财务困境和应计异常

IF 2.9 3区管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2022-12-01 DOI:10.1016/j.jcae.2022.100319

Hang Thu Nguyen , Pascal Alphonse , Hiep Manh Nguyen

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引用次数: 1

摘要

我们发现，应计收益异常集中在健康的公司，而在财务状况不佳的公司则不存在。应计项目和现金流量之间的差异持续性是这种关系的主要驱动因素。以往的研究对应计项目异常提出了两种解释:(1)应计项目的会计扭曲和(2)投资错误定价。我们的经验证据支持前者，并挑战后者。我们的研究结果也不同意应计异常是变相的遇难风险溢价的观点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Financial distress and the accrual anomaly

We find that the accrual anomaly is concentrated in healthy firms and is absent in financially distressed firms. The differential persistence between accruals and cash flows is the main driver of the relationship. Prior studies propose two explanations for the accrual anomaly: (1) accounting distortions of accruals and (2) investment mispricing. Our empirical evidence supports the former and challenges the latter. Our findings also disagree with the idea that the accrual anomaly is distress risk premium in disguise.

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