国内会计准则和国际会计准则的价值相关性--以AB股公司的会计数据及其在A股市场上的股票价格为例(英文)

The Value-Relevance of Chinese GAAP Converged with IFRS—— Evidence from the AB-share Companies in China's A-stock Market

以同时发行A股和B股的公司的会计数据为基础,研究A股市场的会计数据和股票之间的价值相关性。使用价格水平模型和E-view,对44个AB股公司十年的会计数据(每股盈利和每股净利润)和相应时点的股票价格进行混合最小二乘法回归,研究当国内的会计准则更多地融合了国际会计准则后A股市场上价值相关性的变化情况。因自2007年起,国内的会计制度规定更多地融合国际会计准则,故将十年分为两个阶段(2002—2006年和2011—2015年)以便对两个不同时期回归结果做出比较,从而得出更加精确的结论。运用随机事件效应以及固定时间效应(即按年回归)分别对两个时期的数据进行截面分析,得出以下结论:每股收益在A股市场上的价值相关性在国内会计准则更多地融合了国际会计准则后有一定程度的增加,换句话说,国际会计准则的部分使用能够提高以每股收益为代表的会计信息的价值相关性。但是,发现每股净利润在两个时期都不具有价值相关性。根据回归结果,在国内的会计准则下,会计信息的价值相关性有一定的相对稳定性,但是当国内的会计准则融合了更多的国际会计准则之后,每股收益呈逐年递增的趋势(2015年除外)。

This paper discussed the value-relevance in the A-stock market using accounting data disclosed by companies issuing both A-shares and B-shares simultaneously.Adopting the Price-levels Model, this paper investigated the value-relevance between Chinese GAAP and the converged Chinese GAAP （with IFRS） in the A-stock market and tested associations between accounting numbers （book value per share and earnings per share） and stock prices by using the pooled least square methods to study the two periods separately.Then made a comparison between the two periods （from 2002 to 2006 and from 2011 to 2015） which were before and after the adoption of the new accounting policy （companies were requested to adopt a new set of accounting standards converged with more IFRS）.The accounting data was regressed with the random time effect and the fixed time effect （the yearly regression）, which found that earnings reported under the converged Chinese GAAP in the A-stock market are more value-relevant in determining the share prices of A-stocks.In other words, the IFRS reconciliation is able to improve the value-relevance of accounting information in terms of earnings.However, this paper found that book value of owner＇s equity determined under both accounting standards is not value-relevant in the A-stock market among the AB-share companies under both accounting standards.Furthermore, according to the regression results, before Chinese GAAP converged with more IFRS,the degree of value-relevance was relatively stable over time.But after the adoption of the converged Chinese GAAP, earnings reported under the converged Chinese GAAP increased over time except for 2015.