危机冲击、信息解读与信息披露:基于金融危机的证据  

The Impact of Market Crashes on Information Analysis and Disclosure： Evidence from the Financial Crisis

作　　者：金智[1] 刘宝华[1] 罗宏[1] 

机构地区：[1]西南财经大学会计学院

出　　处：《中国会计评论》2013年第3期255-276,共22页China Accounting Review

基　　金：国家自然科学基金项目“董事会的权力结构:影响因素与经济后果”(71272196);国家自然科学基金项目“会计准则国际趋同与中国资本市场:制度、治理与市场微观结构”(71302185);广东省人文社科重点研究基地重大项目“董事会结构、运作与绩效研究”(2012JDXM-0002);教育部人文社会科学研究青年基金项目(项目批准号:13YJC790060);基于国际竞争力的中国企业成本管理创新团队(JBK130508)的资助

摘　　要：以2008年的金融危机为契机，本文考察了危机冲击如何影响投资者的信息解读，并结合危机冲击对公司信息披露的影响，进一步分析了在危机冲击下投资者信息解读的合理性。结果表明，在危机冲击下，投资者更倾向于将可操纵性应计盈余理解成管理者机会主义行为的结果，而不是管理者向市场传递未来现金流信息的一种工具，从而降低了可操纵性应计盈余的价值相关性。并且，当公司属于非国有企业或者非管制行业时，将有利于减弱危机冲击对投资者信息解读的负面影响；同时，结合危机冲击对公司信息披露的影响，本文进一步的分析表明，在金融危机的冲击下，公司并未披露更低质量的会计盈余。这说明，在危机冲击下，投资者对可操纵性应计盈余的估值更低，不是因为盈余质量更差，在很大程度上是因为市场低迷的悲观情绪影响了投资者对盈余信息的解读；并且，这种影响既不利于投资者适当地对公司进行估价，也将影响资本市场的资源配置效率。Taking impact of the crisis on on the information disc the 2008 financial crisis as an opportunity, this paper investigates the the information analysis, and also investigates the impact of the crisis losure in order to further examine whether investors analyze the infor- mation rationally in the crisis. The results show that under the impact of the crisis the inves tors are more inclined to consider discretional accruals as the result of opportunistic behavior of managers rather than a means of information about future cash flow delivered to investors, which reduces the value relevance of discretional accruals. Meantime, our results also suggest the characteristics of non-state-owned, unregulated enterprises will be beneficial to alleviate the negative effect of the crisis on interpreting information of the investors. At last, our re- sults also implicate the quality of earnings during the crisis is not worse than that in other pe- riods. This shows the pessimistic sentiment of market affects the earnings information analy- sis of the investors, and it is disadvantageous to equity valuation and resources allocation in the capital market.

关 键 词：危机冲击 信息解读 信息披露 

分 类 号：F832.51[经济管理—金融学] F275F224