摘要
本文以2006—2017年A股上市公司为样本,探讨会计信息可比性与投资—股价敏感性的关系。研究发现:(1)会计信息可比性的提高有利于增强投资—股价敏感性,二者呈正向关系;(2)相对于非国有上市公司和融资约束程度较高的公司,会计信息可比性与投资—股价敏感性的正向关系在国有上市公司和融资约束程度较低的公司中更加显著;(3)对于信息透明度较高的公司和机构投资者持股比例较高的公司而言,会计信息可比性的提高更能够发挥反馈效应的作用,会计信息可比性与投资—股价敏感性的正向关系在上述样本公司中更加显著。本文丰富了会计信息可比性经济后果的研究,丰富了投资—股价敏感性影响因素的研究。
Based on samples of listed companies in China’s A-share stock market in2006-2017,this paper examines the relationship between accounting information comparability and investment-price sensitivity.The results show that:(1)The improvement of accounting information comparability is conducive to improving the investment-price sensitivity,and there is a positive relationship between them.(2)Compared with non-state-owned listed companies and companies with higher financing constraints,the positive relationship between accounting information comparability and investment-price sensitivity is more significant in state-owned listed companies and companies with lower financing constraints.(3)Furthermore,in companies with higher information transparency and companies with higher institutional investors shareholding ratios,the improvement of accounting information comparability is more able to play the role of"feedback effect",the positive relationship between accounting information comparability and investment-price sensitivity is more significant in the sample companies mentioned above.This study enriches the research on the economic consequences of accounting information comparability and enriches the research on the factors affecting investment-price sensitivity.
作者
郜建豪
马永强
JIANHAO GAO;YONGQIANG MA
出处
《中国会计评论》
2022年第1期19-44,共26页
China Accounting Review
基金
国家自然科学基金项目(71872151,71472152)的阶段性研究成果
关键词
反馈效应
会计信息可比性
投资—股价敏感性
Feedback Effect
Accounting Information Comparability
Investment-Price Sensitivity