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IC SAS -MA1A0101 MA1A0102 MA1A0105 IC IC IC 3 (Healy and Wahlen, 1999)1.2.3.4 IC IC IC 5 IC 96823

IC 6 (GAAP)8 Discretionary Accruals, DAHealy(1985)9 Healy(1985) Total Accruals, TADiscretionary Accruals, DA Non-DiscretionaryAccruals,NDA10 Jones Model Modified Jones Model Dechow,Sloan and Sweeney(1995) Healy and Wahlen(1999) Teoh, Welch and Wong(1998) (2006) Healey(1985) DeFond and Jiambalvo(1994) IC (TEJ)92 96 16 IC IC 17 IC 18 IC IC 19 Modified Jones Model Modified Jones Model Dechow, Sloan and Sweeney(1995)TAi,ti t t-1 NIi,ti t t-1 OCFi ,ti t t-1 TAi,t NIi,tOCFi ,t20 TAj,ta1(1/Aj,t-1)a2(REVj,t/Aj,t-1)a3(PPEj, t/Aj,t-1)j,t a1a2a3123NDAi,t1(1/Ai,t-1)2(REVi,tRECi,t)/Ai,t-13(PPEi,t/Ai,t-1)NDAi,t1(1/Ai,t-1)2(REVi,tRECi,t)/Ai,t-13(PPEi,t/Ai,t-1)DAi,tTAi,tNDAi,t21 TAtt-1NDAtAt-1REVt-t-1RECt-t-1PPEt22 23 [] DAi,t01*PBi,t-12*MARKETi,t3*DAi,t-14*SIZEi,t5*DEBTi,ti,tDAi,t01*PBi,t-12*GPi,t-13*ROAi,t-14*NROAi,t-15*MARKETi,t6*DAi,t-17*SIZEi,t8*DEBTi,ti,t[]24 [] []DAi,t01* PBi,t-12*GPi,t-13*ROA i,t-14*NROAi,t-15*BDRATIOi,t6*BDPLEDGEi,t7*MARKETi,t8*DAi,t-19*SIZEi,t10*DEBTi,ti,t DAi,t 01* PB i,t-12*GP i,t-13*ROA i,t-14*NROA i,t-15*BDRATIOi,t6*BDPLEDGEi,t7*IPO i,t8*MARKETi,t9*DAi,t-110*SIZEi,t11*DEBTi,ti,t25 []DAi,t 01* PB i,t-12*GP i,t-13*ROA i,t-14*NROA i,t-15*BDRATIOi,t6*BDPLEDGEi,t7*IPO i,t8*OFFERi,t9*MARKETi,t10*DAi,t-111*SIZEi,t12*DEBTi,ti,t26 [] DAi,t 01* PB i,t-12*GP i,t-13*ROA i,t-14*NROA i,t-15*BDRATIOi,t6*BDPLEDGEi,t7*IPO i,t8*OFFERi,t9*BONUSi,t10*MARKETi,t11*DAi,t-112*SIZEi,t13*DEBTi,ti,t27 PBi,t -1it-1 GPi,t -1it-1 ROAi,t -1it-1 NROAi,t -1it-1 10BDRATIOi,tit BDPLEDGEi,t it 28 IPOi,tit 96 1 0

OFFERi,tit 10 1 0

BONUSi,t96 8 23 1 029 MARKETi , tit DAi , t -1 it-1 SIZEi , tit DEBTi , tit (1)Nta7970.014810.1022630.009370.279373-1.08656nda7970.008130.0603590.000970.218342-0.6688da7970.006680.0837820.003940.231831-0.69213NI7970.0630590.1157790.0536890.434185-0.69293OCF7970.0778660.0975640.0707290.439514-0.20032A797604996011055183197732994171742150039REV797164497.3427057827651424432762-3.8E+07REC79717778.1305563.334191858687-2668735PPE797549886.8124484621445817981126931PB7973.5133753.0644092.5530.20.45IC 32 NGP79732.698720 15.325005 33.510000 84.640000 (30.550000)ROA7976.589812 11.909672 5.320000 45.650000 (75.350000)NROA7976.697026 11.503254 5.300000 50.640000 (54.440000)BDRATIO7970.193735 0.086820 0.177700 0.751400 0.012800 BDPLEDGE7970.053077 0.129820 0.000000 0.915000 0.000000 IPO7970.127980 0.334277 0.000000 1.000000 0.000000 OFFER7970.005019 0.070710 0.000000 1.000000 0.000000 BONUS7970.06524470.24711220.000000 1.000000 0.000000 MARKET7977.123868 33.336776 1.770200 258.567800 (53.358500)SIZE7976.048742 0.628606 5.999978 7.873777 4.307710 DEBT7970.068449 0.103361 0.012882 0.474020 0.000000 0.06520.00092 96 96 8 23 33 PBGPROANROABDRATIOBDPLEDGEIPOOFFERBONUSMARKETlagdaSIZEDEBTPB1.00 GP0.25 1.00 ROA0.48 0.46 1.00 NROA0.44 0.48 0.67 1.00 BDRATIO0.03 0.09 (0.02)(0.02)1.00 BDPLEDGE(0.13)(0.03)(0.07)(0.05)(0.22)1.00 IPO0.38 (0.03)0.17 0.13 (0.07)(0.14)1.00 OFFER(0.02)(0.11)0.02 (0.01)(0.01)(0.03)0.19 1.00 BONUS(0.18)(0.02)(0.09)(0.06)0.03 0.01 (0.11)0.02 1.00 MARKET(0.07)(0.01)0.04 0.05 (0.00)(0.04)0.09 0.05 0.25 1.00 lagda0.12 0.15 0.25 0.31 0.02 (0.09)0.19 0.09 0.01 0.09 1.00 SIZE0.22 0.02 0.44 0.30 (0.18)0.16 (0.07)0.03 (0.12)(0.05)(0.09)1.00 DEBT(0.15)(0.20)(0.19)(0.20)0.00 0.10 (0.06)0.01 0.08 (0.09)(0.01)0.01 1.00 34 DW 1.9471.7971.7981.7951.7931.789Durbin-Watson D2 0 4 35 REG : da DFF Pr > F51.519340.3038759.01 |t|Intercept10.062350.024952.500.01260.00000PB10.002720.000874183.110.0019***1.10877MARKET13.802827E-70.000077320.000.99611.02651lagda10.487590.0309615.75 F82.343240.2929171.06 |t|Intercept10.224110.027208.24