制度环境、股改进程与会计盈余的信息含量研究  

A Study on Institutional Environment, Process of the Share-splitting Structure Reform and Information Content of Accounting Earnings

作　　者：杜兴强[1] 修宗峰[1] 

机构地区：[1]厦门大学会计系,福建厦门361005

出　　处：《当代财经》2009年第2期100-105,共6页Contemporary Finance and Economics

基　　金：国家社科基金项目(07CJY010);教育部霍英东基金项目(101087)

摘　　要：本文从股改进程的角度出发,结合上市公司所处的制度环境,研究了股改进程中会计盈余的信息含量问题。研究发现,地区制度环境越好,率先完成股改的上市公司其会计盈余的信息含量越低。对于这一研究结果,进一步运用行为金融学的"噪音交易理论"进行了解释。本文的研究对于认识股权分置改革的经济后果以及理解我国证券投资者的市场交易行为具有一定的意义。This paper explores the issue of information content of accounting earnings of the listed companies in the process of share-splitting structure reform under the institutional environment. The results suggest that the better the institutional environment at the region, the lower the information content of the accounting earnings of the listed companies, which take the lead to have accomplished the reform. This research outcome is further interpreted by the noise trade theory in behavioral finance. This study has certain significance in predicting the economic consequence of the share-splitting structure reform and in understanding the trading behavior of the stock investors in China.

关 键 词：制度环境 股改进程 盈余信息含量 

分 类 号：F234.4[经济管理—会计学]