欧盟强制执行IFRS对资本市场效率影响的研究——基于国家宏观面板数据的DID模型分析  

A study of the impact of mandatory IFRS adoption on capital market efficiency in Europe: An analysis based on the national macro level panel data for DID method

作　　者：曾峻[1,2] 伍中信 ZENG Jun;WU Zhongxin(School of Industrial and Commercial Management, Hunan University, Changsha 410082,China;Hunan University of Finance and Economics, Changsha 410205, China)

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]湖南财政经济学院会计学院,湖南长沙410205

出　　处：《中南大学学报（社会科学版）》2019年第4期91-99,共9页Journal of Central South University：Social Sciences

基　　金：湖南省社科基金项目“准则趋同对我国上市公司会计信息可比性影响研究”(18YBA059);湖南省社科基金项目“一带一路区域会计准则协调机制研究”(17JD10)

摘　　要：2005年欧盟强制执行IFRS是会计发展史上的重要事件,客观评价其实施效果是值得研究的重要课题。以2000—2009年欧盟18个国家的面板数据,利用双重差分法研究了强制执行IFRS对资本市场效率的影响。研究发现,强制执行IFRS对静态的线性指标Q值几乎没有影响,而对反映股市综合可预测性的BDS指标和动态效率指标RARE来说,强制执行IFRS表现出一定程度的促进提升作用,但该作用是随着各项配套政策逐渐完善,投资者对IFRS的理解不断深入而逐渐显现出来的。The mandatory IFRS in 2005 in EU is an important event in the history of accounting development. Objective evaluation of its implementation effect is a major issue worth studying. The present study, for the first time, uses the panel data of 18 EU countries from 2000 to 2009 and analyzes the effect of enforcement of IFRS on the efficiency of capital market through difference-in-difference method (DID). The study has found that mandatory IFRS exerts almost no effect on static Ljung-Box Q, but a certain degree promotes and enhances index BDS and RARE. but the effect gradually manifests itself as the supporting policies are unceasingly improved and investors' understanding increasingly deepened.

关 键 词：强制执行 资本市场效率 国际财务报告准则 双重差分法 

分 类 号：F275[经济管理—企业管理] F831.51[经济管理—国民经济]