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本文旨在研究会计准则变迁引起的资本市场的反应。本文选取了在会计准则变迁中股东权益差异调增额最大的30家公司(赢家组合),并为它们选取了同行业、盈利能力相似的公司作为配对样本,进行配对检验,发现在《新旧会计准则股东权益差异调节表》披露前后,赢家组合的累计超额投资回报率均值高于配对公司样本3.872%。
This article aims to study the changes in accounting standards caused by the reaction of capital markets. This paper selects 30 companies (winners) with the largest increase in shareholder equity in the change of accounting standards, and selects the companies with the same trade and similar profitability as the matching samples and paired them, and finds that in the “old and new accounting Guidelines for adjusting differences in shareholders’ equity ”before and after the disclosure, the cumulative winner of the cumulative excess return on investment rate of 3.872% higher than the sample counterparts.