金融资产配置与股价信息含量

Financial Asset Allocation and Stock Price Information Content

股价信息含量作为资本定价效率的重要体现,其对于抑制"脱实向虚"实现金融服务实体经济起着关键作用。文章着眼于我国企业大量配置金融资产这一现实,探究了其对股价信息含量的影响。基于2007-2017年中国A股上市公司数据的实证检验表明:金融资产具有"盈余管理"功能,管理层可能出于"盈余管理"动机配置金融资产,恶化公司信息环境,最终降低了股价信息含量。具体而言,企业通过操纵金融资产确认类别、公允价值估值及终止确认等方式达到盈余管理目的。当公司盈余管理动机较为强烈时,金融资产对股价信息含量的降低作用更加明显。完善的法律体制及有效的内部治理有助于缓解两者之间的负向关系。文章结论为我国企业持有金融资产提供了新解释,揭示了"脱实向虚"作用于实体经济的路径,同时丰富了会计政策选择的经济后果,为推动我国会计准则改革具有一定的启示意义。

A high level of stock price informationativess is helpful to guide the flow of capital to high-quality enterprises,so it is vital to promote the development of the real economy. As a new transition country,China’s capital market is not mature yet,and the phenomenon of sharp rise and collapse of stock price has existed for a long time. At the same time,currently majority of entity enterprises in China have allocated a large number of financial assets,w hich means economy has shift"from Real to Virtual". Focus on the reality of the financial assets held by the entity enterprises,this paper explores how financial assets affect the stock price information content. Using the data of A-share listed companies in China from 2007 to 2017,this paper empirically tests the relationship betw een financial assets and stock price information content. There are three main findings in this paper:( 1) Financial assets have the function of "earning management",so managers may have the intention to achieve the purpose of earnings management through the allocation of financial assets.This reduces the transparency of the company ’s information,w hich ultimately leads to a low er stock price information content.( 2) Specifically,managers may achieve the purpose of earnings management by manipulating the classification of financial assets,misestimating the fair value of financial assets,or choosing the time to sell financial assets. And tradable financial assets and available financial assets play a key role in earnings management. When the company ’s earnings management incentives are relatively strong,( such as executives reduce holdings,performance deterioration),financial assets have a more obvious effect on the reduction of stock price information content. Relatively speaking,managers are more likely to purchase financial asset to implement earnings management.( 3) Perfect legal system and effective internal governance help to alleviate the negative impact of financial investment on capital pricing efficiency. The conclusion of this paper provides a new explanation for the motivation of Chinese enterprises to hold financial assets,and reveals the possible path of"shifting from real to virtual"to act on the real economy. At the same time,it enriches the economic consequences of accounting policy selection,and has certain enlightenment significance to promote the reform of accounting standards in China.