中国企业会计准则与国际会计准则价值相关性比较——基于上海B股市场48家公司的数据

Difference on value relevance of Chinese accounting standards of business enterprise and international financial reporting standards: Evidence from 48 listed companies in Shanghai B-Share Exchange Market

运用收益模型和价格模型,基于上海B股市场48家上市公司2007—2011年会计信息数据,比较依据中国2006年《企业会计准则》与《国际会计准则》披露会计信息价值相关性的差异。根据描述性统计结果,中国《企业会计准则》较《国际会计准则》保守稳健。根据模型检测结果中方程的确定性系数,由收益模型和价格模型得出依据《国际会计准则》比依据中国《企业会计准则》披露会计信息方程的确定性系数R2分别高出1.8和0.9个百分点。这说明在上海B股市场上,依据《国际会计准则》比依据中国《企业会计准则》披露会计信息具有更高的价值相关性。结论支持中国《企业会计准则》与《国际会计准则》接轨。

Evidence from 48 listed companies in Shanghai B-Share Exchange Market from 2007 to 2011, return model and price model are used to compare the difference on value relevance of accounting information disclosed by Chinese Accounting Standards of Business Enterprise in 2006 and International Financial Reporting Standards. According to the result of descriptive statistics, Chinese Accounting Standards of Business Enterprise is more conservative than International Financial Reporting Standards. According to the coefficients of tested models, explanatory variable R2 of the accounting information by return model and price model disclosed by International Financial Reporting Standards is 1.8% and 0.9% more than that by Chinese Accounting Standards of Business Enterprise. The result shows that the accounting information disclosed by International Financial Reporting Standards is more value relevant than that by Chinese Accounting Standards of Business Enterprise. The result supports the reform of Chinese Accounting Standards of Business Enterprise, while the convergence of Chinese Accounting Standards of Business Enterprise to International Financial Reporting Standards is beneficial to stipulation of Chinese Accounting Standard and provide relevant basis to the adjustment of foreign investment strategies.