新会计准则与资本市场的技术创新信息反馈——基于公司特质信息的研究

The New Accounting Standards and the Innovation Information Feedback Mechanism in China's Security Market——A Study Based on Firm-specific Variation

本文通过实证研究考察新会计准则对资本市场的技术创新信息反馈产生何种影响。研究发现,新会计准则实施前,企业创新投入能够在转型经济环境的股价波动中反映为公司特质信息,但原意在于规范企业研发数据披露的会计准则变革在一定程度上暂时制约了上述信息反馈机制。这或许是因为新准则使得更多的企业调整了创新投入数据,数据中混合了原创性的创新和模仿性创新的缘故。因而,为建立稳定的转型经济环境中股价波动创新信息反馈机制,新旧制度的合理衔接至关重要。

This paper tests influence of the new accounting standards on the innovation information feedback mechanism in China＇s security market. We find： without the new accounting standards, the technical innovation input of the firm can be reflected in the firm-specific information in the stock price fluctuation; but the accounting standards reform for the purpose of standardizing the R＆D data disclosure of the firm has restrained temporarily to some extent the information feedback mechanism. Perhaps because the new standards makes more firms adjust the technical innovation input data which includes original innovation and imitative innovation. Thus in order to estab- lish the feedback mechanism of the innovation information of the stock price fluctuation in the stable transitional environment, the proper link of the new and old accounting standards is very important.