会计信息含量在中国资本市场中真的存在吗?——来自沪市A股1997年至2007年的经验证据  

Does Accounting Information Relevance Really Exist in China?

作　　者：杨靖[1] 隋鑫[1] 

机构地区：[1]南京大学商学院,江苏南京210093

出　　处：《财会通讯（下）》2012年第4期22-26,共5页Communication of Finance and Accounting

摘　　要：本文借助收益模型和价格模型,通过对126家上市公司11年的连续观测,考察会计信息的价值相关性及其在1997-2007年间的变化趋势。比较了收益模型和价格模型在中国市场的适用性及其改良,关注了在金融危机、股权分置改革、新会计准则颁发实施等重大经济事件前后价值相关性的强度变化。研究发现,价格模型比收益模型在现阶段更具有普适性,每股收益、每股净资产等会计信息具有较强价值相关性,会计信息的价值相关性自"信任危机"后得到显著增强,并且与公司盈利状况有关。This time-series research using return model and price model tried to find the features and trends of the accounting information and its relative value. All the accounting information covering 11 continuative years came from 126 companies from Shanghai Stock Market. This research made a comprehensive comparison with these two models, discussed their applicability and possible improvement, and investigated the strength of the information value during several important economic events, such as Financial Crisis, Enron Event and the birth of New Accounting Standards. We found price model is more valid and explainable when it comes to Chinese market. Several accounting indexes (EPS, BVPS, EPS/Pt-1 and ROE) own significant relativity with market return and stock price. This relativity gets stronger after Enron Event and is more evident to the companies that get positive profit.

关 键 词：会计信息含量 价值相关性 收益模型 价格模型 

分 类 号：F832.51[经济管理—金融学] F224F233