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The Influence of Chinese Listed Companies’Earnings Quality on Stock Price

Title
The Influence of Chinese Listed Companies’Earnings Quality on Stock Price
Author
진징
Advisor(s)
정석윤
Issue Date
2017-08
Publisher
한양대학교
Degree
Master
Abstract
This paper investigates whether the earnings quality of Chinese listed companies have any effect on companies’ stock prices. This study adopts persistence, smoothness, accrual quality, and performance-adjusted discretionary accruals as characteristics of earnings quality. By using these indicators as independent variables, we tested whether earnings quality of Chinese listed companies can affect stock price. This study analyzes the earnings quality and stock price for annual report from 2007.01 to 2016.12. We used the total 17,852 firm-year samples to do the empirical study. The results suggest that the information of earnings quality of Chinese stock market can affect the companies’ stock price. That is, better earnings persistence and accrual quality, higher stock price. On the contrary, higher earnings smoothness and performance-adjusted discretionary accruals, lower stock price, However, Chinese investors are kind of lacking sensitive. Therefore, we made a number of recommendations in order to protect the investors’interests, to promote the rational capital flow and rational resources allocation, to further improve China's capital market. The findings in this study provide how China’s listed companies’ stock price received effects from characteristics of accounting information produced by China’s listed companies in terms of persistence, smoothness, accrual quality, and performance-adjusted discretionary accruals. Specifically, different from prior researches which were mostly only taken accrual quality for instance, this study also considered persistence, smoothness, and performance-adjusted discretionary accruals. The findings in this study provide useful information to investors, regulators, academics, and practitioner for their decision-makings.
URI
http://dcollection.hanyang.ac.kr/jsp/common/DcLoOrgPer.jsp?sItemId=000000102378http://hdl.handle.net/20.500.11754/33737
Appears in Collections:
GRADUATE SCHOOL[S](대학원) > ACCOUNTING(회계학과) > Theses (Ph.D.)
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