稳健财务报告与公司股价抗跌能力的关系研究——来自我国2008年股市暴跌的经验证据

A Study on the Relationship between Conservative Financial Reporting and Anti-fall Ability of Stock Price:An Empirical Evidence from China's 2008 Stock Market Crash

本文检验在我国股市暴跌期间,公司事前财务报告的稳健程度能否影响其股价抗跌能力。研究显示:(1)在股市暴跌之前,公司的财务报告越稳健,投资者在股市暴跌期间蒙受的损失越少,其股价抗跌能力越强;(2)信息不对称程度越高,稳健财务报告抑制股价下跌的作用越显著。这些结果表明,稳健财务报告不仅能减少定价噪音,而且能够及早释放公司风险信号,在信息不对称较严重的情况下,稳健财务报告的上述作用更为明显。

This paper investigates whether the stability of stock price is affected by ex-ante conservative property of financial reporting during the stock market crash. It is found that:(1) The more conservative the financial reporting before stock market crash, the less the losses suffered by investors during stock market crash;(2) The larger the information asymmetry, the more important the conservatism is to the price stability. These results show that conservative financial reporting can not only reduce pricing noise, but also release the company's risk information timely,particularly when more serious information asymmetry exists.