中国上市公司会计信息有用性实证研究——基于证券投资基金持股决策的视角

Empirical Study on the Usefulness of Accounting Information——Based on the Investment Decision of Mutual Fund

从会计信息使用者的角度，考察了会计信息是否有助于证券投资基金持股决策，即利用2003—2006年我国上市公司的样本数据，结合因子分析和Count panel dala模型，实证检验了我国证券投资基金是否利用会计信息进行投资决策以及利用了哪些会计信息，以期为我国会计信息有用性的研究提供另外一个视角。

Most of the empirical studies of the usefulness of accounting information are to test either the information content of the accounting earnings or the relation between accounting information and stock return, which has some limit in China because the robustness of these methods mainly depend on the effectiveness of the stock market. From the angle of the user of accounting information, this paper mainly study whether the accounting information is helpful for the mutual fund to make investment decision or not. To be more particular, this papers uses factor analysis and count panel data model to empirically study whether Chinese mutual fund use accounting information to invest and what kind of the accounting infortnation is to be used with the sample of Chinese listed firm from 2003 to 2006, which give the another angle to the research of usefulness of accounting information in China.