信息披露与资本市场定价问题研究——基于公允价值、盈余透明度因素的考量
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摘要
充分的信息披露是资本市场有序运行的基础,有利于信息使用者提高投资决策质量,从而提高资本市场定价效率。本文以沪、深两市2001至2018年上市公司作为样本,检验了盈余信息透明度的变化对证券市场资产定价的影响。研究结果表明:(1)盈余信息透明度与资本市场定价显著负相关,企业财务公报披露的企业盈余透明度越高,资本市场错误定价水平越低;(2)2007年推出的新会计准则是在全球会计准则统一的趋势下跟进的,新会计准则能积极的影响盈余透明度对资本市场定价的作用;(3)新会计准则中与会计盈余直接相关联的变动之一为公允价值变动损益的列报,按照新的会计准则重新计算企业盈余信息透明度,发现在将公允价值变动损益从模型中扣除后,其对证券市场资产定价的影响更显著。
Sufficient information disclosure is the basis for the orderly operation of the capital market, which is conducive to information users to improve the quality of investment decisions, thereby improving the pricing efficiency of the capital market. This paper takes the A-share listed companies from 2001 to 2018 in Shanghai and Shenzhen as research samples, and discusses the transparency of earnings information and the impact of changes in fair value of new standards on capital market pricing.The results show that:(1) The transparency of earnings information is significantly negatively correlated with the pricing of capital markets. The higher the transparency of corporate earnings disclosed in corporate financial bulletins, the lower the mispricing level of capital markets;(2) The new accounting standards introduced in 2007 are global. Following the trend of unified accounting standards, the new accounting standards can positively influence the effect of earnings transparency on capital market pricing;(3) one of the changes directly related to accounting earnings in the new accounting standards is the gains and losses of changes in fair value. In the report, the company's earnings and earnings transparency were recalculated according to the new accounting standards. The study found that the earnings transparency of the gains and losses from changes in fair value was more effective in reducing the mispricing of the capital market.
Sufficient information disclosure is the basis for the orderly operation of the capital market, which is conducive to information users to improve the quality of investment decisions, thereby improving the pricing efficiency of the capital market. This paper takes the A-share listed companies from 2001 to 2018 in Shanghai and Shenzhen as research samples, and discusses the transparency of earnings information and the impact of changes in fair value of new standards on capital market pricing.The results show that:(1) The transparency of earnings information is significantly negatively correlated with the pricing of capital markets. The higher the transparency of corporate earnings disclosed in corporate financial bulletins, the lower the mispricing level of capital markets;(2) The new accounting standards introduced in 2007 are global. Following the trend of unified accounting standards, the new accounting standards can positively influence the effect of earnings transparency on capital market pricing;(3) one of the changes directly related to accounting earnings in the new accounting standards is the gains and losses of changes in fair value. In the report, the company's earnings and earnings transparency were recalculated according to the new accounting standards. The study found that the earnings transparency of the gains and losses from changes in fair value was more effective in reducing the mispricing of the capital market.
引文
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[12]陈赫岩、施国良、谢泽宇.投资者情感指标与股票收益率的因果关系研究--以苹果公司股票为例[J].价格理论与实践,2019(2).
[2]Barth M E,Konchitchki Y,Landsman W R.Cost of capital and earnings transparency☆[J].Journal of Accounting&Economics,2013.
[3]辛清泉、孔东民、郝颖.公司透明度与股价波动性[J].金融研究,2014(10).
[4]张志红、田昆儒、李香梅.评估师经验、收益信息透明度对估值判断影响的实验研究[J].会计研究,2015(4).
[5]李文耀、许新霞.公允价值计量与盈余管理动机:来自沪深上市公司的经验证据[J].经济评论,2015(6).
[6]薛小荣.公允价值变动损益会提高公司盈余波动性吗--来自A股上市公司的经验证据[J].会计之友,2016(1).
[7]范卓玮、解维敏.审计质量对资本市场定价效率的影响研究--基于股价同步性角度分析[J].价格理论与实践,2017(6).
[8]黄霖华、曲晓辉、万鹏、朱朝晖.公允价值计量、投资者情绪与会计信息决策有用性[J].当代财经,2017(10).
[9]马君霞.公允价值对信息含量的影响机制问题实证研究[J].农村经济与科技,2017(15).
[10]钟覃琳、陆正飞.资本市场开放能提高股价信息含量吗?--基于“沪港通”效应的实证检验[J].管理世界.2018(1).
[11]姚远、钟琪、姚贝贝.投资者情绪与股票市场波动关系研究--基于噪声交易与股票市场价格非理性波动关系的分析[J].价格理论与实践,2019(2).
[12]陈赫岩、施国良、谢泽宇.投资者情感指标与股票收益率的因果关系研究--以苹果公司股票为例[J].价格理论与实践,2019(2).