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文章通过筛选市场中价格稳定成员的方式,对影响股价的非会计信息进行了有效控制,改进了计量观的实证方法。研究结果表明,在年度财务报告发布后的长时间窗中,历史性会计信息确定了各股票价格间的相对关系,并决定了这一期间的股价锚定初值。在2003年至2007年间,净资产及资产总值对股价具有稳定的影响力,且日趋增大,表明我国投资者的决策方式日趋稳健。从不同会计信息对股价影响力的变化,可以预见2006年新企业会计准则将对会计信息决策有用性的发展起到较强的推动作用。
By screening the stable members in the market, the article effectively controls the non-accounting information that affects the stock price and improves the empirical method of measurement. The results show that in the long time window after the release of the annual financial report, the historical accounting information determines the relative relationship between the stock prices and determines the initial value of the stock price during this period. From 2003 to 2007, the total net assets and assets have a stable influence on the stock prices and are increasing day by day, indicating that the decision-making methods of our investors are steadily growing steadily. From the change of the impact of different accounting information on stock price, it can be predicted that the new Accounting Standard for Business Enterprises in 2006 will play a stronger role in promoting the usefulness of accounting information decision-making.