投资者保护与财务会计信息质量

Investor Protection and the Quality of Financial Accounting Information

根据投资者保护的分析框架,不同地区对投资者的保护程度会对公司会计政策和行为产生影响,对于投资者保护较弱的地区,财务会计系统可能成为补偿弱投资者保护负面影响的一种替代机制。本文使用来自我国内地31个地区911家A股上市公司2001—2004年的数据为样本进行考察,利用各地区市场化进程数据构建各地区的投资者保护程度变量,使用会计盈余反映经济收益的非对称及时性衡量财务会计信息的质量,证据一定程度上表明来自投资者保护较弱地区的上市公司更愿意提供较高质量的财务会计信息,以补偿弱投资者保护带来的负面效应。

According to the investor protection framework,high-quality financial accounting information could mitigate the negative effect of weak investor protection.This paper examines the relationship between investor protection and financial accounting information quality.We operationalize the extent of investor protection with NERI index of marketization and financial accounting information quality with the asymmetric timeliness of which accounting earnings incorporate economic income.Results from the listed companies indicate that companies in provinces with weak investor protection have incentives to issue high-quality financial accounting information to mitigate the negative effect of weak investor protection.