国内会计准则和国际会计准则的价值相关性.docVIP

国内会计准则和国际会计准则的价值相关性 　　摘 要：以同时发行A股和B股的公司的会计数据为基础，研究A股市场的会计数据和股票之间的价值相关性。使用价格水平模型和E-view，对44个AB股公司十年的会计数据（每股盈利和每股净利润）和相应时点的股票价格进行混合最小二乘法回归，研究当国内的会计准则更多地融合了国际会计准则后A股市场上价值相关性的变化情况。因自2007年起，国内的会计制度规定更多地融合国际会计准则，故将十年分为两个阶段（2002―2006年和2011―2015年）以便对两个不同时期回归结果做出比较，从而得出更加精确的结论。运用随机事件效应以及固定时间效应（即按年回归）分别对两个时期的数据进行截面分析，得出以下结论：每股收益在A股市场上的价值相关性在国内会计准则更多地融合了国际会计准则后有一定程度的增加，换句话说，国际会计准则的部分使用能够提高以每股收益为代表的会计信息的价值相关性。但是，发现每股净利润在两个时期都不具有价值相关性。根据回归结果，在国内的会计准则下，会计信息的价值相关性有一定的相对稳定性，但是当国内的会计准则融合了更多的国际会计准则之后，每股收益呈逐年递增的趋势（2015年除外）。 　　关键词：价值相关性；国内会计准则；国际会计准则；A股市场；AB股公司；每股收益；每股净利润；股票价格 　　中图分类号：F230 文献标志码：A 文章编号：1673-291X（2016）27-0056-08 　　CHAPTER 1：INTRODUCTION 　　It is necessary to know the history of capital market in China before conducting studies of associations between accounting information and stocks’ prices.As the second biggest economy in the world，China plays an important role and its unique economic and financial structure has attracted an increasing number of researchers’ eyes.Stock firms reappeared in the Chinese economy in the late 1980s with the purpose of facilitating the economy.The Shanghai Stock Exchange market and the Shenzhen Stock Exchange market were established in the 1990s，which lead to the repay expansion of the capital market （Chen and Thomas，2003）.However，the stock market in China was far from standardized as it has an imperfect regulatory framework，especially in the aspect of accounting information disclosure and financial reporting， compared with those capital markets in developed countries.The lack of transparent and reliable financial information may lead to information asymmetry，which may influence the investors’ forecast of companies’ future performance and therefore a less effective investment decision （Aharony et al.2000）. 　　1.Research questions 　　The first research question is that the value-relevance of Chinese GAAP and the converged Chinese GAAP （with IFRS），in other words，whether the Chinese GAAP and the converged Chinese GAAP are value-relevant