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本文通过实证研究考察新会计准则对资本市场的技术创新信息反馈产生何种影响。研究发现,新会计准则实施前,企业创新投入能够在转型经济环境的股价波动中反映为公司特质信息,但原意在于规范企业研发数据披露的会计准则变革在一定程度上暂时制约了上述信息反馈机制。这或许是因为新准则使得更多的企业调整了创新投入数据,数据中混合了原创性的创新和模仿性创新的缘故。因而,为建立稳定的转型经济环境中股价波动创新信息反馈机制,新旧制度的合理衔接至关重要。
This paper examines the impact of new accounting standards on information feedback of technological innovation in capital markets through empirical research. The study found that before the implementation of the new accounting standards, the innovation investment of enterprises can be reflected as the characteristics of the company in the volatility of the transitional economy. However, the changes of the accounting standards that originally intended to regulate the disclosure of corporate R & D data temporarily restrict the above information feedback mechanism . This may be because the new guidelines have led more companies to adjust their input data on innovation, a result of a mix of original innovations and mimicking innovations. Therefore, in order to establish an innovative information feedback mechanism for the stock price volatility in a stable transitional economy, it is of crucial importance to properly connect the old system to the new one.