证券市场“应计异象”研究：回顾与展望

Accrual Anomaly in Capital Market:Review and Prospect

国际会计准则理事会以及美国财务会计准则委员会都以决策有用性作为会计的首要目标,而会计则是通过权责发生制下的会计应计采实现这一目标的。那么投资者对会计应计的理解就应该成为准则制定的参考因素之一。自从Sloan(1996)在美国市场上发现了投资者高估会计应计的持续性之后,大量的文献时这一现象进行了探讨。本文系统地回顾了这些文献,并对其进行了展望,以便为中国资本市场的应计异象研究以及中国会计准则的制定提供参考。

Both FASB and IASB regard decision-relevance as the major objective for providing accounting information,and accrual-based accounting is the main way to achieve this objective.Therefore,whether investors use accrual information efficiently is important to standard setters.Sloan (1996) found that investors did not fully understand the value-relevant information in accruals and hence mis-price stocks with extreme accrued earnings.Subse- quently,much paper hase been written to interpret this anomaly.In this paper,we provide a systematic review of this literature to advance the study of accrual anomaly in Chinese market.