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本文认为会计数据价值相关性的大小取决于会计数据和股价各自反映客观事实的能力,即其各自的“有效性”。进一步地,针对我国某些文献选取t+1年4月30日为股价截止日计算会计数据价值相关性的现象,本文经过理论分析和实证研究发现,会计数据和股价越有效,会计数据价值相关性越大;且在更有效的会计数据和股价下,相对选取t+1年4月30日为股价截止甘而言,选取与会计数据同期的t年12月31日为股价截止日计算更为合理,且能得到更大的价值相关性。
This paper argues that the value of accounting data depends on the size of the accounting data and stock prices each reflect the objective facts of the ability, that is, their respective “validity ”. Further, according to some documents in our country, we choose the value of the accounting data as the deadline of April 30th, 2001. After theoretical analysis and empirical research, we find that the more effective the accounting data is, the more effective the stock price and the more relevant the accounting data value In the more effective accounting data and stock prices, the relative selection t +1 1 year for the share price ended Gan, the selection and accounting data for the same period of December 31, t for the stock price deadline more Reasonable, and can get greater value relevance.