“通货膨胀幻觉”的微观解释:盈余质量的视角

被引：10

作者：

罗勇根 ^{[1
]}

饶品贵 ^{[1
]}

岳衡 ^{[2
]}

机构：

[1] 暨南大学管理学院会计学系

[2] 新加坡管理大学

来源：

世界经济 | 2018年 / 41卷 / 04期

基金：

广东省自然科学基金;

关键词：

通货膨胀; 通货膨胀幻觉假说; 盈余质量;

D O I：

10.19985/j.cnki.cassjwe.2018.04.007

中图分类号：

F822.5 [通货膨胀];

学科分类号：

020101 ; 020203 ; 020204 ;

摘要：

通货膨胀时期投资者不能正确调整公司利润的增长,从而产生"通货膨胀幻觉",导致无法准确估计公司股票价值。本文认为其内在原因在于通货膨胀本身会降低公司的盈余质量。经验研究结果发现,通货膨胀显著降低了公司的盈余质量,主要机制在于通货膨胀增加了企业采购成本并且降低了年报可读性。分组检验表明,上述现象在机构投资者持股比例较低、非融资融券标的公司、非高科技行业、高通货膨胀期间、收入与成本费用配比程度低、债务比例高及亏损公司中表现更为明显。本研究为通货膨胀幻觉假说提供了更为直接的证据。

引用

页码：124 / 149

页数：26

共 38 条

[11]

Capital Structure Decisions around the World: Which Factors Are Reliably Important?[J] . ?zde,?ztekin.Journal of Financial and Quantitative Analysis . 2015 (3)

[12] Measuring Readability in Financial Disclosures [J].

Loughran, Tim ;

Mcdonald, Bill .

JOURNAL OF FINANCE, 2014, 69 (04) :1643-1671

[13]

Cost of capital and earnings transparency[J] . Mary E. Barth,Yaniv Konchitchki,Wayne R. Landsman.Journal of Accounting and Economics . 2013 (2-3)

[14]

Earnings quality: Evidence from the field[J] . Ilia D. Dichev,John R. Graham,Campbell R. Harvey,Shiva Rajgopal.Journal of Accounting and Economics . 2013 (2-3)

[15]

Transparency and liquidity uncertainty in crisis periods[J] . Mark Lang,Mark Maffett.Journal of Accounting and Economics . 2011 (2)

[16]

Inflation and Nominal Financial Reporting: Implications for Performance and Stock Prices[J] . The Accounting Review . 2011 (3)

[17]

Understanding earnings quality: A review of the proxies, their determinants and their consequences[J] . Patricia Dechow,Weili Ge,Catherine Schrand.Journal of Accounting and Economics . 2010 (2)

[18]

Annual report readability, current earnings, and earnings persistence[J] . Feng Li.Journal of Accounting and Economics . 2008 (2)

[19] The strategic and tactical value of commodity futures [J].

Erb, CB ;

Harvey, CR .

FINANCIAL ANALYSTS JOURNAL, 2006, 62 (02) :69-97

[20] Inflation illusion and post-earnings-announcement drift [J].

Chordia, T ;

Shivakumar, L .

JOURNAL OF ACCOUNTING RESEARCH, 2005, 43 (04) :521-556

← 1 2 3 4 →