The Research On Influencing Factors Of Earnings Response Coefficient

Earnings response coefficient is based on the capital market and study the usefulness of accounting information. For earnings response coefficient is the connections of accounting information and capital market, meantime connect the end surplus and oversubscribed stocks return. So an important way of researching above problems is to study the earnings response coefficient and factors that can affect it.On the basis of summary of domestic and overseas articles, we establish several indexes which effect the earnings response coefficient of quoted companies, and designed evaluating index system of surplus action coefficient, with four degrees of persistence, growing, security and ensuring, then use major operation profit devotions rate, retained profits growing rate, capital equity rate and major operation income casing rate to evaluate, which inspects marking action to unexpected surplus in the way of regression analysis.This paper selected 1010 samples in A-share manufacturing listed companies of shanghai exchanges from 2008-2010.First, we did a describing statistics to the chosen four indexes, unexpected earnings and accumulative abnormal stock return in model. Then we did regression analysis to single and more indexes. Finally, the practical result shows that major operation profit devotions rate, retained profits growing rate capital equity have significant to the earnings response coefficient and make right influence , but main business income casing rate is not notable, which shows the usage of financial report's accounting information.