上海管理科学2017，Vol.39Issue(6)：6-10,5.
投资者异质信念、盈余持续性指标与股票价格周期性波动
Heterogeneous Beliefs, the Sustainability of Earnings and Cyclical Fluctuations of Stock Price
孙晓敏 1张天西1
作者信息
- 1. 上海交通大学安泰经济与管理学院,上海 200030
- 折叠
摘要
Abstract
The sustainability of earnings is an important content of accounting information of listed companies and is one of the judge basis of stock pricing of listed companies for investors.With the development of securities market in our country,heterogeneous beliefs is becoming more and more practical significance.Including the factor of heterogeneous beliefs,this paper chose a-share companies listed on the Shanghai and Shenzhen stock exchange from 2007 to 2015 as research object to analyze the correlation between stock price and the sustainability of earnings.The study found that higher sustainability of accounting earnings has positive significance on the stock pricing which indicated that our Chinese securities market can differentiate the different types of earnings according to the sustainability.The factors of heterogeneous beliefs have significant positive influence on the stock price while the heterogeneous beliefs have negative influence on earning information'pricing.Also,heterogeneous beliefs have different influence on stock prices between bull and bear market.关键词
盈余持续性/投资者异质信念/股票价格/牛市/熊市Key words
the sustainability of earnings/heterogeneous beliefs/stock price/bull and bear markets分类
管理科学引用本文复制引用
孙晓敏,张天西..投资者异质信念、盈余持续性指标与股票价格周期性波动[J].上海管理科学,2017,39(6):6-10,5.
