信息真实性与证券市场会计监管——基于股权投资信息披露规则的研究  

Faithful Representation and Accounting Regulation in Securities Market:Empirical Analysis Based on Disclosure Rules of Equity Investments

作　　者：周华[1] 莫彩华[1] 吴晶晶[1] 戴德明[1] 

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《中国软科学》2017年第7期172-181,共10页China Soft Science

基　　金：国家社科基金重大项目(16ZDA029);教育部人文社科青年基金项目(13YJC790223);中国人民大学科学研究基金"研究品牌计划"(中央高校基本科研业务费专项资金资助;10XNI010)

摘　　要：信息真实性是证券监管的基石。我国从境外资本市场借鉴而来的会计规则存在复杂化和弹性化的倾向,这一动向对证券市场的潜在影响值得重点关注。本文从股权投资信息披露规则入手,对现行信息披露规则进行理论分析和实证检验。研究发现,上市公司可能存在按管理层意图列报股权投资收益的现象,这影响了会计信息的真实性和可靠性;投资者难以识别上市公司的财务技巧,证券市场存在"误定价"现象。本文提出金融监管应当注重建立以信息真实性为基础的监管制度,唯如此,方可建设形成公开、公平、公正的证券市场。Faithful disclosure lays the cornerstone of the securities market. However, disclosure rules in China have become much more complex and flexible in recent years, which may have significant impacts on the capital market. To explore the specific effects of accounting flexibility, using both normative and empirical research, we investigate the applicable problems of disclosure standards of equity investments. We find that the equity method of accounting is widely used to manage earnings. The recognition of investment earnings under this method is based on management＇ s intentions rather than objective facts. However, investors fail to see through this financial trick and overcapitalize investment earnings. This paper enriches the relevant literature on the disclosure rules of equity investments and provides a tentative approach to optimize disclosure regulations in securities markets.

关 键 词：信息真实性 证券信息披露 股权投资 法律事实 金融预期 

分 类 号：F230[经济管理—会计学]