摘要
在股权分置改革的背景下,通过检验上市公司折旧政策选择与盈余反应系数之间的相关关系,从而对我国资本市场的效率做出实证检验。研究结果显示,盈余反应系数和折旧费率之间在股权分置改革之前的样本中并不存在显著的相关关系,表明资本市场存在着功能锁定现象,而在股权分置改革之后的样本中则存在着显著的正相关关系,表明资本市场能够在调整上市公司折旧政策横截面差异的基础上对其会计盈余做出定价。因此,我国的股权分置改革促进了资本市场的完善,从而有助于我们了解我国资本市场的效率变迁。
In the context of equity separation reform, this paper empirically tested the efficiency of China capital market by observing the correlation between the choice of depreciation policy and earning reaction coefficient （ERC）. Empirical results are as follows： there is no significant correlation between the depreciation policy and ERC in the sample before the equity separation reform, suggesting that there existed functional fixation in the capital market; there is significant positive correlation between the depreciation policy and ERC in the sample after the equity separation reform, suggesting that the capital market can price earning based on the adjustment of depreciation policy.
出处
《经济问题》
CSSCI
北大核心
2012年第3期98-102,共5页
On Economic Problems
