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应计异象是重要的市场异象之一。上市公司产权性质的不同会导致资本市场上的应计异象体现出制度性的特点。检验结果显示,国有企业的会计应计持续性要低于非国有企业的会计应计持续性,这说明国有企业对会计应计的操纵更加强烈;而国有企业的应计定价偏差却大与非国有企业,这说明盈余操纵是导致应计异象的原因。在我国,富有经验和专业知识的机构投资者是能够识别盈余信息中现金流量和会计应计持续性之不同。同时,他们对会计应计的定价能力持较为谨慎与保守的态度,但是这种谨慎与保守比较突出地表现在对待非国有企业上。这可能是机构投资者对于无制度性优势的非国有企业的会计应计持悲观态度,而对有着政府“隐性担保”的国有企业的会计应计却表现出足够的乐观。
Accrued vision is one of the important market visions. The different nature of the property rights of listed companies will lead to the accrued anomaly in the capital market to reflect the institutional characteristics. The test results show that the persistence of accounting accruals of state-owned enterprises is lower than that of non-state-owned enterprises. This shows that the manipulation of accounting accrual by state-owned enterprises is more intense. However, the deviation of accrual pricing of state- State-owned enterprises, which shows that earnings manipulation is the reason that leads to accrued vision. In our country, institutional investors with experience and expertise are able to recognize differences in cash flows and accounting accruals in earnings information. At the same time, they hold a cautious and conservative attitude toward the pricing power of accounting accruals, but this cautiousness and conservativeness are more prominent in treating non-state-owned enterprises. This may be that institutional investors are pessimistic about accounting accruals of non-state-owned enterprises without institutional advantages, while accounting accruals of state-owned enterprises with government “implicit guarantees ” are showing enough optimism.