企业战略差异与会计信息的价值相关性  

Strategic Deviance and the Value Relevance of Financial Information

作　　者：叶康涛[1] 张姗姗[1] 张艺馨[1] 

机构地区：[1]中国人民大学商学院,100872

出　　处：《会计研究》2014年第5期44-51,94,共8页Accounting Research

基　　金：国家自然科学基金项目(71072145;71132004和71372162)的资助

摘　　要：本文探讨了企业战略差异度对会计信息价值相关性的影响。研究发现,当企业战略越偏离行业常规战略时,所有者权益的价值相关性就越高,而净利润的价值相关性则越低。在控制了企业破产风险、盈余持续性、收入成长性、企业成熟度和股票流动性等公司层面特征的影响之后,本文结论仍然保持不变。这表明,在股票定价过程中,投资者同时关注会计信息和战略信息。而且,投资者对会计信息的理解依赖于战略信息。因此,增加战略信息的披露有助于投资者更好地理解财务报表。本文的研究对于改进公司信息披露制度,以及更好地认识会计信息的价值相关性都具有一定的启发意义。This study examines the impacts of firms' deviant strategy on the value relevance of financial information. We find that for firms with extreme strategies,stock prices are more likely to be associated with book value of equity and less likely with net income. Our findings are robust after controlling other firm characteristics that may affect the value relevance of financial information. Our study suggests that both financial information and strategy information play important roles in stock pricing,and investors use strategy information to interpret financial information. Our study has important implications for both firms' information disclosure and the value relevance of financial information.

关 键 词：价值相关性 战略差异 所有者权益 净利润 

分 类 号：F272[经济管理—企业管理] F275[经济管理—国民经济]