新会计准则提高了会计信息价值相关性吗?——基于上市公司的实证分析

Is the Value Relevance of Accounting Information Improved under the New Accounting Standards?—Empirical Researches Based on Listed Companies

利用价格模型和收益模型对新会计准则执行前后A股上市公司的相关财务数据进行实证研究,价格模型的分析表明,每股净资产与股票价格显著正相关,而每股收益与股票价格在新准则下显著负相关;收益模型的分析表明,每股收益与上市公司的股票年收益率显著正相关,而平均每股收益的年度变动在新会计准则下与股票的年均收益率显著负相关;反映出金融危机的负面影响。同时,拟合优度的显著提升,说明新会计准则从整体上提高了会计信息的价值相关性。针对目前存在的问题,进一步提高上市公司会计信息价值相关性应着重解决准则执行中的问题。

Using the price model and income model,this paper empirically researches the related financial data from A-share listed companies before and after the implementation of new accounting standards. The empirical researches based on price model show that the net asset per share is significantly positively related to the price of the share and that the earnings per share is significantly negatively related to the price of the share in new accounting standards. The empirical researches based on income model show that the earnings per share is significantly positively related to yearly earnings of the share of the listed company but yearly volatility of the average earnings per share is significantly negatively related to average yearly earning rate of the share in new accounting standards, which reflect the negative influence of financial crisis,and the obvious promotion of fit goodness indicates that new accounting standards have promoted the value relevance of accounting information on the whole. According to current problems,further promotion of accounting information value relevance of listed companies should emphatically solve the problems in the implementation of new accounting standards.