FUNDAMENTAL INFORMATION, EARNINGS QUALITY,AND FUTURE EARNINGS： EMPIRICAL EVIDENCE FROM CHINA＇s A-SHARE LISTED COMPANIES

• 作者: JianboZhou
• 来源期刊: 中国会计与财务研究
• 学科: 经济
• 关键词: 中国 公司 基本财务信息 盈利能力 股票收益 未来收益
• 年，卷（期）: 2004,（1）
• 页码范围: 66-92
• 页数: 27页
• 分类号: F279.246

摘要

The earnings quality of listed companies is an issue of public concern. This paper conducts an in-depth and comprehensive analysis of how to measure the earnings quality of listed companies by using empirical methods. The indicators of earnings quality used in this paper include not only cash flow but also indicators that affect the growth of future earnings. We find that, firstly, in our stock return regressions, both specific and composite indicators of earnings quality have incremental explanatory power for stock returns after controlling for earnings per share, changes in earnings per share, and firm size. Secondly, in our future earnings regressions, both specific and composite indicators of earnings quality have incremental explanatory power for future earnings after controlling for earnings per share, changes in earnings per share, and firm size. Thirdly, listed companies with lower (higher) earnings quality have poorer (better) earnings performance in future years.