政府补助信息的价值相关性——基于补助制度变迁的视角

Research on Value Relevance of Subsidies Information——Perspective based on Transition of Subsidies System

补助信息的价值相关性根源于补助的信号作用与补助作为盈余组成部分的作用。改革开放以来,我国政府补助经历了三个阶段,2000年之前为初创期,2001-2006年为发展期,2007年至今为趋同。期不同的阶段,补助信息的价值相关性不同。对比1995-2000年,2001-2006年补助信息的价值相关性显著提高了;对比2001-2006年,2007-2010年补助信息的价值相关性比较复杂,价值相关性的下降与补助被列入表外项目、企业所在行业、产权性质、管理层的披露行为等有关,而价值相关性的提高与清晰的明细披露有关。这些结论对加强我国补助信息的监管具有重要意义。

Value relevance for subsidies is based on signaling and earning constitution. Since Chinese reform, subsidies regulation has gone through three stages, which includes beginning period prior to 2000, development of 2001-2006, convergence from 2007 to now. In different stages, value relevance of subsidies is different. Compared with the period of 1995-2000, value relevance of subsidies has been increased at period of 2001-2006, while compared with the period of 2001-2006, value relevance has complicated at period from 2007 to now. Decrease of value relevance was related with subsidies outside financial statements items, industry, ownership and disclosure behavior of managers. However, clear disclosure items could increase value relevance. These results are significant for government to supervise subsidies information.