短期销售前景对收益平滑的影响

IF 3.6 Q1 BUSINESS, FINANCE
Xu Sun, Tianming Zhang
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引用次数: 1

摘要

目的本文的目的是检验卖空前景对未来收入平滑的影响。设计/方法论/方法本研究考察了卖空前景如何影响未来收入平滑。这项研究遵循了先前的研究,并使用了两种收入平滑的衡量标准。一个是支出前收入的变化与可自由支配应计项目的变化之间的相关性。另一个是收益相对于现金流的可变性。研究发现,卖空前景对未来收入平滑有负面影响。这一发现在使用卖空前景和收入平滑的不同衡量标准以及子样本测试时是稳健的。进一步分析表明,卖空前景通过抑制收入平滑,降低了未来股价暴跌的风险。原创性/价值据作者所知,这项研究首次考察了卖空对公司随后平滑报告收入的影响。本研究通过证明卖空对未来盈利平稳性的治理作用,为盈利质量文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The impact of short sale prospect on income smoothing
Purpose The purpose of this paper is to examine the impact of short sale prospect on future income smoothing. Design/methodology/approach This study examines how short sale prospect impacts future income smoothing. This study follows prior research and uses two measures of income smoothing. One is the correlation between the change in prediscretionary income and the change in discretionary accruals. The other is the variability of earnings relative to the variability of cash flows. Findings This study finds that short sale prospect has a negative impact on future income smoothing. This finding is robust to use different measures of short sale prospect and income smoothing and to subsample tests. Additional analysis reveals that short sale prospect, by curbing income smoothing, reduces future stock price crash risk. Originality/value To the best of the authors’ knowledge, this study is the first to examine the impact of short selling on firms’ subsequent smoothing of reported income. This study contributes to the earnings quality literature by demonstrating the governance role of short selling on future earnings smoothness.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
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