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通过运用Panel Data(固定效应)以及时间序列OLS回归计量方法,系统分析影响应计质量的内在因素,在将总应计质量分离成内在应计质量与可操控应计质量的基础上,探讨它们与权益成本的相关性,实证表明:可操控应计质量与醛益成本成显著负相关,而内在应计质量与权益成本成显著正相关;可操控应计质量对权益成本影响比内在应计质量更为显著。这表明,在中国A股市场,投资者不能全面有效识别公司应计盈余质量的好坏,应计质量没有得到客观定价。同时,在对应计质量进行资产定价检验时发现,由于超常报告盈余引起的盈余大幅度波动(高AQ值)导致盈余质量的不稳定,并不能给投资者带来稳定的超常回报率。
Through the use of Panel Data (Fixed Effects) and Time Series OLS Regression Metrics, we systematically analyze the intrinsic factors that affect the quality of accruals. Based on the separation of the total accruals into internal accruals and controllable accruals, And the cost of equity. The empirical results show that the quality of the accruals is negatively correlated with the cost of aldehydes and benefits, while the intrinsic quality of accruals is positively correlated with the cost of equity. The discrepancy between the cost of accruals and the cost of accruals is more significant Quality is more significant. This shows that in the Chinese A-share market, investors can not fully and effectively identify the quality of the accrued earnings of the company, and the accrued quality has not been objectively priced. In the meantime, when examining the asset pricing of the corresponding quality, we found that the volatility of earnings (high AQ value) caused by abnormal earnings surpluses leads to unstable earnings quality and does not bring stable abnormal returns to investors.