强制采用IFRS对信息环境的影响研究

A Study of the Mandatory IFRS Adoption's Impact on the Information Environment

超过120个国家要求上市公司采用国际会计准则(IFRS),然而对强制采用IFRS所带来的信息环境改善的实证研究结果往往是相互矛盾的,并且没有分离出强制采用IFRS所带来的信息可比性和信息质量效应的影响作用。通过研究强制采用IFRS对信息环境的影响,发现分析师对强制采用IFRS的公司的预测准确性高于其它类型的公司。通过控制相关的影响因素,对具体公司层面的预测数据进行分析,发现信息环境的改善与信息可比性和信息质量的提高相关。本研究表明强制采用IFRS提高了信息的可比性和信息质量,从而改善了资本市场中的会计信息的媒介作用和其信息环境。

More than 120 countries require or permit the use of International Financial Reporting Standards （IFRS） by publicly listed companies. However, the empirical evidence about these pre- sumed benefits are often conflicting and fail to separate between information quality and comparability. In this paper the study examines the effect of mandatory IFRS adoption on firms＇ information environ- ment. The study finds that after mandatory IFRS adoption consensus forecast errors decrease for firms that mandatorily adopt IFRS relative to forecast errors of other firms. Exploiting individual analyst level data and isolating settings where analysts would benefit more from either increased comparability or higher quality information. The study documents that the improvement in the information environment is driven both by information and comparability effects. These results suggest that mandatory IFRS a- doption has improved the quality of information intermediation in capital markets and as a result firms＇ information environment by increasing both information quality and accounting comparability.