上市公司会计信息质量对市场流动性的影响

The Influence of Accounting Information Quality of Listed Companies on the Market Liquidity

本文以深市A股上市公司作为研究样本,运用深交所对上市公司的信息披露考评结果作为会计信息质量的代理变量,实证检验了会计信息质量及其变化与市场流动性水平的关系。研究结果表明,上市公司的会计信息质量与股票流动性水平呈显著正相关关系,且受到会计信息质量内生性问题的微弱影响;前后年度会计信息质量的变化也会引起股票流动性的相应改变,具有同向的变动关系。在实证检验的基础上,提出了改进上市公司会计信息质量的政策建议。

This paper chooses Shenzhen A-share listed companies as samples, uses the evaluation results of information disclosure of listed companies in Shenzhen Stock Exchange as a proxy variable of accounting information quality, and examines the relationship between the accounting information quality and its changes and market liquidity level. The results show that, the accounting information quality of listed companies and stock liquidity level have an significantly positive correlation, and also the endogeneity problems of accounting information quality has a weak influence on the relationship. The changes of accounting information quality can also cause a corresponding change in stock liquidity, with the relationship between changes in the same direction. On the basis of empirical test, we put forward recommendations to improve the accounting information quality of listed companies.