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会计信息质量是会计信息研究的重要组成部分,高质量的会计信息能够更加真实地反映上市公司的内在价值,有利于投资者的决策制定;低质量的会计信息则阻碍投资者对企业真实价值的估计。会计信息质量高低不同所带来的信息风险能否作为风险因子计入风险定价模型中有待检验。本文选用2009-2014年我国沪深两市A股上市公司的相关数据进行检验,研究结果表明:以稳健型度量的会计信息质量是影响资产定价的因素之一。在会计研究中重点关注会计信息质量及信息风险,对投资活动各类参与者而言将大有裨益。
The quality of accounting information is an important part of the accounting information research. High-quality accounting information can more truly reflect the intrinsic value of listed companies, which is conducive to the decision-making of investors. Low-quality accounting information hinders investors’ estimate. Whether the information risk brought by the different quality of accounting information can be tested as a risk factor in the risk pricing model. This paper examines the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2014. The results show that the quality of accounting information based on robust measures is one of the factors that affect asset pricing. Focusing on accounting information quality and information risk in accounting research will be of great benefit to all types of participants in investment activities.