The Quality Of Accounting Informaiton Disclosure For Accrued Anomaly Effect Of Empirical Research

Sloan（1996）proposed accrual anomaly，questioned the quality of the current accounting standard setters，and challenged the universally recognized efficient market hypothesis，caused widespread concern of academics andpractitioners．Accrued vision is the accruals accounting earnings market mispricing，make the formation ofaccounting accruals and future stock returns negative correlation，investors buy low accrued company stock of theaccrued stock in the capital market，sell high，and held for some time in order to gain the phenomenon of excessreturns through the use of negative characteristics．Its roots in the investors "function lock" in accounting earnings，failed to identify accounting accruals and cash flows of the persistent differences as well as the company manipulatedearnings information，thus overestimate accruals ability to predict the future surplus．The roots of accrued anomaly lies to investors＂function lock＂in accounting earnings，therefore，the qualityof accounting information disclosed is particularly important．Reaction of listed companies to disclose businessposition，operating results and future dynamic accounting information quality，the protection of investors’interests，and safeguard the healthy development of the capital market plays an important role in the level of qualityof accounting information disclosure is also directly affect investors’ investment decisions．The quality of accountinginformation disclosure to reduce the phenomenon of＂information asymmetry＂between listed companies andinvestors，more conducive to reduce agency costs between small investors and large shareholders，investors andmanagement to circumvent the management of surplus manipulation，the correct pricing guide investors accrualaccounting，in order to maintain the effectiveness of the capital market，and to prevent the occurrence of accruedvision．Based on domestic and foreign accrual anomaly and disclosure of accounting information quality research theoryand literature，modeled Sloan（1996）research strategy，the accrual vision of existence and the disclosure ofaccounting information quality in China＇s capital markets，study the vision of the impact．China＇s ShenzhenStock Exchange（hereinafter referred to as＂Shen Exchange＂)for information disclosure evaluation，this articlebased on the Shenzhen Stock Exchange message disclosure of listed firms evaluation as the study sample．First testaccounting should be taking into account and cash flow forecast future earnings persistence on the differences，thestudy drawn with other scholars（Sloan，1996；Xie，2001；Richardson，2005；Jiang Guohua，Li Yuanpeng，Niu Jianjun，2006；Liu Yunzhong，2003and so on）to the same conclusion，the accounting accrual persistentlower than the cash flow．Accrual size of the sample companies are grouped buy lowest Accrued group companystock，sell the highest accrual group stocks，arbitrage investments，significant excess returns，prove accrual vision in our capital markets is exist．After verifying that China＇s capital market accrued anomaly existence，by buildingthe quality of accounting information disclosure and accrued visions regression model，the research accountinginformation disclosure quality level of the corresponding meter vision，results show that the higher the quality ofaccounting information disclosure，the smaller investors corresponding accruals mispricing degree，more conduciveto the stability of the market．Finally，according to the results of empirical research，provide high qualityaccounting message disclosure and countermeasures to circumvent accrued anomaly．...