香港岭南大学研究团队发表报告指出，散户投资者若能理解"账面盈利"与"实际现金流"的概念差异，可以有效减少盲目追买股票造成的损失1。该研究对中美两国共4671档股票进行分析，其中包括中国2284档和美国2387档1。研究团队通过社群媒体对散户进行教育培训，实验结果显示接受完整教育后的散户在公司业绩公布前后的追买行为明显减少1。
岭南大学金融学系副教授赵小峰表示，投资者单纯关注公司盈利高低并不能准确判断该公司的盈利质素及股票价值1。他指出，公司公布盈利增加也不必然意味着该股票值得追买，关键还要看盈利中有多少来自实际现金流1。这项研究由香港岭南大学金融学系与河南大学、香港中文大学（深圳）合作完成，研究成果已在国际顶尖期刊《会计与经济学杂志》发表1。
A research team from Lingnan University in Hong Kong has released findings demonstrating that individual investors can significantly decrease losses from impulsive stock purchases by grasping the distinction between accounting profits and actual cash flow 1. The study analyzed a combined 4,671 stocks—2,284 from China and 2,387 from the United States—to evaluate how financial education impacts retail investor behavior 1.
The research, conducted in collaboration with Henan University and the Chinese University of Hong Kong (Shenzhen), provided comprehensive financial education to investors through social media and tracked their subsequent trading patterns 1. Results showed that educated investors substantially reduced their tendency to chase stocks around the time of earnings announcements 1.
According to Zhao Xiaofeng, Associate Professor of Finance at Lingnan University, "Investors who only look at a company's profit levels may fail to accurately assess the quality of those earnings and the true value of its stock. Even if a company reports increased profits, that does not necessarily mean the stock deserves to be bought—the key is determining how much of those profits come from actual cash flow 1."
The research findings have been published in the Journal of Accounting and Economics, a leading international academic journal 1.
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