论文部分内容阅读
基于信号传递理论视角,研究了中国上市公司稳健性确认的会计盈余是否在非对称信息下向市场传递了投资者所需要的有效估值信息。通过对沪深A股上市公司2002～2011年相关数据的分析,以“年度/公司”指标测量会计稳健性,研究结果发现:虽然在全样本下,会计稳健性对盈余价值相关性的提高作用不够明确;但经过样本控制后,处于当年度市场平均稳健性水平附近的上市公司,其会计稳健性显著提高了盈余价值相关性。得出结论认为,当稳健性原则运用适度时,能够起到信号显示作用,提高上市公司会计盈余的价值相关性,稳健性的运用整体上未对中国公司的会计盈余价值相关性产生不利影响,相反,稳健会计盈余向投资者提供了更为有效的估值信息,起到了保护投资者的作用。
Based on the theory of signaling theory, this paper studies whether the accounting earnings of Chinese listed companies that are robustly validated deliver valid investors’ valuation information to the market under asymmetric information. Through the analysis of the related data of Shanghai and Shenzhen A-share listed companies from 2002 to 2011, the accounting robustness is measured by the index of “yearly / company”. The results show that although in the whole sample, the relationship between accounting conservatism and earnings value However, after the sample control, the listed companies whose market stability is near the average level in the current year, the accounting conservatism significantly improves the correlation of the earnings value. The conclusion is that when the principle of prudence is applied moderately, it can play the role of signal display and improve the value relevance of accounting earnings of listed companies. The application of prudence does not adversely affect the value relevance of accounting earnings of Chinese companies as a whole. On the contrary, steady accounting earnings provide investors with more effective valuation information and play a role in investor protection.