会计稳健性发挥作用么?——来自中国上市公司股权再融资的经验证据  

Whether Accounting Conservatism Plays a Role?——Empirical Evidence from SEO of Chinese listed Companies

作　　者：毕金玲[1] 

机构地区：[1]东北财经大学金融学院,辽宁大连116000

出　　处：《重庆工商大学学报（社会科学版）》2015年第2期35-42,共8页Journal of Chongqing Technology and Business University：Social Science Edition

基　　金：辽宁经济社会发展立项课题(2014lslktziyyjj-16);东北财经大学青年科研人才培育项目(DUFE2014Q24)

摘　　要：本文研究会计稳健性及信息不对称对股权再融资公告效应的影响,采用应计计量法和内生收益率波动分别衡量会计稳健性和信息不对称。研究结果表明,会计稳健性与再融资公告后累计超额收益率在5%水平上显著正相关,即会计稳健性水平越高,则SEO负效应的程度越小;同时发现信息不对称与SEOCAR之间在10%水平上存在显著负相关关系,但并未发现会计稳健性对于减弱信息不对称给再融资公告效应带来的影响发挥作用。This paper researches on the influence of accounting conservatism and asymmetric information on SEO announcement effect by accrual measurement method and respectively measuring accounting conservatism and asymmetric information by the internal rate of return volatility. The results show that accounting conservatism and the SEOCAR has significant positive correlation on cumulative ab?normal return at 5% level,i.e. the higher the accounting conservatism level is, the less the negative effect is. Meanwhile the paper finds significant negative correlation between information asymmetry and SEOCAR at 10% level, but the accounting conservatism can't play a role in weakening asymmetric information.

关 键 词：上市公司 股权再融资 公告效应 会计稳健性 信息不对称 

分 类 号：F23[经济管理—会计学]