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以我国2002~2008年期间A股上市公司为研究对象,延续Sloan的方法,利用mishkin检验来考察公司盈余持续性、审计师类型对盈余持续性的影响及股票市场反应。发现公司盈余中应计成分持续性低于现金流量成分;四大审计客户的盈余持续性要高于非四大审计的客户;与公司盈余中现金流量成分相比,四大审计师更显著提高公司盈余中应计成分的持续性;股票价格中所包含的公司盈余预期不能反映公司盈余中应计成分和现金流量成分持续性的差别;股票价格中包含的盈余预期可以总体上反映四大与非四大审计师对公司盈余持续性影响的差异,但股票价格中包含的盈余预期不能反映四大与非四大审计师对公司盈余中应计成分和现金流量成分持续性影响的不同,市场符合“幼稚投资者”假说。
Taking A-share listed companies in our country from 2002 to 2008 as the research object, we extend Sloan’s method and use Mishkin’s test to examine the sustainability of the company’s earnings, the influence of the types of auditors on earnings sustainability, and the stock market reaction. We find that the accruals in corporate surpluses persistently lower than the cash flow components. The earnings persistence of the four auditing clients is higher than that of non-auditors. Compared with the cash flow components of corporate surpluses, the auditors of the four major auditors increased significantly The company’s earnings accrued in the composition of the continuity of the stock price included in the company’s earnings forecast does not reflect the corporate earnings of accruals and cash flow components of the continuity of the difference between the stock price earnings forecast can be generally reflected in the four and Non-Big Four auditors on corporate earnings persistence differences, but the stock price earnings forecasts do not reflect the four major and non-major auditors on corporate earnings accruals and cash flow components of the continuing impact of the different market, the market In line with “naive investors ” hypothesis.