중국기업의 이익반응계수Earnings Response Coefficient of Chinese Firms
- Other Titles
- Earnings Response Coefficient of Chinese Firms
- Authors
- 정태범
- Issue Date
- Nov-2013
- Publisher
- 고려대학교 중국학연구소
- Keywords
- Chinese firms; Earnings Response Coefficient; Unexpected earnings; Abnormal returns
- Citation
- 중국학논총, v.42, pp 481 - 500
- Pages
- 20
- Journal Title
- 중국학논총
- Volume
- 42
- Start Page
- 481
- End Page
- 500
- URI
- https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/11472
- DOI
- 10.26585/chlab.2013..42.020
- ISSN
- 1229-3806
- Abstract
- Financial statements have two major accounting information which are book value of net assets and net income. According to the previous researches, the Chinese firm whose stock is listed on Korea stock market shows significantly large earnings management and has less value relevance of accounting information comparing with Korean companies. However net income has the incremental explanation power on the stock value.
In this research, the earnings response coefficient(ERC) of Chinese firms is analyzed empirically using the unexpected earnings and cumulative abnormal returns of stock price to confirm the information content and usefulness of net income. The results produces evidence that ERC of Chinese firms is as significant as that of Korean firms. It means that Chinese firms’ accounting income can be used properly when measuring the business analysis.
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