会计信息在证券市场中的作用——信息观、计价模型观和计量观  

The Roles of Accounting Information in Securities Market:Information Perspective,Valuation Model Perspective and Measurement Perspective

作　　者：孙菊生[1] 周建波[2] 

机构地区：[1]江西财经大学会计学院,江西南昌330013 [2]上海财经大学会计学院,上海200083

出　　处：《当代财经》2003年第4期109-112,共4页Contemporary Finance and Economics

摘　　要：到目前为止,会计理论界对会计信息在证券市场中的作用的研究集中体现在对会计信息与股票价格之间的关系如何进行验证方面,由此形成了信息观和计价模型观两大基本理论,并在近几年衍生出了计量观。西方众多学者对会计信息与股票价格之间的关系进行了信息观下的差异研究和水平研究,并对费尔萨姆———奥尔森计价模型进行了大量的经验验证,但对计量观下如何验证会计信息和股票价格之间的关系而进行的研究相对来说还不很丰富。近几年来,我国学者对我国会计信息与股票价格之间的关系进行了信息观下的差异性研究,验证了我国的会计信息在证券市场上是有用的。但是,我国学者不但在研究层次上明显落后于西方,而且在具体的研究方法上也存在一些不足之处。Up to now,accounting theorist circle's researches on the roles of accounting information in securities market focus on testing the relationship between accounting information and stock prices.In recent years,there comes into being two basic theory,information perspective and valuation model perspective,and derives a new theory,measurement perspective.Occidental scholars have made a large amount of empirical researches on the relationship between accounting information and stock prices by adopting both and level studies methods under information perspective,testing Feltham-Ohlson valuation model.However,studies under measurement perspective are not so abundance.A few scholars in China make some empirical researches on the relationship between accounting information and stock prices by applying differencing studies method under information perspective,finding that accounting information in China also offers new information to securities market and has interpretation power for stock prices.However,the studies of scholars in China lag behind those of occidental countries not only in the series of studies but also in the method of studies.

关 键 词：会计信息 证券市场 信息观 计价模型观 计量观 

分 类 号：F830.9[经济管理—金融学] F230