分析师现金流预测如何影响应计异象?

摘要

本文以2007-2015年间深圳交易所A股上市公司为样本,探讨了分析师现金流预测对应计异象的影响.实证检验表明,分析师现金流预测能有效缓解应计异象;分析师现金流预测与会计信息质量呈竞争关系;本地分析师跟进促进了现金流预测对应计异象的缓解作用.综上所述,我们认为分析师现金流预测主要通过监督效应缓解应计异象.%Based on the companies listed in Shenzhen Stock Exchange during the period from 2007 to 2015,this paper explores the causal effect of analysts' cash flow forecasts on accrual mispricing.The empirical evidence indicates that earnings and cash flow forecast firms have less accrual mispricing compared to earnings forecast firms;analyst cash flow forecasts compete with the quality of accounting disclosure;the coverage of local analysts facilitates the cash flow forecasts' mitigation effect towards accrual mispricing.These findings suggest that the analysts' cash flow forecasts primarily alleviate accruals mispricing through monitoring effects.