企业盈余质量评价的实证研究
|
摘要
会计盈余对投资者、债权人具有重要的决策价值,同时也是证券市场监管的重要参数。国内外一系列会计舞弊事件充分说明财务舞弊、过度盈余管理等诸多因素导致的盈余质量低下已经成为资本市场上的一个世界性难题。因而如何鉴别、评价盈余质量以防范舞弊和欺诈,保护投资者的合法权益,维护正常的市场秩序,已引起世界各国理论界、监管部门的高度关注。
国际上对盈余质量的研究也就是近二十年来的事情,尤其是近年来,面对当前严重的舞弊现状,针对会计盈余质量的研究在国外学术界也得到了空前的重视。2002年1月,美国会计学会(AAA)专门设立“盈余质量”项目,对盈余质量的各个方面进行深入的研究。2003年在美国会计学会年会上,盈余质量又成为一个重点讨论课题。而我国对盈余质量的研究相对滞后,研究内容也不够深入和系统,相关研究领域亟需拓展。
在我国目前条件下,财务舞弊、过度盈余管理导致盈余质量低劣,这种现象严重误导了投资者、债权人等相关利益者的决策,对企业的发展也造成了巨大的隐患,并制约了其可持续发展;同时也破坏了资本市场的正常秩序,降低了资本市场的资源配置效率,制约了整个国民经济的健康发展。因此,对上市公司盈余质量评析和治理相关的理论和实践问题进行深入的、系统的研究,已经成为目前财务界的一项重要而迫切的研究课题,具有重大的理论意义和现实意义。本文的研究内容和主要结论如下:
(1)对会计盈余及盈余质量进行一般分析,为盈余质量的评析与治理进行理论上的梳理、分析和阐述。这主要包括“盈余”概念的发展、盈余质量的内涵、盈余信息的质量要求和盈余质量的影响因素等。在对经济收益、会计收益和全面收益等不同的收益概念进行分析后,对经济盈余观、信息观、现代计价观、决策有用观、契约观等与盈余质量评析的相关经济学理论进行了阐述,并分析这些理论对上市公司盈余质量的评析与治理产生的影响。本文对比分析了美国财务会计准则委员会(FASB)、国际会计准则委员会(IASC)①和我国会计准则对会计信息质量特征的相关规定,并对盈余质量的影响因素进行了归纳和分析,为进一步评析盈余质量打下基础。
(2)探讨财务报告视角下的上市公司盈余质量评析问题。本文将盈余质量分析评价方法划分为定性分析、单指标定量分析法和多指标定量分析法三类,并分别进行说明。定性评价如霍金斯(Hawkins)的会计红旗法,通过对审计报告、资产负债表、利润及利润分配表、现金流量表以及会计报表附注中出现的危险信号识别手段来对企业盈余质量进行有效评价。基于财务报表的单指标定量分析法得出的盈余质量可称之为静态盈余质量,主要是强调某一时点上的分析,用于横向比较各上市公司的盈余质量,主要有盈余质量的现金保障性指标、持续性指标、结构性指标、安全性指标和成长性指标。为了克服单指标定量分析法无法综合评价公司盈余质量的缺陷,多指标定量分析法得以广泛运用。这主要包括盈余质量的时间序列比较、因子分析法、模型评价和模型评价。
(3)对上市公司盈余质量的评价和价值相关性进行实证研究。首先,以非正常性应计利润为基础对盈余质量进行度量。在确定非正常性应计利润上,本文采取Dechow & Dichev模型和基本John模型进行计量,由此相应地得到盈余质量的两个表证变量。然后,将盈余质量变量加入价格模型(费森—奥尔森模型),利用中国农业类上市公司「2003,2007」连续5年的现金流数据,考察2004年、2005年和2006年的农业类上市公司的盈余质量以及股价相关性。实证研究发现,尽管我国的股票市场在一定程度上能够识别净利润中的营业利润与“线下项目”成分,但在盈余质量(营业利润质量)的定价方面存在市场紊乱行为,从而为中国证券市场尚未达到“半强式有效”提供了侧面证据。
(4)探讨上市公司盈余质量治理问题,即如何治理盈余质量低劣,及如何提升盈余质量水平。该部分的核心问题是提出并构建了治理盈余质量的三位一体多元化治理机制。从影响盈余的形成规则、基础环境、监管规制三个方面展开,构建盈余质量的三位一体多元治理机制。即盈余质量形成规则治理——完善会计及税法体系;盈余质量基础环境治理——完善公司内部制度安排;盈余质量监管规制治理——完善市场监管规制。在此之后,对农业上市公司发展及盈余质量的提高提出建议。
As an important parameter of securities market supervision, accounting earnings possess significant decision value. A series of accounting corruption events completely indicate that low earnings quality, which results from the financial corruption, earnings over-management etc, has become a world wide crux in capital market. Hence, the theoretical research and supervisory departments have come to pay highly attention on how to identify, evaluate and prevent corruptions and frauds, how to protect legal equity of investors as well as uphold normal market order.
It has been about twenty years since earnings quality have been studied internationally, especially in recent years. Under the conditions of current terrible corruption; the study focusing on accounting earnings quality have been paid unprecedented heed in foreign academic circles.
On January 2002, the American Accounting Association built up a item as“earnings quality”, and then proceeded with further study on every aspect of earnings quality. In the AAA’s 2003 Annual Meeting, earnings quality became a subject need to be discussed emphatically again. However, the researches of earnings quality in China lag behind relatively, the content of the research is not enough systematic and in-depth and the related study field is required to be extended as possible as we can.
In view of current circumstances, low earnings quality which results from financial corruption and earnings management seriously not only mislead the decision of stakeholders such as investors, creditors etc, but also hold back the development of enterprises and constrain sustainable development; meanwhile, ruin the normal orders in capital market, lower the resource allocation efficiency in capital market as well as prevent from nicely development of the whole national economy. Consequently, as a crucial and urgent study subject, the further and systematic researches of theoretical and practical issues, which is relative to evaluation and analysis of earnings quality in listed companies, implying enormous significance to theory and practice. The main contents and conclusions of this thesis are as follows:
1.On the basis of general analysis of accounting earnings and earnings quality, the author concentrates on the analysis and statement in theory for further evaluation and governance of earnings quality,including the development of the concept of earnings, the content of earnings quality, the quality characteristic requirement and the influenced factors of earnings quality. The author analysis different concepts of return such as economic return, accounting return and overall one, states the economic theory related to the evaluation, including economic earnings perspective, information perspective, modern valuation perspective, decision-making relevant perspective, contract perspective, and analysis the effects which these theories have made on evaluation and governance of earnings quality of listed companies. In terms of the characters of accounting information quality, the author compares with relative rules among FASB, IASC and Chinese Accounting Standards. After that, the author summarizes and analyzes the influenced factors of earnings quality, which lays a foundation for additional evaluation and analysis of earnings quality.
2.From the view of financial report, the author mainly discusses the evaluation and analysis of earnings quality. The analyzed and evaluated methods of earnings quality are divided into three types: the qualitative analysis, single variable analysis and multi-variable one. The qualitative analysis such as Hawkins’accounting red flag, evaluates earnings quality through identifying the danger signals of the audit report, balance sheet, profit statement, statement of profit distribution, cash flow statement and the appended note to the accounting statement. The earnings quality evaluated through the single variable analysis can be called as static earnings quality, mainly emphasizes the analysis on time point, can comparative the earnings quality of listed companies horizontally, including security on cash index, the indication of sustainable development index, the structural index, the security index and the growth index. The single variable analysis can’t evaluate the defects of listed companies comprehensively, so the multi-variable analysis is used extensively, including the time sequence comparison, the factor analysis method, the Dechow & Dichev model and the John model.
3.Focus on the value relevance of earnings quality. Firstly, our measure of earnings quality is based on abnormal accruals. So through Dechow & Dichev model and John model, we obtain two proxy variables of earnings quality. And then, the author import this two proxy variables into price model ( Feltham-Ohlson model), and through financial data of Chinese agricultural listed companies in the year 2004, 2005 and 2006, explore the relation between stock price and quality of earnings. our research indicates: although in the sense market can identify different components of net income, for example, profit from operating and bottom-line income, capital market exist mis-pricing behavior on quality of earnings ( profit from operating ). It indicates China’s securities market isn’t reach the state of“semi-power efficient”.
4.Focus on the issue of earnings quality governance. Two aspects are discussed: how to govern the inferior earnings quality as well as how to improve earnings quality. Additionally, the key issue in this part is to raise a proposal that a multi-body earnings quality governance mechanism is a feasible solution. The author analyzes the norms development, fundamental environment and supervision regulation in terms of forming and affecting earnings quality governance of listed firms, and creates a tri-body multiple earnings quality governance mechanism which consists of three spheres: (1) the rules governance of earnings quality----the improvement and implementation of accounting standards; (2) the basic environment governance of earnings quality---- to improve corporate internal system arrangement; (3) supervision governance of earnings quality----the improvement and implementation of supervising regulations. After that, the author gives suggestions on the development of agricultural listed companies and the improvement of their earnings quality.
国际上对盈余质量的研究也就是近二十年来的事情,尤其是近年来,面对当前严重的舞弊现状,针对会计盈余质量的研究在国外学术界也得到了空前的重视。2002年1月,美国会计学会(AAA)专门设立“盈余质量”项目,对盈余质量的各个方面进行深入的研究。2003年在美国会计学会年会上,盈余质量又成为一个重点讨论课题。而我国对盈余质量的研究相对滞后,研究内容也不够深入和系统,相关研究领域亟需拓展。
在我国目前条件下,财务舞弊、过度盈余管理导致盈余质量低劣,这种现象严重误导了投资者、债权人等相关利益者的决策,对企业的发展也造成了巨大的隐患,并制约了其可持续发展;同时也破坏了资本市场的正常秩序,降低了资本市场的资源配置效率,制约了整个国民经济的健康发展。因此,对上市公司盈余质量评析和治理相关的理论和实践问题进行深入的、系统的研究,已经成为目前财务界的一项重要而迫切的研究课题,具有重大的理论意义和现实意义。本文的研究内容和主要结论如下:
(1)对会计盈余及盈余质量进行一般分析,为盈余质量的评析与治理进行理论上的梳理、分析和阐述。这主要包括“盈余”概念的发展、盈余质量的内涵、盈余信息的质量要求和盈余质量的影响因素等。在对经济收益、会计收益和全面收益等不同的收益概念进行分析后,对经济盈余观、信息观、现代计价观、决策有用观、契约观等与盈余质量评析的相关经济学理论进行了阐述,并分析这些理论对上市公司盈余质量的评析与治理产生的影响。本文对比分析了美国财务会计准则委员会(FASB)、国际会计准则委员会(IASC)①和我国会计准则对会计信息质量特征的相关规定,并对盈余质量的影响因素进行了归纳和分析,为进一步评析盈余质量打下基础。
(2)探讨财务报告视角下的上市公司盈余质量评析问题。本文将盈余质量分析评价方法划分为定性分析、单指标定量分析法和多指标定量分析法三类,并分别进行说明。定性评价如霍金斯(Hawkins)的会计红旗法,通过对审计报告、资产负债表、利润及利润分配表、现金流量表以及会计报表附注中出现的危险信号识别手段来对企业盈余质量进行有效评价。基于财务报表的单指标定量分析法得出的盈余质量可称之为静态盈余质量,主要是强调某一时点上的分析,用于横向比较各上市公司的盈余质量,主要有盈余质量的现金保障性指标、持续性指标、结构性指标、安全性指标和成长性指标。为了克服单指标定量分析法无法综合评价公司盈余质量的缺陷,多指标定量分析法得以广泛运用。这主要包括盈余质量的时间序列比较、因子分析法、模型评价和模型评价。
(3)对上市公司盈余质量的评价和价值相关性进行实证研究。首先,以非正常性应计利润为基础对盈余质量进行度量。在确定非正常性应计利润上,本文采取Dechow & Dichev模型和基本John模型进行计量,由此相应地得到盈余质量的两个表证变量。然后,将盈余质量变量加入价格模型(费森—奥尔森模型),利用中国农业类上市公司「2003,2007」连续5年的现金流数据,考察2004年、2005年和2006年的农业类上市公司的盈余质量以及股价相关性。实证研究发现,尽管我国的股票市场在一定程度上能够识别净利润中的营业利润与“线下项目”成分,但在盈余质量(营业利润质量)的定价方面存在市场紊乱行为,从而为中国证券市场尚未达到“半强式有效”提供了侧面证据。
(4)探讨上市公司盈余质量治理问题,即如何治理盈余质量低劣,及如何提升盈余质量水平。该部分的核心问题是提出并构建了治理盈余质量的三位一体多元化治理机制。从影响盈余的形成规则、基础环境、监管规制三个方面展开,构建盈余质量的三位一体多元治理机制。即盈余质量形成规则治理——完善会计及税法体系;盈余质量基础环境治理——完善公司内部制度安排;盈余质量监管规制治理——完善市场监管规制。在此之后,对农业上市公司发展及盈余质量的提高提出建议。
As an important parameter of securities market supervision, accounting earnings possess significant decision value. A series of accounting corruption events completely indicate that low earnings quality, which results from the financial corruption, earnings over-management etc, has become a world wide crux in capital market. Hence, the theoretical research and supervisory departments have come to pay highly attention on how to identify, evaluate and prevent corruptions and frauds, how to protect legal equity of investors as well as uphold normal market order.
It has been about twenty years since earnings quality have been studied internationally, especially in recent years. Under the conditions of current terrible corruption; the study focusing on accounting earnings quality have been paid unprecedented heed in foreign academic circles.
On January 2002, the American Accounting Association built up a item as“earnings quality”, and then proceeded with further study on every aspect of earnings quality. In the AAA’s 2003 Annual Meeting, earnings quality became a subject need to be discussed emphatically again. However, the researches of earnings quality in China lag behind relatively, the content of the research is not enough systematic and in-depth and the related study field is required to be extended as possible as we can.
In view of current circumstances, low earnings quality which results from financial corruption and earnings management seriously not only mislead the decision of stakeholders such as investors, creditors etc, but also hold back the development of enterprises and constrain sustainable development; meanwhile, ruin the normal orders in capital market, lower the resource allocation efficiency in capital market as well as prevent from nicely development of the whole national economy. Consequently, as a crucial and urgent study subject, the further and systematic researches of theoretical and practical issues, which is relative to evaluation and analysis of earnings quality in listed companies, implying enormous significance to theory and practice. The main contents and conclusions of this thesis are as follows:
1.On the basis of general analysis of accounting earnings and earnings quality, the author concentrates on the analysis and statement in theory for further evaluation and governance of earnings quality,including the development of the concept of earnings, the content of earnings quality, the quality characteristic requirement and the influenced factors of earnings quality. The author analysis different concepts of return such as economic return, accounting return and overall one, states the economic theory related to the evaluation, including economic earnings perspective, information perspective, modern valuation perspective, decision-making relevant perspective, contract perspective, and analysis the effects which these theories have made on evaluation and governance of earnings quality of listed companies. In terms of the characters of accounting information quality, the author compares with relative rules among FASB, IASC and Chinese Accounting Standards. After that, the author summarizes and analyzes the influenced factors of earnings quality, which lays a foundation for additional evaluation and analysis of earnings quality.
2.From the view of financial report, the author mainly discusses the evaluation and analysis of earnings quality. The analyzed and evaluated methods of earnings quality are divided into three types: the qualitative analysis, single variable analysis and multi-variable one. The qualitative analysis such as Hawkins’accounting red flag, evaluates earnings quality through identifying the danger signals of the audit report, balance sheet, profit statement, statement of profit distribution, cash flow statement and the appended note to the accounting statement. The earnings quality evaluated through the single variable analysis can be called as static earnings quality, mainly emphasizes the analysis on time point, can comparative the earnings quality of listed companies horizontally, including security on cash index, the indication of sustainable development index, the structural index, the security index and the growth index. The single variable analysis can’t evaluate the defects of listed companies comprehensively, so the multi-variable analysis is used extensively, including the time sequence comparison, the factor analysis method, the Dechow & Dichev model and the John model.
3.Focus on the value relevance of earnings quality. Firstly, our measure of earnings quality is based on abnormal accruals. So through Dechow & Dichev model and John model, we obtain two proxy variables of earnings quality. And then, the author import this two proxy variables into price model ( Feltham-Ohlson model), and through financial data of Chinese agricultural listed companies in the year 2004, 2005 and 2006, explore the relation between stock price and quality of earnings. our research indicates: although in the sense market can identify different components of net income, for example, profit from operating and bottom-line income, capital market exist mis-pricing behavior on quality of earnings ( profit from operating ). It indicates China’s securities market isn’t reach the state of“semi-power efficient”.
4.Focus on the issue of earnings quality governance. Two aspects are discussed: how to govern the inferior earnings quality as well as how to improve earnings quality. Additionally, the key issue in this part is to raise a proposal that a multi-body earnings quality governance mechanism is a feasible solution. The author analyzes the norms development, fundamental environment and supervision regulation in terms of forming and affecting earnings quality governance of listed firms, and creates a tri-body multiple earnings quality governance mechanism which consists of three spheres: (1) the rules governance of earnings quality----the improvement and implementation of accounting standards; (2) the basic environment governance of earnings quality---- to improve corporate internal system arrangement; (3) supervision governance of earnings quality----the improvement and implementation of supervising regulations. After that, the author gives suggestions on the development of agricultural listed companies and the improvement of their earnings quality.
引文
①Ball, Brown. An Empirical Evaluation of Accounting Income Numbers.[J]Journal of Accounting Research, 1968
①Jones. Earnings management during import relief investigations [J]. Journal of Accounting Research, 1991
①亚当·斯密,国民财富的性质和原因(上卷)「M],上海商务印书馆,1972
①Hicks. Value and Capital (Second Edition). Oxford: Clarendon Press, 1946: 172
①中华人民共和国财政部,企业会计准则「M],经济科学出版社,2006.2
①中国证监会,上市公司证券发行管理办法「M],中国法制出版社,2006.2
①Ramakrishnan P T S, J h Thomas. Valuation of permanent, transitory and price-irrelevant component of reported earnings Working paper, Social Science Research Network, 1991
①戴维.F.霍金斯,公司财务报告与分析:教程与案例「M],东北财经大学出版社,2000.09
①赵焕臣,许树柏。层次分析法—一种简易的新决策方法「M],科学出版社,1986
①参考郭志刚.社会统计分析方法——SPSS软件应用「M],中国人民大学出版社,1999;余建英.数据统计分析与SPSS应用「M],人民邮电出版社,2003
①中华人民共和国财政部,企业会计准则「M],经济科学出版社,2006.2
1.毕晓方,会计盈余质量对业绩评价的影响研究[J].经济问题探索,2006.07
2.卜华、陈三武,上市公司盈余质量评价指标设计[J].市场周刊·管理探索,2005.07
3.卜华、陶学禹,上市公司盈余质量的测度体系设计[J].会计之友,2006.05
4.卜华、王春梅,执行新会计准则对上市公司盈余质量的影响[J].财会月刊,2006.10
5.陈东平、张敬明:农业上市公司股利影响因素分析[J].南京农业大学学报(社会科学版),2003.25
6.陈收、唐安平,盈余质量对股票收益的影响研究[J].湖南大学学报(社会科学版),2005.03
7.陈晓、陈小悦、刘钊,A股盈余报告的有用性研究——来自上海、深圳的实证证据[J].经济研究,1999.06
8.陈小悦、肖星、过晓艳,配股权与上市公司利润操纵[J].经济研究,2000.01
9.程小可,公司盈余质量评价与实证分析[M].北京:清华大学出版社,2004
10.储一昀、王安武,上市公司盈利质量分析[J].会计研究,2000.09
11.杜胜利,企业经营业绩评价[M].北京:经济科学出版社,1999
12.杜兴强,我国上市公司管理当局对会计准则制定的态度及对策探讨[J].会计研究,2003.07
13.樊行健,公司治理与财务治理[J].会计研究,2005.02
14.樊行健,股权分置改革与公司财务治理[J].会计师,2005.12
15.葛家澎,关于高质量报表准则实施情况分析及建议[J].会计研究,2000.07
16.葛永波、张文兵:农业上市公司财务指标相关性实证分析[J].农业技术经济, 2004.04
17.耿建新、肖泽忠、续芹,报表收益与现金流量数据之间关系的实证分析[J].会计研究,2002.12
18.郭永清,论盈余质量的评价方法[J].广西会计,2000.01
19.侯晓红,上市公司盈余质量的六维分析[J].财会月刊,2006.09
20.黄世忠,上市公司会计信息质量面临的挑战与思考[J].会计研究,2001 .10
21.蒋义宏、魏刚,中国上市公司会计与财务问题研究[M].三友会计论从,大连:东北财经大学出版社,2001
22.冷建飞、王凯:农业上市公司资产重组绩效实证研究[J].南京农业大学学报(社会科学版). 2001.06
23.李爽,会计信息失真的现状、成因与对策研究[M].北京:经济科学出版社,2002
24.李姝,基于公司治理的会计政策选择[J].会计研究,2003.07
25.李琳,新会计准则与上市公司盈余质量评价[J].中国农业会计,2006.06
26.李少轩、张华,小议盈余质量的评价标准[J].商场现代化,2006.06
27.李敬、廖洪,盈余质量研究综述和建议[J].生产力研究,2006.07
28.郦玉敏,我国上市公司盈余质量评价的现实方法[J].商业研究,2005.15
29.林钟高、王揩、章铁生,财务治理:结构机制与行为研究[M].北京:经济管理出版社,2004
30.林乐芬:中国农业上市公司绩效的实证分析[J].中国农村观察,2004,06
31.林万龙、张莉琴:农业产业化龙头企业政府财税补贴政策效率[J].中国农村经济,2004.10
32.林勇、梁国坚:农业上市公司预期价格模型分析[J].中国农村经济,2000.07
33.刘纯龙、钟向东、卿松,试论盈余质量分析[J].会计之友,2005.07
34.刘大帅,企业盈余质量的契约视角[J].价值工程,2006.03
35.刘骏、刘世清,从委托代理理论看会计监督[J].江西社会科学,2002.12
36.刘姝威,上市公司虚假会计报表识别技术[J].北京:经济科学出版社,2002
37.刘现武:我国农业上市公司并购动因及特点分析[J].农业技术经济,2003,04
38.刘秀琴、王全喜、张光辉:农业行业上市公司经营业绩实证分析[J].经济问题,2003.8
39.柳木华,盈余质量的市场反映[J].中国会计评论,2003. Vol. l
40.柳木华,盈余质量的信息经济学分析[J].贵州财经学院学报,2004.01
41.柳松:农业类上市公司资本结构的影响因素实证研究[J].经济问题探索,2005.05
42.柳松:农业上市公司资本结构与公司业绩的互动效应[J].经济问题探索,2005.12
43.吕刚、郁梅,如何评价上市公司利润质量[J].北京工商大学学报(社会科学版),2003.05
44.潘淡、辛清泉,所有权、公司治理结构与会计信息质量[J].会计研究,2004.04
45.潘勇辉:政府财税补贴政策对农业上市公司绩效影响实证分析[J].农业经济问题,2006.09
46.彭韶兵,财务风险机理与控制分析[M].上海:立信会计出版社,2001
47.秦志敏,上市公司盈利质量透视策略[J].会计研究,2003.07
48.曲炳静、魏欣:我国农业上市公司资本结构的实证分析[J].山东社会科学,2006.07
49.任春艳,上市公司盈余管理与会计准则制定[M].北京:中国财政经济出版社,2004
50.沈静宇、戴蓬军:我国农业类上市公司资本结构分析[J].沈阳农业大学学报(社会科学版) ,2006.03
51.孙怀启、卢晓梅,委托代理理论与国有企业财务会计监督体系[J].审计理论与实践,2001.08
52.孙晖、董焕波,上市公司盈余质量评价研究[J].商场现代化,2005.07
53.孙建华,基于关联交易条件下的盈余质量分析与治理[J].会计之友,2005.09
54.孙晓、李蔚,基于会计盈余构成的盈余质量分析[J].齐鲁珠坛,2006.02
55.孙铮、李增泉,中国证券市场财务与会计透视[M].上海财经大学出版社,2000
56.孙铮、王跃堂,盈余操纵与资源配置之实证研究[J].财经研究,1999.04
57.汤新华:农业类上市公司股票筹资实证研究[J].农业经济问题,2002.10
58.汤新华:农业上市公司融资结构研究[J].福建论坛·经济社会版,2003.12
59.汤新华:政策扶持对农业类上市公司业绩的影响[J].福建农林大学学报(哲学社会科学版),2003.06
60.王碧红,企业盈余质量探析[J].零陵学院学报,2004.03
61.王怀明、薛英华:EVA指标应用于我国农业上市公司[J].中国农业大学学报(社会科学版),2006.03
62.王怀明、杨贞艳:农业上市公司股权结构与公司业绩的实证研究[J].南京农业大学学报(社会科学版),2004.04
63.王俊秋,加强投资者法律保护、提高上市公司盈余质量[J].财会月刊,2006.08
64.王庆文,会计盈余质量对未来会计盈余及股票收益的影响[J].金融研究,2005.10
65.王志台,上海股市盈余持续性的实证研究[J].财经研究,2000.05
66.魏明海、谭劲松、林舒,盈利管理研究[M].北京:中国财政经济出版社,2001
67.吴联生,当代会计前沿问题研究——创新与发展[M].北京:北京大学出版社,2005
68.吴联生,投资者对上市公司会计信息需求的调查分析[J].经济研究,2000.04
69.许彪、侯丽薇、周建忠:我国农业上市公司股权结构实证分析[J].吉林农业大学学报,2003.25
70.徐晓伟、李林杰,从非经常性损益看上市公司的盈余管理[J].华中科技大学学报(社会科学版),2003.01
71.姚琼:宏观经济环境对农业上市公司资本结构的影响[J].经济问题探索, 2004,06
72.余新培,资产质量和收益质量及其分析[J].当代财经,2003.02
73.袁淳、王平,会计盈余质量与价值相关性来自深市的经验证据[J].经济理论与经济管理,2005.05
74.袁红,上市公司盈余质量探析[J].乡镇经济,2004.12
75.张朝必、苏文兵,当代会计实证研究方法[M].大连:东北财经大学出版社,2001
76.张虹,对盈余管理和利润操纵的思考与分析,[J]上海会计,2003.02
77.张继勋、刘成立,上市公司年报披露时滞与盈余质量[J].广东经济研究,2006.03
78.张霜、熊顺良:农业上市公司股权转让行为中的私人收益研究[J].农村经济, 2005.12
79.张新民,企业财务状况质量分析理论研究[M].对外经济贸易大学出版社,2001
80.赵宇龙,会计盈余与股价行为[M].上海:上海二联书店,2000
81.赵宇龙、王志台,我国证券市场的“功能锁定”现象的实证研究[J].经济研究,1999.09
82.中华人民共和国财政部,企业会计准则[M].北京:经济科学出版社,2006
83.中央财经大学会计与财务研究中心、中央财经大学会计学院,会计理论与实务探索文集(第一辑)[M].北京:经济科学出版社,2005
84.钟文、彭菊,公司内部治理结构对盈余质量的影响[J].商场现代化,2006.01
85.周浪波、杨琼,会计盈余质量内涵的功用理论解析[J].长沙理下大学学报(社会科学版),2005.04
86.周友梅:农业类上市公司的投资分析[J].农业经济问题,2000.03
87.朱茶芬,会计管制和盈余质量关系的实证研究[J].财贸经济,2006.05
88.朱南军、谭昕,试论盈余质量分析[J].湖北广播电视大学学报,2002.03
89.邹彩芬、许家林、王雅鹏:中国农业上市公司绩效的实证分析[J].中国农村观察,2004.06
90. Ball R& P Brown, An Empirical evaluation of accounting income numbers[J], Journal of Accounting Research, 1968. Autumn
91. Blair, Ownership and Control: Rethinking Corporate Governance for the 21 Century, Washington: The Bookings Institution, 1995
92. Bowen R M & D Burgstahler, Evidence on the relationships between earnings and various measures of cash flow[J], The Accounting Review, 1986.61
93. Brown P, The impact of the annual net profit report on the stock market[J], The Australian accounting, 1970.07
94. Burgstahler D & Dichev, Earnings Management to Avoid Earnings Decrease and Loses[J], Journal of Accounting and Economics, 1997.24
95. C.B. Levine & M.J. Smith, The Interrelation of R2, The Earnings Response Coemcient, and The Return Variance[J], Working Paper, Carnegie Mellon University, 2003
96. Cai Chun & Mao Hong tao, Reading in the frontiers of western accounting, School of accounting, Southwestern University of Finance & Economics, 2004
97. Collins D.W. & S.P. Kothari, An Analysis of The Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficient[J], Journal of Accounting and Economics, 1989.07
98. Collins D.W & E.L. Maydew, Change in The Value-Relevance of Earnings and Book Values over The Past Forty Years[J], Journal of Accounting and Economics, 1997.24
99. Finger C A, The ability of earnings to predict future earnings and cash flow[J], Journal of Accounting Research, 1994.32
100.Hines,R.D, The Usefulness of Annual Reports: the Anomaly between the Efficient Market Hypothesis and Shareholder Surveys[J], Accounting and Business Research, 1982. Autumn
101.Hirst D&P Hopkins, Comprehensive income reporting and analysts' valuation judgment[J],Journal of Accounting Research,1998.36
102.Jones J, Earning Management during Import Relief Investigation[J], Journal of Accounting Research, 1991.Autumn
103.Lebaron B1ake, Some relations between volatility and serial correlations in stock market returns[J], Journal of Business, 1992.04
104.Lee T.A & Tweedie D.P, The private shareholder: His sources of Financial Information and his Understanding of Reporting Practice [J], Accounting and Business Research, Autumn, 1976
105.Lev.B. & S.R. Thiagarajan, Fundamental Information Analysis[J], Journal of Accounting Research, 1993.Autumn
106.Lorek K S & G L Willinger, A multivariate time-series prediction model for cash-flowdata[J], The Accounting Review, 1996.71
107.M C Jensen & W H Meckling, Theory of the firm: managerial behavior, agency costs and ownership structure[J], Journal of Financial Economics, 1976.10
108.Merton Robert C, Financial innovation and economic performance [J], Journal of Applied Corporate Finance, 1992. Winter
109.Penman S& X J Zhang, The accounting conservatism, the quality of earnings and stock returns[J], The Accounting Reviews, 2002.77
110.Richardson Matthew & Tom Smith, A unified approach to testing for serial correlation in stock returns[J], Journal of Business, 1994.07
111.Viscusi W.K J.M Vernon J.E Harrington, Jr ,Economics of Regulation and Antitrust[M], The MIT Press, 1995
①Jones. Earnings management during import relief investigations [J]. Journal of Accounting Research, 1991
①亚当·斯密,国民财富的性质和原因(上卷)「M],上海商务印书馆,1972
①Hicks. Value and Capital (Second Edition). Oxford: Clarendon Press, 1946: 172
①中华人民共和国财政部,企业会计准则「M],经济科学出版社,2006.2
①中国证监会,上市公司证券发行管理办法「M],中国法制出版社,2006.2
①Ramakrishnan P T S, J h Thomas. Valuation of permanent, transitory and price-irrelevant component of reported earnings Working paper, Social Science Research Network, 1991
①戴维.F.霍金斯,公司财务报告与分析:教程与案例「M],东北财经大学出版社,2000.09
①赵焕臣,许树柏。层次分析法—一种简易的新决策方法「M],科学出版社,1986
①参考郭志刚.社会统计分析方法——SPSS软件应用「M],中国人民大学出版社,1999;余建英.数据统计分析与SPSS应用「M],人民邮电出版社,2003
①中华人民共和国财政部,企业会计准则「M],经济科学出版社,2006.2
1.毕晓方,会计盈余质量对业绩评价的影响研究[J].经济问题探索,2006.07
2.卜华、陈三武,上市公司盈余质量评价指标设计[J].市场周刊·管理探索,2005.07
3.卜华、陶学禹,上市公司盈余质量的测度体系设计[J].会计之友,2006.05
4.卜华、王春梅,执行新会计准则对上市公司盈余质量的影响[J].财会月刊,2006.10
5.陈东平、张敬明:农业上市公司股利影响因素分析[J].南京农业大学学报(社会科学版),2003.25
6.陈收、唐安平,盈余质量对股票收益的影响研究[J].湖南大学学报(社会科学版),2005.03
7.陈晓、陈小悦、刘钊,A股盈余报告的有用性研究——来自上海、深圳的实证证据[J].经济研究,1999.06
8.陈小悦、肖星、过晓艳,配股权与上市公司利润操纵[J].经济研究,2000.01
9.程小可,公司盈余质量评价与实证分析[M].北京:清华大学出版社,2004
10.储一昀、王安武,上市公司盈利质量分析[J].会计研究,2000.09
11.杜胜利,企业经营业绩评价[M].北京:经济科学出版社,1999
12.杜兴强,我国上市公司管理当局对会计准则制定的态度及对策探讨[J].会计研究,2003.07
13.樊行健,公司治理与财务治理[J].会计研究,2005.02
14.樊行健,股权分置改革与公司财务治理[J].会计师,2005.12
15.葛家澎,关于高质量报表准则实施情况分析及建议[J].会计研究,2000.07
16.葛永波、张文兵:农业上市公司财务指标相关性实证分析[J].农业技术经济, 2004.04
17.耿建新、肖泽忠、续芹,报表收益与现金流量数据之间关系的实证分析[J].会计研究,2002.12
18.郭永清,论盈余质量的评价方法[J].广西会计,2000.01
19.侯晓红,上市公司盈余质量的六维分析[J].财会月刊,2006.09
20.黄世忠,上市公司会计信息质量面临的挑战与思考[J].会计研究,2001 .10
21.蒋义宏、魏刚,中国上市公司会计与财务问题研究[M].三友会计论从,大连:东北财经大学出版社,2001
22.冷建飞、王凯:农业上市公司资产重组绩效实证研究[J].南京农业大学学报(社会科学版). 2001.06
23.李爽,会计信息失真的现状、成因与对策研究[M].北京:经济科学出版社,2002
24.李姝,基于公司治理的会计政策选择[J].会计研究,2003.07
25.李琳,新会计准则与上市公司盈余质量评价[J].中国农业会计,2006.06
26.李少轩、张华,小议盈余质量的评价标准[J].商场现代化,2006.06
27.李敬、廖洪,盈余质量研究综述和建议[J].生产力研究,2006.07
28.郦玉敏,我国上市公司盈余质量评价的现实方法[J].商业研究,2005.15
29.林钟高、王揩、章铁生,财务治理:结构机制与行为研究[M].北京:经济管理出版社,2004
30.林乐芬:中国农业上市公司绩效的实证分析[J].中国农村观察,2004,06
31.林万龙、张莉琴:农业产业化龙头企业政府财税补贴政策效率[J].中国农村经济,2004.10
32.林勇、梁国坚:农业上市公司预期价格模型分析[J].中国农村经济,2000.07
33.刘纯龙、钟向东、卿松,试论盈余质量分析[J].会计之友,2005.07
34.刘大帅,企业盈余质量的契约视角[J].价值工程,2006.03
35.刘骏、刘世清,从委托代理理论看会计监督[J].江西社会科学,2002.12
36.刘姝威,上市公司虚假会计报表识别技术[J].北京:经济科学出版社,2002
37.刘现武:我国农业上市公司并购动因及特点分析[J].农业技术经济,2003,04
38.刘秀琴、王全喜、张光辉:农业行业上市公司经营业绩实证分析[J].经济问题,2003.8
39.柳木华,盈余质量的市场反映[J].中国会计评论,2003. Vol. l
40.柳木华,盈余质量的信息经济学分析[J].贵州财经学院学报,2004.01
41.柳松:农业类上市公司资本结构的影响因素实证研究[J].经济问题探索,2005.05
42.柳松:农业上市公司资本结构与公司业绩的互动效应[J].经济问题探索,2005.12
43.吕刚、郁梅,如何评价上市公司利润质量[J].北京工商大学学报(社会科学版),2003.05
44.潘淡、辛清泉,所有权、公司治理结构与会计信息质量[J].会计研究,2004.04
45.潘勇辉:政府财税补贴政策对农业上市公司绩效影响实证分析[J].农业经济问题,2006.09
46.彭韶兵,财务风险机理与控制分析[M].上海:立信会计出版社,2001
47.秦志敏,上市公司盈利质量透视策略[J].会计研究,2003.07
48.曲炳静、魏欣:我国农业上市公司资本结构的实证分析[J].山东社会科学,2006.07
49.任春艳,上市公司盈余管理与会计准则制定[M].北京:中国财政经济出版社,2004
50.沈静宇、戴蓬军:我国农业类上市公司资本结构分析[J].沈阳农业大学学报(社会科学版) ,2006.03
51.孙怀启、卢晓梅,委托代理理论与国有企业财务会计监督体系[J].审计理论与实践,2001.08
52.孙晖、董焕波,上市公司盈余质量评价研究[J].商场现代化,2005.07
53.孙建华,基于关联交易条件下的盈余质量分析与治理[J].会计之友,2005.09
54.孙晓、李蔚,基于会计盈余构成的盈余质量分析[J].齐鲁珠坛,2006.02
55.孙铮、李增泉,中国证券市场财务与会计透视[M].上海财经大学出版社,2000
56.孙铮、王跃堂,盈余操纵与资源配置之实证研究[J].财经研究,1999.04
57.汤新华:农业类上市公司股票筹资实证研究[J].农业经济问题,2002.10
58.汤新华:农业上市公司融资结构研究[J].福建论坛·经济社会版,2003.12
59.汤新华:政策扶持对农业类上市公司业绩的影响[J].福建农林大学学报(哲学社会科学版),2003.06
60.王碧红,企业盈余质量探析[J].零陵学院学报,2004.03
61.王怀明、薛英华:EVA指标应用于我国农业上市公司[J].中国农业大学学报(社会科学版),2006.03
62.王怀明、杨贞艳:农业上市公司股权结构与公司业绩的实证研究[J].南京农业大学学报(社会科学版),2004.04
63.王俊秋,加强投资者法律保护、提高上市公司盈余质量[J].财会月刊,2006.08
64.王庆文,会计盈余质量对未来会计盈余及股票收益的影响[J].金融研究,2005.10
65.王志台,上海股市盈余持续性的实证研究[J].财经研究,2000.05
66.魏明海、谭劲松、林舒,盈利管理研究[M].北京:中国财政经济出版社,2001
67.吴联生,当代会计前沿问题研究——创新与发展[M].北京:北京大学出版社,2005
68.吴联生,投资者对上市公司会计信息需求的调查分析[J].经济研究,2000.04
69.许彪、侯丽薇、周建忠:我国农业上市公司股权结构实证分析[J].吉林农业大学学报,2003.25
70.徐晓伟、李林杰,从非经常性损益看上市公司的盈余管理[J].华中科技大学学报(社会科学版),2003.01
71.姚琼:宏观经济环境对农业上市公司资本结构的影响[J].经济问题探索, 2004,06
72.余新培,资产质量和收益质量及其分析[J].当代财经,2003.02
73.袁淳、王平,会计盈余质量与价值相关性来自深市的经验证据[J].经济理论与经济管理,2005.05
74.袁红,上市公司盈余质量探析[J].乡镇经济,2004.12
75.张朝必、苏文兵,当代会计实证研究方法[M].大连:东北财经大学出版社,2001
76.张虹,对盈余管理和利润操纵的思考与分析,[J]上海会计,2003.02
77.张继勋、刘成立,上市公司年报披露时滞与盈余质量[J].广东经济研究,2006.03
78.张霜、熊顺良:农业上市公司股权转让行为中的私人收益研究[J].农村经济, 2005.12
79.张新民,企业财务状况质量分析理论研究[M].对外经济贸易大学出版社,2001
80.赵宇龙,会计盈余与股价行为[M].上海:上海二联书店,2000
81.赵宇龙、王志台,我国证券市场的“功能锁定”现象的实证研究[J].经济研究,1999.09
82.中华人民共和国财政部,企业会计准则[M].北京:经济科学出版社,2006
83.中央财经大学会计与财务研究中心、中央财经大学会计学院,会计理论与实务探索文集(第一辑)[M].北京:经济科学出版社,2005
84.钟文、彭菊,公司内部治理结构对盈余质量的影响[J].商场现代化,2006.01
85.周浪波、杨琼,会计盈余质量内涵的功用理论解析[J].长沙理下大学学报(社会科学版),2005.04
86.周友梅:农业类上市公司的投资分析[J].农业经济问题,2000.03
87.朱茶芬,会计管制和盈余质量关系的实证研究[J].财贸经济,2006.05
88.朱南军、谭昕,试论盈余质量分析[J].湖北广播电视大学学报,2002.03
89.邹彩芬、许家林、王雅鹏:中国农业上市公司绩效的实证分析[J].中国农村观察,2004.06
90. Ball R& P Brown, An Empirical evaluation of accounting income numbers[J], Journal of Accounting Research, 1968. Autumn
91. Blair, Ownership and Control: Rethinking Corporate Governance for the 21 Century, Washington: The Bookings Institution, 1995
92. Bowen R M & D Burgstahler, Evidence on the relationships between earnings and various measures of cash flow[J], The Accounting Review, 1986.61
93. Brown P, The impact of the annual net profit report on the stock market[J], The Australian accounting, 1970.07
94. Burgstahler D & Dichev, Earnings Management to Avoid Earnings Decrease and Loses[J], Journal of Accounting and Economics, 1997.24
95. C.B. Levine & M.J. Smith, The Interrelation of R2, The Earnings Response Coemcient, and The Return Variance[J], Working Paper, Carnegie Mellon University, 2003
96. Cai Chun & Mao Hong tao, Reading in the frontiers of western accounting, School of accounting, Southwestern University of Finance & Economics, 2004
97. Collins D.W. & S.P. Kothari, An Analysis of The Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficient[J], Journal of Accounting and Economics, 1989.07
98. Collins D.W & E.L. Maydew, Change in The Value-Relevance of Earnings and Book Values over The Past Forty Years[J], Journal of Accounting and Economics, 1997.24
99. Finger C A, The ability of earnings to predict future earnings and cash flow[J], Journal of Accounting Research, 1994.32
100.Hines,R.D, The Usefulness of Annual Reports: the Anomaly between the Efficient Market Hypothesis and Shareholder Surveys[J], Accounting and Business Research, 1982. Autumn
101.Hirst D&P Hopkins, Comprehensive income reporting and analysts' valuation judgment[J],Journal of Accounting Research,1998.36
102.Jones J, Earning Management during Import Relief Investigation[J], Journal of Accounting Research, 1991.Autumn
103.Lebaron B1ake, Some relations between volatility and serial correlations in stock market returns[J], Journal of Business, 1992.04
104.Lee T.A & Tweedie D.P, The private shareholder: His sources of Financial Information and his Understanding of Reporting Practice [J], Accounting and Business Research, Autumn, 1976
105.Lev.B. & S.R. Thiagarajan, Fundamental Information Analysis[J], Journal of Accounting Research, 1993.Autumn
106.Lorek K S & G L Willinger, A multivariate time-series prediction model for cash-flowdata[J], The Accounting Review, 1996.71
107.M C Jensen & W H Meckling, Theory of the firm: managerial behavior, agency costs and ownership structure[J], Journal of Financial Economics, 1976.10
108.Merton Robert C, Financial innovation and economic performance [J], Journal of Applied Corporate Finance, 1992. Winter
109.Penman S& X J Zhang, The accounting conservatism, the quality of earnings and stock returns[J], The Accounting Reviews, 2002.77
110.Richardson Matthew & Tom Smith, A unified approach to testing for serial correlation in stock returns[J], Journal of Business, 1994.07
111.Viscusi W.K J.M Vernon J.E Harrington, Jr ,Economics of Regulation and Antitrust[M], The MIT Press, 1995