中國 上場企業 會計利益의 質 實證分析Empirical Analyses of Chinese Firms’ Earnings Quality
- Other Titles
- Empirical Analyses of Chinese Firms’ Earnings Quality
- Authors
- 이광재
- Issue Date
- Mar-2020
- Publisher
- 고려대학교 중국학연구소
- Keywords
- Net Income; Cash Flow; Earnings Quality; Earnings Persistence; Ex-Postntrinsic Value
- Citation
- 중국학논총, v.67, pp 303 - 324
- Pages
- 22
- Journal Title
- 중국학논총
- Volume
- 67
- Start Page
- 303
- End Page
- 324
- URI
- https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/1600
- DOI
- 10.26585/chlab.2020..67.012
- ISSN
- 1229-3806
2765-6330
- Abstract
- I have empirically examined the difference of earnings() and cash flow() persistence, along with the difference in explanatory powers of and on the market value() and intrinsic value() between the firms of mainland China listed in Shanghai and Shenzhen, and those listed in Hong Kong and Korea stock exchanges, using ex-post intrinsic value model suggested by Subramanyam and Venkatachalam(2007). My findings are as follows. Firstly, the results of both and regressions on and respectively show that adjusted s and regression coefficients() of the firms listed in Shanghai and Shenzhen stock exchanges are notably lower in each subsequent period, and decrease substantially faster for the next three periods(n+1~n+3) than those listed in Hong Kong and Korea stock exchanges. Secondly, the results from regressions on and show that adjusted s of the listed firms of Shanghai and Shenzhen are remarkably lower than those of Hong Kong and Korea. Thirdly, the regressions on and have also resulted significantly lower adjusted s for the firms of Shanghai and Shenzhen than those of Hong Kong and Korea. These findings are very well compatible with my predictions that both Shanghai and Shenzhen firms’ persistence of earnings() and cash flow), and their explanatory powers for not only future earnings() and cash flow() but also market value() and ex-post intrinsic value() are significantly lower than those of Hong Kong and Korea firms. My findings are no little important, providing an empirical evidence on which the Chinese government may set new accounting rules with higher earnings quality standards.
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