A、B股证券市场盈余信息价值的实证研究

中国管理科学 ›› 2003, Vol. ›› Issue (4): 5-9.

A、B股证券市场盈余信息价值的实证研究

范钛

1. 西南交通大学经济与管理学院四川成都 610031;
2. 西南民族大学经济与管理学院四川成都 610041

收稿日期:2003-01-15 修回日期:2003-06-24 出版日期:2003-08-28 发布日期:2012-03-06
基金资助:
国家自然科学基金资助项目(70102008)

An Empirical Analysis on Information Value of Earnings Announcement in A and B Share Markets

FAN Tai

Economics and Management School, Southwest University for Nationalities, Chengdu 610041, China

Received:2003-01-15 Revised:2003-06-24 Online:2003-08-28 Published:2012-03-06

摘要/Abstract

摘要： 中国证券市场在复杂的历史背景下形成了A、B、H股市场并存的特殊市场分割体制,对这一问题的研究具有重要的学术价值和现实意义。本文尝试从信息有效性角度研究我国证券市场分割,文章首先通过比较双重上市公司股价和成交量对不同会计标准的盈余信息的反应,发现了A、B股市场在信息传递、信息评价、信息反应模式上的确存在有效性差异,最后分析了造成信息有效性差异的原因并提出了相应的政策建议。

关键词: 市场分割, 信息有效性, 盈余信息

Abstract: Under a complicated historical background,Chinese stock market has formed a very unique segmented market system with A,B and H share markets existing together.Through analysis on dual listed company’s share price and trading volume reaction to earnings announcement under different auditing standards,we found there are differences of information transfer,information evaluation and information reaction mode between A and B share markets.Then we discuss the causation of this difference in information efficiency and provide some corresponding policy suggestion.

Key words: market segmentation, information efficiency, earnings announcement

中图分类号:

范钛. A、B股证券市场盈余信息价值的实证研究[J]. 中国管理科学, 2003, (4): 5-9.

FAN Tai. An Empirical Analysis on Information Value of Earnings Announcement in A and B Share Markets[J]. Chinese Journal of Management Science, 2003, (4): 5-9.