基于异质信念的分割资本市场会计信息价值相关性研究——以中国上市公司为例

Research on Accounting Information Value Relevance in Capital Market Segmentation Based on Heterogeneous Belief: Taking China's Listed Companies as an Example

现有文献对不同体制环境下价值相关性的研究,大都认为其差异是由于准则以及政治体制本身所导致的,或者说是由外因导致的,而和投资者本身的信念差异无关。文章从异质信念视角,考察分割资本市场A股、H股会计信息以及公允价值信息价值相关性的差异问题。研究结论表明,影响价值相关性的主要原因是投资者异质信念,而并非体制或者准则本身。

The existing literature on the research of value relevance under different system environments, and the relative correlation research on the comparative research of value relevance, generally assert that the difference of value relevance is due to the criterion and political system caused by itself or the external cause, which has nothing to do with the difference of investors＇ beliefs. From the angle of heterogeneous beliefs, this paper inspects accounting information of A-H shares in capital market seg- mentation, and the differences of value relevance of fair value information. The research results indicate that the main reason to affect the value relevance is investors＇ heterozeneous faith, not the system or criterion itself.