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在金融危机冲击下,投资者对可操纵性应计盈余的估值更低,不是因为盈余质量更差,在很大程度上是因为市场低迷的悲观情绪影响了投资者对盈余信息的解读;并且,这种影响既不利于投资者适当地对公司进行估价,也将影响资本市场的资源配置效率。本文考察了危机冲击如何影响投资者的信息解读,并结合危机冲击对公司信息披露的影响,进一步分析了在危机冲击下投资者信息解读的合理性。
Investors ’valuation of discretionary accruals is lower because of the financial crisis, not because of the poorer earnings quality, but because of the pessimistic sentiment of the market downturn, which affects investors’ interpretation of earnings information. And, this kind of influence is not good for investors to appraise the company appropriately, will also affect the resource allocation efficiency of the capital market. This article examines how the crisis impact affects investors’ interpretation of the information and, combined with the impact of the crisis impact on the company’s information disclosure, further analyzes the rationality of the investor’s information interpretation under the impact of the crisis.