递延所得税会计信息的价值相关性研究  

The Valuation of Deferred Tax

作　　者：李丽娟[1] 王乾斌[1] 朱凯[1] 

机构地区：[1]上海财经大学会计学院,上海200433

出　　处：《上海立信会计学院学报》2011年第1期49-56,共8页Journal of Shanghai Lixin University of Commerce

基　　金：国家自然科学基金项目(70972060);上海市浦江人才计划;上海财经大学"211"重点项目

摘　　要：2007年开始实施的我国新会计准则要求上市公司按照资产负债表债务法确认所得税费用,由此产生了递延所得税会计信息。文章以Ohlson(1995)的价值相关性模型为基础,以2008年-2009年沪深A股上市公司为研究样本,检验了递延所得税会计信息在股票定价中的作用。结果发现:(1)递延所得税会计信息具有显著的价值相关性,能够提供额外的增量信息;(2)公司所得税税率的变化会削弱递延所得税的价值相关性。研究表明,递延所得税会计信息改善了投资者对公司资产价值质量和未来盈利能力的合理估计,提高了会计信息在股票定价中的作用。From Jan 1 s, 2007, all listed companies in China should adopt new accounting standards and recognize tax expense by using liability method based on asset-liability perspective, which brought about deferred tax. Taking the data of A share company in Shanghai and Shenzhen stock market from 2008 to 2009 as the sample, we use Ohlson model to test the role of deferred tax in stock pricing. It is found that deferred tax significantly influences investor＇s pricing decision, and provides additional information but the change of tax rate weakens this kind of valuation relevance. The result suggests that the information of deferred tax improve the investor＇s reasonable estimation of company＇s asset value and future profit capability. Meantime, it enhances the effect of accounting information on stock pricing.

关 键 词：递延所得税 所得税税率 价值相关性 

分 类 号：F23[经济管理—会计学]