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Idiosyncratic Risk and Asset Pricing

机译：特质风险和资产定价

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The purpose of research is to investigate the accrual principles in Accounting that contained in the Company's Financial Statements. The accrual principle is reflected in the Balance Sheet and Income Statement. Accrual measurements in the Balance Sheet are measured using Persistence Current Operating Accrual, Persistence Non-Current Operating Accrual. Idiosyncratic risk reflects the specific information about the company and it will fluctuate according to the information itself. To measure the idiosyncratic risk in this study five factors of Fama-French Model were used (Fama and French 2014). Asset Pricing Measurement uses the Dividend Discount Model to predict stock prices. The samples used in this study are listed below. The Manufacturing Company is selected with consideration for accrual measurement of accounts receivable, inventory, investment, and liabilities. The sample was chosen by purposive random sampling method. The number of samples generated by this method is 145 companies with full reports for 2010-2015. Using the SEM AMOS Ver.24 and Sobel Test-Path Analysis, the results show that Current Operating Accrual has a negative and significant relationship to the idiosyncratic risk and stock price. For non-current Operating Accrual, variables have a positive and significant relation. By using Sobel Test, the test result shows that idiosyncratic risk has mediation effect in Persistence Current Operating Accrual, Non-Current Operating Accrual relationship to stock price.
机译：研究目的是调查本公司财务报表中所载的会计的权衡原则。应计原则反映在资产负债表和损益表中。资产负债表中的应计测量使用持久性电流运行应计，持久性非电流运行应计进行测量。特质风险反映了关于公司的具体信息，它将根据信息本身波动。为了衡量本研究中的特质风险，使用了Fama-Frank模型的五个因素（Fama和法国2014年）。资产定价测量使用股息折扣模式预测股价。下面列出了本研究中使用的样品。选择制造公司考虑到应收账款，库存，投资和负债的应计值计量。用目的随机取样方法选择样品。该方法产生的样本数量是2010 - 2015年全面报告的145家公司。使用SEM AMOS Ver.24和Sobel Test-Path分析，结果表明，目前的运营应计与特质风险和股票价格有负面和显着的关系。对于非目前的操作应计，变量具有积极和重要的关系。通过使用Sobel测试，测试结果表明，特质风险在持久性经营应计的持久性经营权衡，非目前运营应计关系中具有调解效果。

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