新准则下会计信息质量与盈余公告后漂移现象

新会计准则实施以后,会计信息质量是否仍然会影响到投资者对未来盈余的预期,从而影响盈余公告后漂移现象(PEAD)。通过对新准则下年报财务数据的分析发现,会计信息质量越差的企业,盈余公告后未预期盈余的绝对值越大,且盈余公告后累计超常收益的绝对值也越大。这说明投资者在进行盈余预测时,会计信息质量是一个重要的参考依据。投资者在解读会计信息质量差的企业财务报告时,由于其不确定性的提高,使得预测的偏差程度也随之增加,进而影响到PEAD现象。     

从偿债能力看现金流量表的决策有用性

自1999年上市公司必须披露现金流量表开始,我国的会计信息使用者们可以利用的公开会计信息包括传统的应计制财务信息和现金流量信息。但是在实际操作中,信息使用者经常对企业的经营状况做出错误的预测,在盈余操纵和公司破产案中损失惨重。会计理论界对会计信息的有用性进行了很多的探索,但主要集中在应计制财务信息方面。对现金流量表的披露要求只是近十几年的事情。文章得出了现金流量信息因其相对难以操纵而更可靠,对偿债能力的预测更为有用的结论。结论支持以前的学者对现金流量的重要性的研究结果,也支持目前会计政策制定者对现金流量表要求的初衷,并将对我国会计信息使用者正确运用现金流量信息提供依据。     

会计盈余价值相关性的非对称性研究

ST公司和非ST公司会计盈余价值相关性具有非对称性,对盈余价值具有重要影响的因素主要为账面价值、经营现金流量等;通过使用中国A股市场2009—2011年ST公司和非ST公司相关数据,利用盈余资本化模型实证发现ST公司会计盈余价值相关性明显弱于非ST公司;通过逐步引入账面净资产、经营活动现金流量、账面净资产与经营活动现金流量的交互效应,证实:1)账面净资产具有价值相关性;2)ST公司经营活动现金流量具有显著的负的价值相关性;3)会计盈余与经营现金流量、账面净资产与经营现金流量对股票价格具有显著的交互影响.     

基于预期盈余增长的质量测度与定价能力

从质量溢价驱动因素视角构建基于预期盈余增长（expected earnings growth,EEG）的质量测度指标,分析该指标与股票预期收益的关系,进一步构造EEG质量因子并将其纳入Fama-French三因子模型,研究该因子的定价能力.研究发现：EEG质量测度指标可以衡量公司的预期盈余增长;EEG质量测度指标与股票预期收益显著正相关,表明EEG质量溢价显著存在;EEG质量因子对股票横截面组合收益的解释能力较强;引入EEG质量因子的四因子模型比Fama-French类模型具有更高的定价效率.研究结论可以丰富资产定价相关理论,为投资者理性决策、监管者培育良好投资理念和提升市场定价效率提供参考.     

从类型思维角度探讨资产过度反应与反应不足

过度反应和反应不足的研究孕育了不少资产模型,如,基于保守主义和代表性思维的BSV模型;基于过度自信和自我归因的DHS模型;基于异质投资者的HS模型等,本文力图从一个新视角:类型思维,来诠释资产过度反应与反应不足现象.在类型思维中,投资者倾向于将资产与类型匹配,基于此对不同资产类型的未来回报加以预期,本文描述了贝叶斯思维者类型预期与类型思维者类型预期特性,并进一步论述基于类型思维的投资者偏差:反应不足和过度反应.     

新会计准则对上市公司盈余管理的影响研究

盈余管理对资本市场的有效性和投资者的利益的损害日以彰显,针对它的研究一直是我国会计实证研究的热点问题。2007年,我国开始在上市公司实施新会计准则。针对新会计准则实施后是否改善中国盈余管理的现象进行研究,选取2004年-2009年我国上市公司财务数据为样本,运用截面修正Jones模型,进行实证分析。在对可操控性应计利润的计量上,分别采用不包括先下项目的应计利润法和包括线下项目的应计利润法。得出以下结论：整体而言,新会计准则并没有改善上市公司盈余管理程度;研究进一步对中国上市公司按照行业进行分类,研究新会计准则实施后对盈余管理程度的影响在行业间是否存在差异,结果发现,在2007年新会计准则实施以后,盈余管理的变化情况随行业不同而不同。     

中国投资者对不同手段的盈余管理行为的识别

分别使用扩展的Jones模型和非主营业务净资产收益率(none-core ROE)度量了通过应计利润和线下项目进行的盈余管理行为,并根据盈余管理的度量分组。使用3种方法分别计算了不同组的公司在会计年末4个月后的12个月和24个月的超额收益率,并进行比较,来检验投资者能否识别通过这两种手段进行的盈余管理。结果发现,投资者能够识别通过none-core ROE进行的盈余管理,但不能识别通过操纵性应计项进行的盈余管理。     

盈余管理与外部审计相关性的实证分析

以我国上市公司A股2007—2012年的数据,对上市公司的盈余管理行为与外部审计之间的关系进行实证研究。结果显示:上市公司被出具"非标意见"的概率与其应计盈余管理的程度显著正相关,与其真实盈余管理的程度相关不显著。相比本土会计师事务所,由国际四大会计事务所审计的上市公司真实盈余管理程度显著更低。表明相比真实盈余管理行为,外部审计对应计盈余管理行为的治理作用更为显著;而对于更为隐蔽的真实盈余管理行为,国际四大会计事务所发挥了更为显著的治理作用。     

上市公司应计项目盈余管理与所得税关系研究

经营性应计利润项目的盈余管理与公司所得税税负成显著负相关关系,而高估应计收入与低估应计成本的盈余管理与公司所得税税务间有较弱的正相关关系。换言之,上市公司对经营性应计利润项目的操纵可以减少一定的所得税成本,当上市公司高估应计收入、低估应计成本时,则需要承担一定的所得税成本。     

中国A股市场对重大关联销售事项公告的反应

运用超额收益法和多元回归分析法,研究了深市A股市场对重大关联销售事项的公告的反应.研究发现市场对该公告只有微弱的正反应,同时研究结果也证明了盈余公告具有信息含量.最后解释了市场对重大关联销售事项的公告反应不足的原因.     

Markedness and its Interpretation in Language Use

Language markedness is a common phenomenon in languages, and is reflected from hearing, vision and sense, i.e. the variation in the three aspects such as phonology, morphology and semantics. This paper focuses on the interpretation of markedness in language use following the three perspectives, i.e. pragmatic interpretation, psychological interpretation and cognitive interpretation, with an aim to define the function of markedness.     

Features of Women's language

Language is a means of verbal communication. People use language to communicate with each other. In the society, no two speakers are exactly alike in the way of speaking. Some differences are due to age, gender, statue and personality. Above all, gender is one of the obvious reasons. The writer of this paper tries to describe the features of women＇s language from these perspectives： pronunciation, intonation, diction, subjects, grammar and discourse. From the discussion of the features of women＇s language, more attention should be paid to language use in social context. What＇s more, the linguistic phenomena in a speaking community can be understood more thoroughly.     

低渗透非均质砂岩油藏启动压力梯度研究

理论推导与室内实验相结合,建立了低渗透非均质砂岩油藏启动压力梯度确定方法。首先借助油藏流场与电场相似的原理,推导了非均质砂岩油藏启动压力梯度计算公式。其次基于稳定流实验方法,建立了非均质砂岩油藏启动压力梯度测试方法。结果表明:低渗透非均质砂岩油藏的启动压力梯度确定遵循两个等效原则。平面非均质油藏的启动压力梯度等于各级渗透率段的启动压力梯度关于长度的加权平均;纵向非均质油藏的启动压力梯度等于各渗透率层的启动压力梯度关于渗透率与渗流面积乘积的加权平均。研究成果可用于有效指导低渗透非均质砂岩油藏的合理井距确定,促进该类油藏的高效开发。     

On Tragic Consciousness In The Works By Ernest Hemingway

As an American modern novelist who were famous in the literary world, Hemingway was not a person who always followed the trend but a sharp observer. At the same time, he was a tragedy maestro, he paid great attention on existence, fate and end-result. The dramatis personae's tragedy of his works was an extreme limit by all means tragedy on the meaning of fearless challenge that failed. The beauty of tragedy was not produced on the destruction of life, but now this kind of value was in the impact activity. They performed for the reader about the tragedy on challenging for the limit and the death.     

Achieving Unusual States of Matter Under High Pressure

正The periodicity of the elements and the non-reactivity of the inner-shell electrons are two related principles of chemistry,rooted in the atomic shell structure.Within compounds,Group I elements,for example,invariably assume the+1 oxidation state,and their chemical properties differ completely from those of the p-block elements.These general rules govern our understanding of chemical structures and reactions.Using first principles calcula-     

Exchange-Correlation and Electronic Excitation Energies from Pairing Matrix Fluctuations

We have developed an adiabatic connection to formulate the ground-state exchange-correlation energy in terms of pairing matrix linear fluctuations.This formulation of the exchange-correlation energy opens a new channel for density functional approximations based on the many-body perturbation theory.We illustrate the potential of such approaches with an approximation based on the particle-particle Random Phase Approximation(pp-RPA).This re-     

Density Functional Theory for the Response of Periodic Systems to Electric Fields Based on the Vector Potential Approach

正The electronic and nuclear(structural/vibrational)response of 1D-3D nanoscale systems to electric fields gives rise to a host of optical,mechanical,spectral,etc.properties that are of high theoretical and applied interest.Due to the computational difficulty of treating such large systems it is convenient to model them as infinite and periodic(at least,in first approximation).The fundamental theoretical/computational problem in doing so is that     

On the Thermodynamic Limit for Responses to Static Electromagnetic Fields

For molecular systems,the quantum-mechanical treatment of their responses to static electromagnetic fields usually employs a scalar-potential treatment of the electric field and a vector-potential treatment of the magnetic field.Although the potential for each field separately is associated with the choice of an(unphysical)origin,the precise choice of the origin for the electrostatic field has little consequences for the results.This is different for the     

Call for Papers

<正>"The Journal of Shanghai Normal University:Mathematics"is published by Shanghai Normal University as regular issues of The Journal of Shanghai Normal University each year from 2014 in English.The editors-in-chief of the issues are professors Yuhao Cong and Maoan Han.The Journal of Shanghai Normal University was started in 1958 with     

Journal of Donghua University ( English Edition) Contents of Volume 31

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