论文部分内容阅读
以完成股权分置改革的上市公司为研究对象,首次将股权分置改革与会计信息决策有用性研究的经验模型相结合,系统地检验了2007年会计准则变迁的经济后果。研究结果表明,新会计准则的变迁使盈余信息含量显著提高,使会计信息的价值相关性显著降低;将股改对价支付水平作为股改前公司治理机制有效性的替代变量后,股改对价支付水平对会计制度变迁后上市公司的盈余信息含量与价值相关性的影响方向截然相反,具体来说,股改对价支付水平越高的上市公司在会计制度变迁后的盈余信息含量显著提高,但会计信息价值相关性显著降低,前者没有支持有效的公司治理可以作为会计规则执行机制的假说,后者则支持了这一假说。
Taking the listed company which completed the reform of the non-tradable shares as the research object, this paper firstly combines the empirical study of the non-tradable share reform and the usefulness of the accounting information decision-making to systematically examine the economic consequences of the changes in the accounting standards in 2007. The results show that the changes of new accounting standards make the content of earnings information significantly increase, so that the value relevance of accounting information is significantly reduced. After the price of stock reform is used as a substitute for the effectiveness of corporate governance mechanism before the reform, Specifically, the higher the listed company with the higher payment price, the earnings information content of the listed company after the change of accounting system significantly increases, but the correlation between the value of accounting information and the value relevance Significantly lower, the former does not support the hypothesis that effective corporate governance can be used as an accounting rules enforcement mechanism, while the latter supports this hypothesis.