The Usefulness On The Accrual Anomaly In Listing Corporation Of China

Accrual anomaly refers to investors based on the history of accounting earnings data topredict when the next period surplus had deviated, It caused accounting accruals pricingerrors,Eventually the historical data of accounting accruals set up investment arbitrageportfolio so as to obtain excess returns in the future based on the phenomenon.Quality ofaccrual anomaly is not only related to the formulation of accounting standards, And thechallenge to the efficient market hypothesis,so has received much attention.Domestic and foreign scholars have found the according to the existing of accrualanomaly in the overseas capital market and the capital market of ourcountry,However,Capital market perplexing,The overall environment continue toimprove,There are also some researchers that the accrual anomaly weakening trend,In thispaper, the main purpose is to use the latest data to explore the accrual anomaly in the capitalmarket of China,And mainly for manufacturing industry. We choose China A shares inShanghai and Shenzhen two city listing Corporation manufacturing industry from2011to2013as the research sample,Modeled on the manner of Sloan: Frist,Inspection of accountingaccruals and cash flow have differences in Sustainability,Cash flow on accounting earningsforecast ability is stronger;Secondly,By using the method of econometrics model ofdescriptive statistics and linear regression,the discovery of accounting accruals and thecumulative abnormal return is negative correlation are embodied in the samples, It is thatmarket accrual anomaly may obvious exists in manufacturing industry listing Corporation ofChina.Multiple linear regression collinearity diagnosis application,Study on accountinginformation in predicting the usefulness of earnings in the future;Next,To chart lists annualreport released cumulative abnormal return of each month in a year,and construct theinvestment portfolio,Also found the evidence that the accrual anomaly exists in our countrymanufacturing industry listing Corporation; Last, forecast earnings of the2014and comparethe forecasts for earnings and actual earnings Study on the regression analysis based on theaccrual anomaly can obtain excess profit.In this paper, the possible contribution lies in:1. select the Chinese A sharesmanufacturing company which from2009to2011as the research object. Collect the Samples of financial information from2008to2013, to test the accrual anomaly phenomenon inChinese listing Corporation’s usefulness and its related content, having good timeliness. It ishope that the research to manufacturing of A shares listed on Sample Firms Can be applied inother specific industry.2.In this paper when do the regression test, measurement therespectively corresponding project parts through the balance sheet method and profit tablemethod,In order to avoid the deviation of the index calculation.