稳健财务报告与公司股价抗跌能力的关系研究——来自我国2008年股市暴跌的经验证据

被引：5

作者：

吴锡皓 ^{[1
]}

周晓苏 ^{[2
,1
]}

机构：

[1] 南开大学商学院

[2] 天津财经大学

来源：

投资研究 | 2013年 / 32卷 / 09期

关键词：

稳健财务报告; 股价抗跌能力; 非对称及时性;

D O I：

暂无

中图分类号：

F224 [经济数学方法]; F231.5 [会计报表]; F832.51 [];

学科分类号：

0701 ; 070104 ;

摘要：

本文检验在我国股市暴跌期间,公司事前财务报告的稳健程度能否影响其股价抗跌能力。研究显示:(1)在股市暴跌之前,公司的财务报告越稳健,投资者在股市暴跌期间蒙受的损失越少,其股价抗跌能力越强;(2)信息不对称程度越高,稳健财务报告抑制股价下跌的作用越显著。这些结果表明,稳健财务报告不仅能减少定价噪音,而且能够及早释放公司风险信号,在信息不对称较严重的情况下,稳健财务报告的上述作用更为明显。

引用

页码：68 / 85

页数：18

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