企业数字化发展引发会计信息价值相关性危机了吗?  

Does Corporate Digital Development Lead to the Crisis of Accounting Information Value Relevance?

作　　者：于瑶 Yu Yao(Research Center for Finance and Accounting,Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]中国财政科学研究院财务与会计研究中心,北京100142

出　　处：《上海财经大学学报（哲学社会科学版）》2024年第2期108-121,152,共15页Journal of Shanghai University of Finance and Economics

基　　金：中国财政科学研究院2023年度青年招标课题“数字经济时代企业会计信息质量研究:相关性视角”(2023ZB-LL07)。

摘　　要：依据工业经济时代核算逻辑形成的会计信息,是否因数字经济加速发展已陷入相关性危机?微观证据表明:企业数字化发展主要引发净资产价值相关性危机,对净利润价值相关性有提升作用。两者相关性此消彼长的变化,一是源于数字化发展引发的资产信息缺失效应与盈余信息治理效应,二是源于投资者信心提升效应。通过截面分析发现,在管理层讨论与分析信息沟通程度低、管理层情感语调较负面、媒体负面报道较多时,上述此消彼长的价值相关性变化更显著,另外,更高的市场化水平难以扭转净资产价值相关性危机。对数字化发展进行动作分解,该相关性变化趋势主要由数字化战略引领、技术驱动、组织赋能以及应用引发。对财务报表具体项目价值相关性分析发现,期间费用、营业收入以及经营活动产生的现金流量净额在数字化发展过程中价值相关性提升,而无形资产、营业成本的价值相关性则面临挑战。以上结果有助于为数字经济时代会计准则修订重点与进程安排提供指引,为提高新阶段资本市场定价效率提供会计信息视角的改革路径。In the era of the digital economy,the relevance of accounting information is facing many doubts.Using a fixed effects model to test,this paper finds that when enterprises promote deeper digital development,the value relevance of net asset accounting information decreases,and the value relevance of net profit accounting information increases.From the perspective of accounting information providers,the accounting information provided by enterprises has been adjusted due to digital development,which is reflected in the governance effect on earnings information and the amplification of asset information loss effect.From the perspective of accounting information users,investors hold a positive attitude towards corporate digital development,as evidenced by the decrease in equity financing costs and the increase in investor sentiment.This optimistic expectation provides another explanation for the changing trend of the value relevance of net asset information and net profit information.The crosssectional analysis shows that the above trend of trade-offs mainly exists in the sample groups with a lower level of discussion and communication among the management,negative emotional tone among the management,and more negative media coverage.That is,non-financial information channels help to reduce the"information loss effect"brought about by digital development,and also provide new evidence for the"information governance effect"of digital development and the logic of investor confidence enhancement.In addition,the results of improving the value relevance of net profit information through corporate digital development are mainly reflected in regions with a lower level of marketization,but the effect of reducing the value relevance of net asset information is not affected by the level of marketization.By decomposing the actions of enterprise digitalization,it is found that the trade-off effect of digital development on the value relevance of net profit information and net asset information is mainly due to digital strategy guid

关 键 词：数字化发展 价值相关性 信息治理效应 信息缺失效应 投资者信心 

分 类 号：F230[经济管理—会计学] F270[经济管理—国民经济]