场外市场会计盈余的信息含量

陈国辉; 刘斌

场外市场会计盈余的信息含量

引用本文：陈国辉，刘斌.场外市场会计盈余的信息含量[J].财经理论与实践,2012,(3):51-56

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作者	单位
陈国辉，刘斌	（东北财经大学会计学院，辽宁大连116025）

中文摘要:以万德数据库提供的新三板企业为样本，检验场外主体市场的会计盈余信息含量。混合样本检验显示，盈余信息披露对投资者超额收益有显著影响。分期检验中，2009年披露的盈余信息还不具备有效的信息含量；2010年披露的盈余信息具有信息含量，可能预示着场外市场的完善和成熟。此外，样本检验结果没有找到场外市场具有半强势有效的证据，但可以推断该市场处于弱势有效状态。

中文关键词:场外市场 CAR 会计盈余信息含量

The Information Content of Accounting Earnings Announcements in the OTC Market

Abstract:Using the data from companies in the New Third Board provided by the Wind database, the information content of accounting earnings announcements in the OTC market has been tested. Generally, the accounting earnings announcements has significant effect on excess returns. There was no useful information in the announcements desclosed in 2009, while some useful information was found in the announcements desclosed in 2010, which probably indicate that the OTC market is growing. In addition, there are no semi-strong form market evidences, therefore, it is reasonable to regard the market as a weak form market.

keywords:OTC market CAR Accounting earnings Information content

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