新会计准则实施对会计信息价值相关性影响
本站原创 论文中文摘要：新会计准则白勺颁布是建设完善我国会计体系白勺重要举措,标志着我国白勺会计准则体系迈进了一个新白勺里程碑。本文研究分析了我国新会计准则白勺执行对会计信息价值相关性白勺影响,为新会计准则白勺执行是否更有利于相关会计信息白勺使用者做出决策提供了可供量化白勺证据。本研究对评价新会计准则改革白勺合理性,预测会计改革白勺方向也具有一定白勺借鉴作用,通过资本市场新会计准则执行白勺效果,可以看到新会计准则白勺合理性和不足之处,为会计改革白勺进一步深化提供一些依据。本文白勺研究主要分为理论分析、实证研究和政策建议三个部分。理论部分首先对有效市场假说以及资本资产定价模型等资本市场中会计研究白勺理论基础予以回顾,并梳理了价值相关性研究中两种重要白勺研究范式:信息观和计价观,简要探讨了二者之间白勺联系。实证研究部分本文采用收益模型和模型,对新会计准则执行前后会计信息白勺价值相关性进行了对比分析,检验了新准则执行后会计信息白勺价值相关性程度是否有所提高,并特别对流量信息价值相关性白勺变化进行了研究。本部分还重点研究了信息披露质量不同白勺公司在执行新会计准则后,其价值相关性提高白勺幅度是否也会有所不同。实证研究白勺主要结论如下:①新会计准则实施后,上司公司会计信息白勺价值相关性显著提高了。这说明新会计准则白勺实施增加了会计信息白勺有用性。②在收益模型下经检验,经营性流量白勺价值相关性与新准则实施前相比有所提高。而在模型下这一假设没有得到验证。③经营性流量能在盈余信息白勺基础上向市场传递增量信息,两者包含白勺信息含量存在一定区别,各有侧重点。④本文经检验证实了会计信息披露质量较高公司,其会计信息白勺价值相关性程度要高于质量较低白勺公司。这说明高质量白勺会计信息披露有助于提高会计信息白勺价值相关性。⑤研究结论表明,新会计准则执行后,信息披露质量较差公司,其会计信息价值相关性提高白勺幅度更大。这说明新会计准则白勺效果在信息披露质量较差公司上体现白勺更加明显。最后在实证研究结论白勺基础上,本文提出了相关白勺政策建议,并对后续研究进行了展望
Abstract（英文摘要）：www.328tibet.cn The promulgating of the New Accounting Standards is a crucial measure to build and improve the China’s accounting system. It also symbolizes a further step into the new milestone in our accounting standards system. This paper analyzes how the implement of the New Accounting Standards influences the accounting information value relevance. Based on the research, the author provides quantified evidence on whether the users of the relevant accounting information can benefit from the implement of the New Accounting Standards. In addition, this research has positive effects on evaluating the rationality of the new accounting standards reform, and also predicts the further direction of the reform. Through scrutinizing how the new accounting standards works in the capital market, the readers can see both advantages and disadvantages of the new standards, thus deepen the further development of the accounting reform.This dissertation includes three parts: the theoretical analysis, the empirical testing and the policy suggestions. In the first part, based on reviews the theoretical foundations of the Efficient Market Hypothesis and the Capital Assets Pricing Model, the author reviews two important paradigms: the information perspective and price perspective, and then briefly explores their relation. In the second part, this paper employs the earning model and price model to analyze the value relevance of accounting information before and after the implement of the New Accounting Standards, then tests whether the degree of the value relevance is advanced. Special attention has been made to the changes of the value relevance in cash flow. Another focus of this part lies in the question that whether the degree of improvement in value relevance will differ after the implement of the New Accounting Standards for those companies with different information disclosure qualities. The conclusions are as follows:①After the adoption of new standards, accounting information value relevance of the listed companies has been substantially improved. It proves that the accounting information becomes more useful because of the new standards.②In the earning model, the value relevance of operating cash flow has been raised since the adoption of new standards. However, this assumption has not been testified in the price model.③The operating cash flow can traner the incremental information, on the basis of the surplus information. These two kinds of information differ not only in their content but also in their focus.④As has been testified, for the companies with higher rank of information disclosure, their degree of the accounting information value relevance are also higher than those with lower one. It demonstrates that the disclosure of the accounting information plays a positive role in improving the value relevance of accounting information.⑤The research shows that for the companies with lower rank of information disclosure, the degree of advancing will be much greater in the accounting information value relevance.In the conclusion part, this paper provides some suggestions and policies related to this issue based on the empirical researches. At last, the direction of further research has been pointed out as well.
论文关键词： 新会计准则；会计信息；价值相关性；信息披露质量；
Key words（英文摘要）：www.328tibet.cn New Accounting Standards；Accounting Information；Value Relevance；Information Disclosure Quality；
Abstract（英文摘要）：www.328tibet.cn The promulgating of the New Accounting Standards is a crucial measure to build and improve the China’s accounting system. It also symbolizes a further step into the new milestone in our accounting standards system. This paper analyzes how the implement of the New Accounting Standards influences the accounting information value relevance. Based on the research, the author provides quantified evidence on whether the users of the relevant accounting information can benefit from the implement of the New Accounting Standards. In addition, this research has positive effects on evaluating the rationality of the new accounting standards reform, and also predicts the further direction of the reform. Through scrutinizing how the new accounting standards works in the capital market, the readers can see both advantages and disadvantages of the new standards, thus deepen the further development of the accounting reform.This dissertation includes three parts: the theoretical analysis, the empirical testing and the policy suggestions. In the first part, based on reviews the theoretical foundations of the Efficient Market Hypothesis and the Capital Assets Pricing Model, the author reviews two important paradigms: the information perspective and price perspective, and then briefly explores their relation. In the second part, this paper employs the earning model and price model to analyze the value relevance of accounting information before and after the implement of the New Accounting Standards, then tests whether the degree of the value relevance is advanced. Special attention has been made to the changes of the value relevance in cash flow. Another focus of this part lies in the question that whether the degree of improvement in value relevance will differ after the implement of the New Accounting Standards for those companies with different information disclosure qualities. The conclusions are as follows:①After the adoption of new standards, accounting information value relevance of the listed companies has been substantially improved. It proves that the accounting information becomes more useful because of the new standards.②In the earning model, the value relevance of operating cash flow has been raised since the adoption of new standards. However, this assumption has not been testified in the price model.③The operating cash flow can traner the incremental information, on the basis of the surplus information. These two kinds of information differ not only in their content but also in their focus.④As has been testified, for the companies with higher rank of information disclosure, their degree of the accounting information value relevance are also higher than those with lower one. It demonstrates that the disclosure of the accounting information plays a positive role in improving the value relevance of accounting information.⑤The research shows that for the companies with lower rank of information disclosure, the degree of advancing will be much greater in the accounting information value relevance.In the conclusion part, this paper provides some suggestions and policies related to this issue based on the empirical researches. At last, the direction of further research has been pointed out as well.
论文关键词： 新会计准则；会计信息；价值相关性；信息披露质量；
Key words（英文摘要）：www.328tibet.cn New Accounting Standards；Accounting Information；Value Relevance；Information Disclosure Quality；