上市公司信息披露质量与会计盈余价值相关性研究 - 基于中国深市的经验证据 -

서지정보

· 발행기관 : 부산대학교 중국전략연구소
· 수록지 정보 : Journal of China Studies / 7호 / 171 ~ 216페이지
· 저자명 : 张营广

초록

Western research about the Value-relevance of accounting earning based on their perfect capital market, but our capital market still in the Transitional-economy circumstance, accounting system and security market is undergoing significant change and development. Based on this, this thesis on the grounds of Shenzhen A-share listed companies, applies the multiple-price of the A-share as the dependent variable for the first time to study the Value-relevance of accounting earnings and the influence of information disclosure quality to the Value-relevance of accounting earnings. The main conclusion of this thesis as follows, 1.Accounting earnings have Value-relevance, accounting earnings is a very important variable that determines the share price; the information of net asset per share and asset scale also have value-relevance. The Adj-R2 of the result of multiple-price dependent variable has greater improvement, and presents a downward trend between them. 2.In the sample grounp with highest information disclosure quality, the Value-relevance of accounting earnings is the highest; In the sample grounp with lowest information disclosure quality, the Value-relevance of accounting earnings is aslo the lowest; in the middle group, the Value-relevance of accounting earnings shows abnormal trend. 3.Value-relevance of accounting earnings increases yearly, affected by the adjustment of policy, this increase trend shows fluctuation. From the implement of the new accounting standards to now, Value-relevance of accounting earnings gained a great improving in the global aspect. 4.Accounting earnings’s Value-relevance is higher than the cash flow’s, security market pays more attention to the accounting earnings.

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