finance and Accounting,2009,36(1-2):51-72.
[60]. Hagerman, Robert L., Zmijewski, Mark E., Some Economic Determinants of Accounting Policy Choice, [J] Journal of Accounting & Economics,1979,1 (2):141～161.
[61]. Healy,P. M. The Effect of Bonus Schemes on Accounting Decisions[J]. Journal of Accounting and Economics,1985,7(1-3):85-107.
[62]. Holthausen T. W., D. F. Larcker, and T. G. Sloan. Annual Bonus Schemes and the Manipulation ofEarnings, [J].Jounal of Accounting and Economics,1995, 19(1):29-74.
[63]. Healy, P. M and Wahlen J M. A Review of the Earnings Management Literature and its Implications for Standard Setting. [J].Accounting Horizons,1999,13 (4): 365-383
[64]. Hribar, P. M. and Collins, D. W. Errors in estimating accruals:Implications for empirical research. [J]. Journal of Accounting Research 2002,40,(1):105-134
[65]. Hribar P. D. and Collins w.Dectecting Earnings Managemen Using Cross Sectional Abnormal Accrual Model [J] Accounting and Business reaserch 2002,30(4): 313-326
[66]. Hughes, J., Liu, J., Liu, J., Information, diversification, and cost of capital. [J] The Accounting Review 2007,82:705-729.
[67]. Judy Rayburn. The Association of Operating Cash Flow and Accruals with Security Returns. [J]. Journal of Accounting Research 1968,24(supplement):112-133.
[68]. Jenson, M. and W. Meckling. Theory of the Firm:Managerial Behavior, Agency Costs,and Ownership Structure.[J].Journal of Finacial Economics,1976,3 (4) 305-360
[69]. Jones,J. J,Earnings Management During Import Relief Investigations [J]. Journal of Accounting Research,1991,29 (2):193-228.
[70]. Jeter, D.C., L. Shivakumar. Cross-sectional estimation of abnormal accruals using quarterly and annual data:Effectiveness in detecting earnings management. [J]Accounting and Business Research 1999,29:299-319.
[71]. Jennifer Francis, Ryan LaFond, Per Olsson, Katherine Schipper. The Market Pricing of Accruals Quality.[J].Journal of Accounting and Economics,2005,39(2): 295-327
[72]. John E. Core, Wayne R. Guay, Rodrigo S. Verdi. Is Accruals Quality a Priced Risk Factor? [J] Journal of Accounting and Economics 2008.46(1):2-22
[73]. Kaplan, R. S. Comments on Paul Healy:Evidence on the Evidence on the Effect of Bonus Schemes on Accounting Procedures and Accruals Decisions. Journal of Accounting and Economics,1985,7 (1-3):109-13.
[74]. Klein,A.and R.Todd. Are nonrecurring earnings components transitory?[D]. Working paper,1992, University of Texas at Austin
[75]. Kormendi.R.and R.Lipe. Mean reversion in annual earnings and its implication for security valuation. [J].Review of Quantitative Finance and Accounting 1994. 4(1):27-46.
[76]. Kang,S., K. Sivaramakrishnan. Issues in Testing Earnings Management and an Inst rumental Variable Approach[J].Journal of Accounting Research,1995,33 (2):353-367.
[77]. K..R. Subramanyam, The pricing of discretionary accruals,[J] Journal of Accounting and Economics 1996,22(1-3):249-281 of
[78]. Kasanen, E., J. Kinnunen and J. Niskanen. Dividend-based Earnings Management: Empirical Evidence from Finland. [J].Journal of Accounting and Economics,1996, 22(1-3):283-312.
[79]. Kasznik, R. On the association between voluntary disclosure and earnings management. [J] Journal of Accounting Research,1999,37(1):57-81.
[80]. Kothari, S. P., Andrew J. Leone and Charles E. Wasley, Performance matched discretionary accruals, [J] Journal of Accounting and Economics 2005,39(1) 163-197.
[81]. Koh, P. S., Institutional Investor Type, Earnings Management and Benchmark Beaters, [J] Journal of Accounting and Public Policy,2007,26(3):267—299.
[82]. Lintner,John. The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets [J].Review of Economics and Statistics, 1965,47(1):13-37.
[83]. Lev Baruch. On the usefulness of earning:Lessons and directions from two decades of empirical Research. [J]. Journal of Accounting Research,1989,27 (supplement): 153-192.
[84]. Lipe, R. The Relation Between Stock Returns and Accounting Earnings Given Alternative Information. [J].The Accounting Review 1990,65(1):49-71.
[85]. Loughran, T. and J. Ritter, The New Issues Puzzle. [J]. Journal of Finance,1995,50 (1):23-51.
[86]. Levitt, A. The Numbers Game. Speech Delivered at the NYU Center for Law and Business. New York, NY, September,28,1998.
[87]. Liu, J., D. Nissim, and J. Thomas. Equity valuation using multiples. [J]. Journal of Accounting Research 2002,40 (1):135-172
[88]. Liu, J, D. Nissim and J. Thomas. "Equity valuation using multiples". [J] Journal of Accounting Research,2002.40(1):135-172.
[89]. Louis, H. Earnings Management and the Market Performance of Acquiring Firms. [J].Journal of Financial Economics,2004,74(1):121-148.
[90]. Leuz, C, Verrecchia, R. Firms'capital allocation choices, information quality, and the cost of capital. [D]. Working Paper,2004.,University of Pennsylvania.
[91]. Liu, M., Wysocki, P., Operating risk, information risk, and cost of capital. [D].Working Paper,2006, sloan school of management massachusetts institute of technology, Cambridge, Massachusetts
[92]. Liu, L. and E. Peng, Institutional Ownership Composition and Accruals Quality, [D].Working Paper.2006, Finance College of Business and Economics California State University
[93]. Lambert, R., Leuz, C, Verrecchia, R.,. Accounting information, disclosure, and the cost of capital. [J].Journal of Accounting Research.2007,45(2):385-420
[94]. McConnell, John J.; Henn Servaes. Additional Evidence on Equity Ownership & Corporate Value [J]. Journal of Financial Economics,1990,27(2):595-612
[95]. McNichols, M. Research Design Issues in Earnings Management Studies, [J]. Journal ofAccounting and Public Policy.2000,19(4-5):313-345.
[96]. McNichols,M.F. Discussion of the quality of accruals and earnings:the role of accrual estimation errors. [J]The Accounting Review 2002,77(Supplement):61-69.
[97]. Monem, Reza M. Earnings Management in Response to the Introduction of the Australian Gold Tax [J].Contemporary Accounting Research,2003,20(4) 747-774.
[98]. Melendrez Kevin, William C. Schwartz and Mark A. Trombley. How dose the market value accrual and cash flow surprise? [D]Working Paper,2005, Department of Accounting & Business Computer Systems,New Mexico State University-
[99]. Nichols, C., Fundamental or information risk? An analysis of the earnings quality factor. [D].Working Paper,2006, Cornell University,New Yorkand
[100]. Nwaeze Emeka T., Simon S. M. Yang, and Q. Jennifer Yin, Accounting information and CEO compensation:the role cash flow from operation in the presence of earning,[J].Contemporary Accounting Research,2006,23(1):227-265
[101]. Ou.J and Penman, S., Accounting measurement price-earnings ratios and the information content of security prices,[J]. Journal of Accounting Research, 1989,27(supplement):295-329.
[102]. Ohlson, J., Shroff, P, Changes vs levels in earnings as explanatory variables for returns:some theoretical considerations, [J] Journal of Accounting Research,1992, 30 (2):210-226. Ec
[103]. Ohlson J. Earnings, book values, and dividends in equity valuation [J]. Contemporary Accounting Research,1995,11(2):661-687.
[104]. Pourciau, S. Earnings Management and Nonroutine Executive Changes. [J].Journal of Accounting and E-conomics,1993,16(1-3):317-336.
[105]. Peny, Susan. E., and Thomas H. Williams. Earnings Management Preceding Management Buyout Offers. [J].Journal of Accounting and Economics,1994,18 (2):157-179.
[106]. Penman S. Financial Statement Analysis and Security Valuation [M]. New York:McGraw Hill/Irwin,2001.
[107]. Penman S.and Zhang X J Accounting conservatism,the quality of earnings and stock returns [J].The Accounting Review,2002,7(2):237-264.
[108]. Rayburn, J. The association of operating cash flow and accruals with security returns. [J]Journal of Accounting Research,1986, (supplement):112-133.
[109]. Rangan, S. Earnings Management and the Performance of Seasoned Equity Offerings. [J]. Journal of Financial Economics,1998,50(1):101-122.
[110]. Sharpe, William F. Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk [J]. Journal of Finance,1964,19(3):425-442.
[111]. Stattman, D. Book values and stock returns. [J].The Chicago MBA:A Journal of Selected Papers,1980,(4):25-45.
[112]. Shieifer, A. and R. Vishny, Large Shareholders and Corporate Control [J]. Journal of Political Economy,1986,94(3):461-488.
[113]. Strong, J. and J. Meyer. Asset Writedowns:Managerial Incentives and Security Returns[J]. Journal of Finance,1987,42(3):643-661
[114]. Sloan, R.G., Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings? [J]. The Accounting Review 1996,71(3):289-316.
[115]. Schipper, K. Commentary on Earnings Management. [J].Accounting Horizons, 1989,3 (4):91-102.
[116]. Sweeney, A. P. Debt-covenant Violations and Managers'Accounting Responses. [J].Journal of Accounting and Economics,1994,17 (3):281-308
[117]. Shivakumar, L. Do finns mislead investors by overstating earnings before seasoned equ ity oferings? [J]. Journal of Accounting and Economics.2000,29(3):339-371.
[118]. Schipper.K. and L.Vincent. "Earnings Quality." [J].Accounting Horizons,2003,17 (Supplement):97-110.
[119]. Shanken, J., Weinstein, M., Economic forces and the stock market revisited. [J] Journal of Empirical Finance 2006.13(2):129-144
[120]. Theil,H. An Economic Theory of the Second Moments of Disturbances of Behavioral Equations[J].The American Economic Review (AER),1971,61(1): 94-190
[121]. Teoh, S. H., T. J. Wong and G. R. Tao, Are Accruals during Initial Public Offerings Opportunistic? Re-view of Accounting Studies,1998,3(1-2),175-208.
[122]. Teoh.S.H, I Welch andT.J.Wong. Earnings Management and the Underperformance of Seasoned Equity Offerings. [J]. Journal of Financial Economics,1998,50 (1):63-99.
[123]. Thomas, J. and Zhang, X. J, Identifying unexpected accruals:a comparison of current approaches[J].Journal of Accounting and Public Policy.2000,19 (4): 347-376
[124]. Watts, R. L and Zimmerman J L.Positive Accounting Theory. [M] Englewood Cliffs:Prentice Hall,1986:225-228.
[125]. Wilson.G.P,The Incremental Information Content of the Accruals and the found Components of earnings after controlling for earnings[J].The Accounting Review,1987,79(4):889-920
[126]. Xie, H. The mispricing of abnormal accruals. [J]. The Accounting Review.2001, 76(3):357-373.no
[127]. 白云霞；吴联生,信息披露与国有股权私有化中的盈余管理[J].会计研究,2008,(10)：37-47mi
[128]. 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J[J].经济研究,2009,(2)：81-91
[129]. 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[J].经济研究.1999(6)：21-28.
[130]. 程小可.公司盈利质量评价与实证分析[M].北京：清华大学出版社,2004.
[131].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,[J]管理世界,2006,(9)：129-136
[132].何问陶,倪全宏.中国上市公司MBO前一年盈余管理实证研究[J].会计研究2005,(6)：58-64
[133].陆建桥.中国亏损上市公司盈余管理实证研究[J].会计研究,1999,(9)：25-35
[134].陆宇峰.净资产倍率和市盈率的投资决策有用性.1999年,[D]上海财经大学博士学位论文.
[135].陆静、孟卫东、廖刚.上市公司会计盈利、现金流量与股票价格的实证研究[J].经济科学.2002,(5)：34-42.
[136].柳木华.盈利之间价值相关性比较研究[J].中国会计与财务研究.2004,6(3)：85-101.
[137].李小平,岳亮,李宝新.盈余操纵与企业融资工具选择[J].系统工程,2007,25(8)：7-14
[138].孙铮,王跃堂.资源配置与盈余操纵之实证研究[J].财经研究,1999,25(4)：3-9
[139].申慧慧,环境不确定性对盈余管理的影响[J].审计研究,2010,(1)：89-96
[140].汤云为,陆建桥.论证券市场中的会计研究：发现与启示.[J].经济研究,1998(7)：50-59
[141]. 王庆文.会计盈余质量对未来会计盈余和股票收益的影响[J].金融研究,2005，(10)：141-152
[142]. 王亚平,吴联生,白云霞.中国上市公司盈余的频度和幅度[J].经济研究,2005,(12)：102-112
[143]. 魏涛,陆正飞,单宏伟.非经常性损益盈余管理的动机、手段和作用研究.[J].管理世界,2007,(1)：113-121
[144]. 吴联生,薄仙慧,王亚平.避免亏损的盈余管理程度--上市公司与非上市公司的比较[J].会计研究,2007,(2)：44-51
[145]. 吴联生,薄仙慧,王亚平.现金流在多大程度上被管理了-来自我国上市公司的证据[J].金融研究,2007,(3)：162-174
[146].王建新.长期资产减值转回研究-来自中国市场的经验证据[J].管理世界,2007,(3)：42-50
[147].王建新.公司治理结构、盈余管理动机与长期资产减值转回[J].会计研究,2007,(5)：60-66
[148].王克敏,王志超.高管控制权、报酬与盈余管理[J].管理世界,2007,(7)：111-119
[149].**；***,应计质量的风险定价研究[J].管理科学,2010,(2)：112-120
[150]. 夏立军,盈余管理计量模型在中国股票市场的应用研究[J].中国会计与财务研究,2003,(2)：94-119
[151]. 肖淑芳,张晨宇,张超,轩然.股权激励计划公告前的盈余管理[J].南开管理评论,2009,12(4)：1 13-119
[152]. 袁淳.会计盈余价值相关性实证研究[M].北京：中国财政经济出版社,2005.
[153]. 姚宏,李延喜,高锐,张晶晶,信息结构、风险偏好与盈余操纵行为[J].会计研究,2006,(5)：58-65
[154]. 杨旭东,莫小鹏.配股政策出台后上市公司盈余管理现象的实证研究[J].会计研究,2006,(8)：44-5 1
[155]. 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[J].经济研究.1998,(7)：41-49.
[156]. 赵宇龙.会计盈余与股价行为[M].上海,上海三联书店,2000.
[157]. 赵春光.会计信息价值相关性的变迁[J].经济管理.2003,(2)：52-60
[158]. 支晓强,童盼.盈余管理、控制权转移与独立董事变更[J].管理世界,2005,(11)：137-144
[159]. 张雁翎,陈涛.盈余管理计量模型效力的实证研究[J].数理统计与管理,2007,26(3)：48 1-488
[160]. 张祥建,郭岚.盈余管理与控股大股东的“隧道行为”[J].南开经济评论,2007,(6)：76-92