The International Journal of Accounting Studies 会计评,第 51 期,2010 7 月 第 107 – 142 页
从企业生命周期探讨应计项目常现象*
曹寿民
国中央大学企业管学系 国中央大学会计研究所
威豪
国中央大学企业管学系
奕孜
国中央大学企业管学系 摘要
本研究探讨公司所处的生命周期是否会影响盈余组成份子的持续与应 计项目常现象.实证结果发现:(1)成长期公司现的持续会小於成熟 与衰退期的公司;成长期公司现的持续也会小於应计项目的持续. (2)衰退期公司应计项目的持续小於成长与成熟期的公司.(3)投资人无法正 确反应企业生命周期对现与应计项目持续的影响.(4)由於股市无法正 确评估企业生命周期对盈余组成份子持续的影响,因此在同生命周期下, 基於应计项目常现象所发展的投资组合策,可获得超额报酬;另外,基於 生命周期与应计项目常现象所发展的合投资策,可获得 12.80%的 超额报酬,远大於只基於应计项目常现象所获得的超额报酬(5.3%). 关键词:应计项目,生命周期,应计项目常现象,现
*
作者感谢名审查者所给予的宝贵意,也感谢国科会专题研究计画的补助(计画编号: NSC96-2416-H-008-031-MY3) .
收稿日:2008 12 月 接受日:2010 6 月 三审后接受
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会计评,第 51 期,2010 7 月
Accrual Anomaly over the Firm Life Cycle
Shou-Min Taso
Department of Business Administration
Graduate Institute of Accounting
National Central University
Wei-Hao Lien
Department of Business Administration National Central University
Yi-Tzu Liu
Department of Business Administration National Central University
Abstract
This study examines the persistence of earnings components and the accrual anomaly over a firm's life cycle stages. First, we report that, compared to mature or declining firms, the persistence of cash flows is significantly lower during the firm's growth stage. In fact, within growth firms, the persistence of cash flows is lower than the persistence of accruals. Second, we find that, compared to growing or mature firms, the persistence of accruals is significantly lower during the firm's stage of decline. Third, we find that stock markets fail to properly reflect the impact of accruals and cash flows on the future earnings over different life cycle stages. Finally, the trading strategies based on the accrual anomaly over different life cycle stages generate abnormal positive one-year-ahead returns. Furthermore, the combining strategy based on the accrual anomaly and the firm's life cycle stage generates a one-year-ahead hedge return of 12.8%, which significantly exceeds the one-year-ahead head return based on accrual anomaly alone (5.3%). Keywords: Accruals, Accrual anomaly, Firm's life cycle, Cash flows.

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