【摘要】 本文考察了我国证券市场1993--2002年企业利润质量与其市场价值的相关性后发现,首先,1994-2002年各年非经常性损益都在1%水平与股价呈显著正相关,说明我国投资者不重视利润质t。这与Collins and Maydew and Weiss (1997)在美国市场的发现明显不同。其次,2000--2002年伴随经营利润和非一经常性损益定价乘数的下降,净资产与企业市价相关性显著提高,表明企业利润的价值相关性在下降,净咨产的价值相关性在提高.欢是我国新兴市场与西方成.熟市场接勒的标志更多还原

【Abstract】 This study examines the association between earning quality and market value in China stock market from 1993 to 2002,and makes some conclusions as followed:1.The findings that nonrecurring items are significantly positive value-relevant from 1994 to 2002,seems that investors in China do not care earnings quality.This evidence is inconsistent with the findings of Collins and Maydew and Weiss(1997)in U.S.A.2,From 2000 to 2002 book value is significantly positive value-relevant with the pricing multiples of operating profit and nonrecurring items decreasing,and this seems to be a sign that Chinese emerging market begin to fallow the wastern mature market.更多还原