金融发展环境与稳健会计信息的定价功能  

Financial Development Environment and Pricing Function of Conservative Accounting Information

作　　者：孙刚[1] 

机构地区：[1]浙江财经大学会计学院,浙江杭州310018

出　　处：《财经论丛》2014年第3期61-67,共7页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(70972060);浙江省教育科学规划项目(SCG232);宁波市软科学项目(2013A10007)

摘　　要：稳健的会计信息报告环境是控制企业信息风险,进而维护投资者合理权益诉求的重要信息保障。利用Khan et al(2009)提出的衡量会计信息稳健性的C得分法,考察了会计信息发挥资本配置治理功能的制度环境基础。以投资者对企业现金资产定价衡量资本配置效率,研究发现会计信息披露越稳健的公司,投资者给予该公司持有的现金资产更高的市场定价,并且这一显著的正相关关系在处于发达金融发展环境地区企业中表现得尤为显著。研究表明,随着金融发展环境的改善,投资者更重视稳健的会计信息对资本配置效率基础性指导作用,该研究回答"谁需要稳健的会计信息"这一问题。Conservative reporting is an essential information infrastructure for better corporate transparency and grea6er in- vestor protection. Utilizing Khan＇s method of measuring accounting information conservatism（2009）in an investigation into the basic institutional environment for accounting information to play its governance role on capital allocation, this paper finds that the valuation of cash holdings by external investors increases with the degree of accounting information conservatism. The posi- tive correlativity becomes even stronger with enterprises in areas of better financial development environment. The research in- dicates that with the improvement of financial development environment, the investors add more emphasis to the determinant role of conservative accounting information reporting in capital allocation efficiency and pricing. The study provides answers for the first time to the untapped question： “Who needs conservative accounting information？”

关 键 词：金融环境 稳健会计信息 现金持有定价 

分 类 号：F270[经济管理—企业管理]