稳健会计盈余传递有效估值信息了吗?——基于差异稳健性水平的价值相关性研究  

Do Accounting Earnings of Listed Companies in China Transmit Efficient Evaluation Information? —— Based on Value Relevance of Differentiating Conservatism Level

作　　者：郝东洋[1] 王静[2] 张天西[2] 

机构地区：[1]华东师范大学商学院,上海200241 [2]上海交通大学安泰经济与管理学院,上海200052

出　　处：《系统工程》2013年第10期21-28,共8页Systems Engineering

基　　金：国家自然科学基金资助项目(70672075);上海远教集团学科研究课题(JF1212)

摘　　要：基于信号传递理论视角,研究了中国上市公司稳健性确认的会计盈余是否在非对称信息下向市场传递了投资者所需要的有效估值信息。通过对沪深A股上市公司2002～2011年相关数据的分析,以"年度/公司"指标测量会计稳健性,研究结果发现:虽然在全样本下,会计稳健性对盈余价值相关性的提高作用不够明确;但经过样本控制后,处于当年度市场平均稳健性水平附近的上市公司,其会计稳健性显著提高了盈余价值相关性。得出结论认为,当稳健性原则运用适度时,能够起到信号显示作用,提高上市公司会计盈余的价值相关性,稳健性的运用整体上未对中国公司的会计盈余价值相关性产生不利影响,相反,稳健会计盈余向投资者提供了更为有效的估值信息,起到了保护投资者的作用。Based on signaling theory, this paper investigates whether conservatism of listed companies in China, in asymmetric information condition, transfers efficient evaluation information. The analysis on listed companies in Shenzhen and Shanghai A share in 2002-2011, it suggests that, although in full sample the enhancement effect of accounting conservatism on the relevance of accounting earnings, in controlled sample it is certain that when a listed company＇s accounting conservatism is at the market average level of the year, it will remarkably enhance value relevance. Thus, the paper draws the conclusion that when conservative principle is used within measure, it will enhance the value relevance of the listed company, and the using of conservatism totally does not do harm to the value relevance of China list companies＇ accounting earnings. On the contrary, the recognition of earnings on conservative principle in China helps the listed companies transfer more efficient evaluation information to the investors in the stock market, and conservatism can protect investors as well.

关 键 词：会计盈余 会计稳健性 信号传递 价值相关性 

分 类 号：F830[经济管理—金融学]