会计信息披露政府监管的经济后果——来自中国证券市场的经验证据

The Economic Consequence of Government Regulation on Accounting Information Disclosure: Empirical findings from Chinese Security Market

本文选取会计稳健性作为衡量会计信息质量指标,运用股票收益模型和盈余持续性模型来考察深沪证券交易所设立的诚信档案制度对上市公司会计信息质量的改善程度,籍此评价政府有关机构对我国证券市场会计监管措施的效果。研究结果表明:诚信档案制度对我国上市公司的会计信息质量提高具有一定的促进作用,但作用效果并不十分显著。这说明,我国政府部门对证券市场实施的一系列会计监管措施,在一定程度上能够发挥作用,从而达到缓解会计信息失真,完善市场机制的目的。

Using the stock return model and earnings persistence model,the article examines how the credit-file system established in Shanghai Stock Exchange and Shenzhen Stock Exchange impacts the improvement of accounting information quality of listed companies,and evaluates effects of government regulation on security market,by selecting accounting conservatism as an indicator of accounting information quality.Our findings indicate that the credit-file system enhances the quality of accounting information to a certain extent,but the result is not as significant as expected.This illustrates that government regulations on securities market take effect to some extent which achieves the goal of reducing accounting frauds and enhancing the market mechanism.