ETF持股会提高会计信息价值相关性吗  

Do ETF Holdings Increase the Value Relevance of Accounting Information?

作　　者：成深婷 李刚[1] CHENG Shenting;LI Gang(School of Accounting,Xinjiang University of Finance and Economics,Urumqi 830000)

机构地区：[1]新疆财经大学会计学院,新疆乌鲁木齐830000

出　　处：《财务与金融》2024年第1期31-42,共12页Accounting and Finance

基　　金：国家自然科学基金项目(71862030)阶段成果。

摘　　要：ETF作为一项金融创新产品,以其低费率、高透明度、投资便利等特点备受关注。以2006-2022年中国A股上市公司为研究样本,运用模型检验ETF持股与会计信息价值相关性的关系。研究结果表明:ETF持股与上市公司会计信息的价值相关性呈显著正相关性,且随ETF的增持显著增强;相较于国有企业,ETF持股以及增持对非国有企业会计信息价值相关性的提升作用更为显著;ETF增持不仅能激励更多分析师深入挖掘信息,提高股票流动性,还能通过改善公司内部治理结构,抑制管理层自利行为,提高上市公司会计信息的价值相关性。因此,监管机构应进一步完善ETF监管制度,推动ETF产品创新,促使上市公司不断提升治理水平,鼓励ETF投资者主动参与上市公司治理,共同推进上市公司、投资者和资本市场的协同发展与繁荣。As a financial innovation product,ETF(Exchange Traded Fund) has garnered significant attention for its low fees,high transparency,and investment convenience.Taking Chinese A-share listed companies from 2006 to 2022 as the research sample,a model was employed to examine the relationship between ETF holdings and the value relevance of accounting information.The study revealed a significant positive correlation between ETF holdings and the value relevance of accounting information of listed companies,which becomes more pronounced as ETF holdings increase.Compared to state-owned enterprises,the enhancement of accounting information value relevance due to ETF holdings and increases in holdings is more significant for non-state-owned enterprises.The increase in ETF holdings not only motivates more analysts to dig into information and improve stock liquidity,but also improves the internal governance structure of companies,curbing self-serving management behaviors and thereby enhancing the value relevance of accounting information of listed companies.Therefore,regulatory authorities should further improve the ETF regulatory system,promote ETF product innovation,encourage listed companies to continuously improve governance levels,and encourage ETF investors to actively participate in the governance of listed companies,jointly advancing the coordinated development and prosperity of listed companies,investors,and the capital market.

关 键 词：交易型开放式指数基金持股 会计信息价值相关性 分析师关注 公司治理 

分 类 号：F230[经济管理—会计学]