【摘要】 研究中习惯用回报/盈余关系来表示会计盈余的信息含量。通过A股的实证结果发现,当时间窗口为公告日前后60天时,回报/盈余关系较显著;盈余的持续性越高,回报/盈余关系越显著;非线性的模型比线性模型的解释能力更强。但是模型总体的R2水平都较低,这可能是由于研究方法的缺陷、市场的非理性、盈余本身信息含量低等原因造成的。更多还原

【Abstract】 It has been almost 40 years to conduct research on accounting earnings and its usefulness. This paper makes a comparatively systematic retrospect on the factors influencing return/earnings relationship, i.e.: the return windows, the persistence of earnings, the format of the models (linear or non-linear). But generally the R2 of the model is low. This may be because of the limitation of the research methods, the existence of investor irrationality ("noise trading") and low information content of earnings.更多还原