我国上市公司会计信息披露质量与价值相关性研究
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摘要
证券市场是进行资源有效配置的场所,证券市场规范化的发展离不开上市公司会计信息披露质量的提高。近年来上市公司披露虚假会计信息的案例时有发生,这得人们产生了信任危机。上市公司所披露的信息质量影响着投资者的判断和决策同时也关系着证券市场的健康稳定发展,所以本文对我国上市公司会计信息披露的质量以及价值相关性进行了研究。
首先,本文从会计信息披露质量和会计信息价值相关性理论基础两个方面进行了分析。而在分析影响会计信息披露质量的因素时,发现披露虚假的会计信息提高了信息不对称的程度。其次,以价格模型为基础进行了分年度以及分等级的实证研究。根据深圳证券交易所针对上市公司披露会计信息的情况所公布的考评结果,以及相关的财务数据选取了四年(2006至2009),每年各75个样本进行了实证研究。通过对相关数据的描述性统计以及回归分析得出以下结论：第一,近年来我国上市公司会计信息披露质量基本呈逐年提高的趋势,但是整体水平并不是很高,会计信息披露等级为优秀的公司还不是很多。第二,会计信息披露的质量越高越有利于提高会计信息的价值相关性。第三,深圳证券交易所对上市公司进行的信息披露考评工作既能提醒投资者又能更好地规范上市公司,可见是非常有必要的。最后,本文根据会计信息披露质量低的原因提出了相应的建议对策。
The security market is a place for effective allocation of resources, and its standardization can not develop without improving the quality of accounting information disclosure of listed companies. Listed companies in recent years, cases of false accounting information disclosure often occur and people have a crisis of confidence. The information quality of listed companies disclosure not only impact on the right economic decision-making but also the healthy and stable development of the market. So this paper is research on the quality of accounting information disclosure and the value relevance in China's listed companies.
First of all, this article from the theoretical basis for the disclosure of accounting information and accounting information related to the value of both the theoretical basis of analysis. When analyze the factors of the quality of accounting information disclosure we found that the quality of disclosure of false accounting information to improve the degree of asymmetric information. Second, the price model as the basis for empirical research with hierarchical and sub-annual. According to the Shenzhen Stock Exchange published the evaluation results of listed companies to disclose accounting information situation, and related financial data, we selected the four years (2006to2009), in each of the 75 empirical research samples. Data through descriptive statistics and regression analysis, we can get some conclusions:The first, listed companies in China in recent years, the quality of accounting information disclosure has enhanced basically, but its overall level is not certainly high, the excellent level of accounting information disclosure companies are not many. The second, the quality of accounting information disclosure will help increase the value of accounting information relevant. The third, Shenzhen Stock Exchange to carry out the evaluation of the disclosure of information is very necessary, its not only remind investors but also better regulate listed companies. Finally, this paper based on the reasons for the low quality of accounting information disclosure we put forward the corresponding policy proposal.
首先,本文从会计信息披露质量和会计信息价值相关性理论基础两个方面进行了分析。而在分析影响会计信息披露质量的因素时,发现披露虚假的会计信息提高了信息不对称的程度。其次,以价格模型为基础进行了分年度以及分等级的实证研究。根据深圳证券交易所针对上市公司披露会计信息的情况所公布的考评结果,以及相关的财务数据选取了四年(2006至2009),每年各75个样本进行了实证研究。通过对相关数据的描述性统计以及回归分析得出以下结论：第一,近年来我国上市公司会计信息披露质量基本呈逐年提高的趋势,但是整体水平并不是很高,会计信息披露等级为优秀的公司还不是很多。第二,会计信息披露的质量越高越有利于提高会计信息的价值相关性。第三,深圳证券交易所对上市公司进行的信息披露考评工作既能提醒投资者又能更好地规范上市公司,可见是非常有必要的。最后,本文根据会计信息披露质量低的原因提出了相应的建议对策。
The security market is a place for effective allocation of resources, and its standardization can not develop without improving the quality of accounting information disclosure of listed companies. Listed companies in recent years, cases of false accounting information disclosure often occur and people have a crisis of confidence. The information quality of listed companies disclosure not only impact on the right economic decision-making but also the healthy and stable development of the market. So this paper is research on the quality of accounting information disclosure and the value relevance in China's listed companies.
First of all, this article from the theoretical basis for the disclosure of accounting information and accounting information related to the value of both the theoretical basis of analysis. When analyze the factors of the quality of accounting information disclosure we found that the quality of disclosure of false accounting information to improve the degree of asymmetric information. Second, the price model as the basis for empirical research with hierarchical and sub-annual. According to the Shenzhen Stock Exchange published the evaluation results of listed companies to disclose accounting information situation, and related financial data, we selected the four years (2006to2009), in each of the 75 empirical research samples. Data through descriptive statistics and regression analysis, we can get some conclusions:The first, listed companies in China in recent years, the quality of accounting information disclosure has enhanced basically, but its overall level is not certainly high, the excellent level of accounting information disclosure companies are not many. The second, the quality of accounting information disclosure will help increase the value of accounting information relevant. The third, Shenzhen Stock Exchange to carry out the evaluation of the disclosure of information is very necessary, its not only remind investors but also better regulate listed companies. Finally, this paper based on the reasons for the low quality of accounting information disclosure we put forward the corresponding policy proposal.
引文
[1]Becker. The Information Content of Annual Earnings Announcements Empirical Research in Accounting:Selected Studies [J].Journal Accounting Research,1968, (6), P44-P47
[2]Lee. The information content of losses[J].Journal of Accounting a Economics,1995, (20), P27-P30
[3]Collins, May dew, Weiss, Changes, Healy, PalePu in the value-relevance of earnings and book values over the past forty years[J].Journal of Accounting and Economics,1997, (24), P15-P19
[4]Warfield, Olson, Book value and dividends in equity valuation[J] Contemporary Accounting Research,1995, (1), P16-P23
[5]LaPorta, Francis, Schipper. Have financial statements lost the relevance[J].Journal of Accounting Research,1999, (3), P31-P35
[6]Eugene Fama. Efficient Capital Markets:A Review of Theory & Empirical Work. Journal of finance, 1970.
[7]Nash, J. Equilibrium points in N-person games. Proceedings of the National Academy of Sciences 36, 1950.
[8]Von Neuman, J. and O. Morgenstern. Theory of Games and Economic Behavior. Princeton University Press,1944.
[9]Charles Hoffinan, Chritie On cross-sectional analysis in accounting research[J].Journal of Accounting & Economics,1987, (9)
[10]Jenson, Maliolo. Cross-sectional, capital market research and Model specification[J].The Accounting Review,1988, (64), P23-P24
[11]Steven, M.HWolman Value-relevance of financial reporting disclosures in an emerging capital market:The case of B-shares and H-shares in China [D].The University of HongKong,1998, P68-73
[12]黄世忠.上市公司会计信息质量面临的挑战和思考[J].会计研究,2001,(10)
[13]蒋尧明.上市公司会计信息披露的真实性与虚假陈述研究,会计研究[J],2004年第1期：39-43
[14]王华,庄学敏,上市公司会计信息失真的问卷调查分析,当代财经[J],2005年第1期(总第242期)：119-122
[15]杜煊君.从博弈角度分析我国证券市场违规现象[J].财经研究,2000(6).
[16]王性玉.上市公司会计信息披露的博弈分析[J].经济经纬,2001(6).
[17]张栋.提高我国上市公司会计信息披露质量的经济学分析[J].云南财贸学院学报,2004(1).
[18]毛洪涛,吉利.我国上市公司信息披露理论研究评估——兼论构建上市公司信息披露理论框架[J].会计研究,2005,(9),P16-P23
[19]胡妍.我国上市公司会计信息披露问题研究：[D].成都：西南财经大学,2005,13-14
[20]财政部会计司.国际会计准则[M].北京：中国财政经济出版社,1992：68-87
[21]葛家澎.未来财务会计和财务报告的模式---兼论会计信息可靠性与相关性[J].财务与会计,1999,(2)
[22]尤金.法玛Eugene Fama:《有效资本市场：对理论和实证工作的评价》,1970年,P212-P260
[23]Beaver, Landsman. Note on the Behavior or Residual Sesidual Security Returns for Winner and Loser Portfolios [J]. Journal of Accounting and economics,1981, (12):223-241
[24]FASB.SFAC NO.2:Qualitative Characteristics of Accounting Information.1980
[25]汤云为,陆建桥.论证券市场中的会计研究：发现与启示[J].经济研究,1998,(7)：50-58
[26]周其仁.市场里的企业：一个人力资本和非人力资本的和约[J].经济研究,1996,(6)：71-80
[27]Watts, Zimmerman. Positive Accounting Theory [M]. Englewood Cliffs:Prentice Hall,1986:225-228
[28]施鲲翔.会计盈余信息有用性及其决定因素研究[M].广州：中山大学出版社,2005：66-70
[29]谢诗芬.会计计量中的现值研究[M].成都：西南财经大学出版社,2001：14-16
[30]魏明海.会计信息质量经验研究的完善与运用[J].会计研究,2005,(3)：28-35
[31]刘峰.制度安排与会计信息质量[J].会计研究,2001,(7)
[32]汤谷良,王仲兵.对会计监管的几个理论认识[J].北京工商大学学报,2001,(6)
[33]万宇洵,任志能,张鹏.我国独立审计质量的经济学研究[J].湖南大学学报(社科版)2005,(1)：43-47
[34]闫春光.上市公司会计信息披露质量与价值相关性研究[D].昆明：云南财经大学,2008
[35]白云.我国上市公司会计信息披露质量研究[D].长春：吉林大学,2008
[36]万宇洵.杨朋.关于审计委员会在中国发展的思考[J].审计与经济研究,2005,(6)：25-27
[37]杨冠男.我国证券市场会计信息披露质量与价值相关性实证研究[D].长沙：湖南大学,2006
[38]张碧红.上市公司信息披露的重要性与投资者权益保护[J].佛山科学技术学院学报(社会科学版),2009,(03)
[39]李芬芬.影响我国上市公司信息披露质量的因素分析[J].经营管理者,2010,(13)
[40]于天野.上市公司会计信息披露问题及对策研究[J].商场现代化,2009,(06)
[41]韩鹏.我国上市公司会计信息披露存在的问题及对策[J].山西财政税务专科学校学报,2009,(04)
[42]姚和平.我国上市公司信息披露规范研究[J].科技创业月刊,2008,(11)
[43]张惠.独立董事、审计委员会与会计信息披露质量[D].南京：南京农业大学,2009
[44]张黎焱.上市公司内部控制评价研究[D].北京：财政部财政科学研究所,2010
[45]杨艳.中国上市公司会计信息披露的问题与对策研究[D].合肥：安徽大学,2007
[46]吉祖来.上市公司会计信息披露问题研究[J].金融纵横,2009,(04)
[47]肖珊,唐筱韵.关于上市公司信息披露问题探讨[J].企业经济,20010,(03)
[48]朴琳花.我国上市公司会计信息披露有效性研究[D].长春：东北师范大学,2010
[49]李章红.股权分置改革对会计盈余价值相关性影响实证研究[J].财会通讯,2009,(17)
[50]蓝文永,韦明升.信息披露发挥投资者保护功能研究综述与展望[J].财会通讯,2010,(18)
[51]李平,林建飞,王立群.公司治理、财务状况与财务报告舞弊关系的实证研究[J].财会通讯,2009,(21)
[52]傅新.制约上市公司财务造假需多管齐下[N].上海证券报,2008,(2008-05-13)
[53]方自强.提高上市公司会计信息披露质量的措施研究[J].中国总会计师,2009,(02)
[54]吴伟荣.上市公司会计信息披露质量分析[J].合作经济与科技,2008,(18)
[55]李伟.新会计准则对会计信息相关性影响的实证分析[D].长春：吉林大学,2010
[2]Lee. The information content of losses[J].Journal of Accounting a Economics,1995, (20), P27-P30
[3]Collins, May dew, Weiss, Changes, Healy, PalePu in the value-relevance of earnings and book values over the past forty years[J].Journal of Accounting and Economics,1997, (24), P15-P19
[4]Warfield, Olson, Book value and dividends in equity valuation[J] Contemporary Accounting Research,1995, (1), P16-P23
[5]LaPorta, Francis, Schipper. Have financial statements lost the relevance[J].Journal of Accounting Research,1999, (3), P31-P35
[6]Eugene Fama. Efficient Capital Markets:A Review of Theory & Empirical Work. Journal of finance, 1970.
[7]Nash, J. Equilibrium points in N-person games. Proceedings of the National Academy of Sciences 36, 1950.
[8]Von Neuman, J. and O. Morgenstern. Theory of Games and Economic Behavior. Princeton University Press,1944.
[9]Charles Hoffinan, Chritie On cross-sectional analysis in accounting research[J].Journal of Accounting & Economics,1987, (9)
[10]Jenson, Maliolo. Cross-sectional, capital market research and Model specification[J].The Accounting Review,1988, (64), P23-P24
[11]Steven, M.HWolman Value-relevance of financial reporting disclosures in an emerging capital market:The case of B-shares and H-shares in China [D].The University of HongKong,1998, P68-73
[12]黄世忠.上市公司会计信息质量面临的挑战和思考[J].会计研究,2001,(10)
[13]蒋尧明.上市公司会计信息披露的真实性与虚假陈述研究,会计研究[J],2004年第1期：39-43
[14]王华,庄学敏,上市公司会计信息失真的问卷调查分析,当代财经[J],2005年第1期(总第242期)：119-122
[15]杜煊君.从博弈角度分析我国证券市场违规现象[J].财经研究,2000(6).
[16]王性玉.上市公司会计信息披露的博弈分析[J].经济经纬,2001(6).
[17]张栋.提高我国上市公司会计信息披露质量的经济学分析[J].云南财贸学院学报,2004(1).
[18]毛洪涛,吉利.我国上市公司信息披露理论研究评估——兼论构建上市公司信息披露理论框架[J].会计研究,2005,(9),P16-P23
[19]胡妍.我国上市公司会计信息披露问题研究：[D].成都：西南财经大学,2005,13-14
[20]财政部会计司.国际会计准则[M].北京：中国财政经济出版社,1992：68-87
[21]葛家澎.未来财务会计和财务报告的模式---兼论会计信息可靠性与相关性[J].财务与会计,1999,(2)
[22]尤金.法玛Eugene Fama:《有效资本市场：对理论和实证工作的评价》,1970年,P212-P260
[23]Beaver, Landsman. Note on the Behavior or Residual Sesidual Security Returns for Winner and Loser Portfolios [J]. Journal of Accounting and economics,1981, (12):223-241
[24]FASB.SFAC NO.2:Qualitative Characteristics of Accounting Information.1980
[25]汤云为,陆建桥.论证券市场中的会计研究：发现与启示[J].经济研究,1998,(7)：50-58
[26]周其仁.市场里的企业：一个人力资本和非人力资本的和约[J].经济研究,1996,(6)：71-80
[27]Watts, Zimmerman. Positive Accounting Theory [M]. Englewood Cliffs:Prentice Hall,1986:225-228
[28]施鲲翔.会计盈余信息有用性及其决定因素研究[M].广州：中山大学出版社,2005：66-70
[29]谢诗芬.会计计量中的现值研究[M].成都：西南财经大学出版社,2001：14-16
[30]魏明海.会计信息质量经验研究的完善与运用[J].会计研究,2005,(3)：28-35
[31]刘峰.制度安排与会计信息质量[J].会计研究,2001,(7)
[32]汤谷良,王仲兵.对会计监管的几个理论认识[J].北京工商大学学报,2001,(6)
[33]万宇洵,任志能,张鹏.我国独立审计质量的经济学研究[J].湖南大学学报(社科版)2005,(1)：43-47
[34]闫春光.上市公司会计信息披露质量与价值相关性研究[D].昆明：云南财经大学,2008
[35]白云.我国上市公司会计信息披露质量研究[D].长春：吉林大学,2008
[36]万宇洵.杨朋.关于审计委员会在中国发展的思考[J].审计与经济研究,2005,(6)：25-27
[37]杨冠男.我国证券市场会计信息披露质量与价值相关性实证研究[D].长沙：湖南大学,2006
[38]张碧红.上市公司信息披露的重要性与投资者权益保护[J].佛山科学技术学院学报(社会科学版),2009,(03)
[39]李芬芬.影响我国上市公司信息披露质量的因素分析[J].经营管理者,2010,(13)
[40]于天野.上市公司会计信息披露问题及对策研究[J].商场现代化,2009,(06)
[41]韩鹏.我国上市公司会计信息披露存在的问题及对策[J].山西财政税务专科学校学报,2009,(04)
[42]姚和平.我国上市公司信息披露规范研究[J].科技创业月刊,2008,(11)
[43]张惠.独立董事、审计委员会与会计信息披露质量[D].南京：南京农业大学,2009
[44]张黎焱.上市公司内部控制评价研究[D].北京：财政部财政科学研究所,2010
[45]杨艳.中国上市公司会计信息披露的问题与对策研究[D].合肥：安徽大学,2007
[46]吉祖来.上市公司会计信息披露问题研究[J].金融纵横,2009,(04)
[47]肖珊,唐筱韵.关于上市公司信息披露问题探讨[J].企业经济,20010,(03)
[48]朴琳花.我国上市公司会计信息披露有效性研究[D].长春：东北师范大学,2010
[49]李章红.股权分置改革对会计盈余价值相关性影响实证研究[J].财会通讯,2009,(17)
[50]蓝文永,韦明升.信息披露发挥投资者保护功能研究综述与展望[J].财会通讯,2010,(18)
[51]李平,林建飞,王立群.公司治理、财务状况与财务报告舞弊关系的实证研究[J].财会通讯,2009,(21)
[52]傅新.制约上市公司财务造假需多管齐下[N].上海证券报,2008,(2008-05-13)
[53]方自强.提高上市公司会计信息披露质量的措施研究[J].中国总会计师,2009,(02)
[54]吴伟荣.上市公司会计信息披露质量分析[J].合作经济与科技,2008,(18)
[55]李伟.新会计准则对会计信息相关性影响的实证分析[D].长春：吉林大学,2010