| “庄”与会计盈余的价格含义 | |
| 鲁桂华 ; 陈晓 | |
| 2010-07-15 ; 2010-07-15 | |
| 会议名称 | 中国会计学会2005年学术年会论文集（上） ; Proceedings of the 2005 Academic Annual Conference of Chinese Accounting Society (Vol.1) ; 中国会计学会2005年学术年会 ; 2005 Academic Annual Conference of Chinese Accounting Society ; 中国北京 ; CNKI ; 中国会计学会、中国会计学会教育分会 |
| 关键词 | 股票价格操纵 会计盈余 资产定价 高估 Stock Price Manipulation Accounting Earnings Asset Pricing Over-valuation F275 |
| 其他题名 | The Pricing Implication of Accounting Earnings and Stock Manipulation. |
| 中文摘要 | 本文以200家深市公司为样本进行实证研究后发现,"庄"的存在,导致股票价格以显著高于大盘的速度上涨,在股票价格达到最大值当年,存在明显的"庄"出货的迹象,更为重要的是,本文的实证结果表明,"庄"的存在,放大了股票价格对会计盈余的反应,导致深市A股市盈率因为"庄"的操纵而高估,从而为2001年初学术界"市盈率之争"中持高估观点的一方提供了经验证据的支撑。; In this study,we investigate the interaction of the trading stock concentration and accounting earnings on the stock price.The empirical findings reveal that the stock price manipulation causes the stock price rise in a rate significantly above that of the market portfolio,and in the year when stock price reaches its maximum,we find evidence that the block-holder sells his holdings,most importantly,we find that stock price manipulation magnifies the pricing implication of accounting earnings,in other words,the PE ratio is exaggerated by the manipulation and the stock price may contain some ingredient of bubble. |
| 语种 | 中文 ; 中文 |
| 内容类型 | 会议论文 |
| 源URL | [http://hdl.handle.net/123456789/68331]  |
| 专题 | 清华大学 |
| 推荐引用方式 GB/T 7714 | 鲁桂华,陈晓. “庄”与会计盈余的价格含义[C]. 见:中国会计学会2005年学术年会论文集（上）, Proceedings of the 2005 Academic Annual Conference of Chinese Accounting Society (Vol.1), 中国会计学会2005年学术年会, 2005 Academic Annual Conference of Chinese Accounting Society, 中国北京, CNKI, 中国会计学会、中国会计学会教育分会. |
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