股价计算区间选择与会计数据价值相关性

The Choice between Different Stock Return Calculating Intervals in Value Relevance Studies

本文认为会计数据价值相关性的大小取决于会计数据和股价各自反映客观事实的能力，即其各自的“有效性”。进一步地，针对我国某些文献选取t＋1年4月30日为股价截止日计算会计数据价值相关性的现象，本文经过理论分析和实证研究发现，会计数据和股价越有效，会计数据价值相关性越大；且在更有效的会计数据和股价下，相对选取t＋1年4月30日为股价截止日而言，选取与会计数据同期的t年12月31日为股价截止日计算更为合理，且能得到更大的价值相关性．

This paper considers the value relevance of accounting numbers to be determined by accounting numbers and stock prices＇ respective ability of reflecting economic funda mentals, which is also known as “efficiency”. Further studies show that when accounting numbers and stock price are more efficient, value relevance of accounting numbers becomes larger, and with this improved efficiency, choosing the fiscal year t, rather than the conventional May lof year t to April 30 of year t＋l as the stock return calculating interval, can get larger and more reasonable value relevance.