注册制改革、信息披露环境与会计信息质量

Registration System Reform,Information Disclosure Environment and Accounting Information Quality

为完善资本市场价值导向机制、推动中国经济的可持续发展,我国将实行注册制新股发行制度。本文以会计信息质量为切入点,从会计师事务所、承销商及拟上市公司三大市场主体角度进行分析后提出,注册制新股发行制度加强了事后监管,从而改变了中介机构的风险预期,并通过声誉机制提高了会计师事务所和承销商的服务质量;同时也将改变上市公司盈余管理的程度和方式,从而对我国资本市场会计信息质量的提升起到了促进作用。

In order to improve the value orientation mechanism of capital market and promote sustainable development of Chinese economy, Chinese government decides to implement registration system reform. Using accounting information as an entry point, this paper chooses accounting firms, underwriters and IPO firms for detail analysis. It is proved that the registration system changes both the risk expectation and the service quality of intermediaries by reinforcing post supervision. In the meantime, the new IPO system also changes the degree and method of earnings management by listed firms, which is quite beneficial for further improvement of the accounting information in the capital markets.