基于会计信息质量的投资策略研究

Research on investment strategy based on accounting information quality

资本市场中投资者的投资策略是投资活动中为避免风险、获取最大收益的一种投资行为。上市公司的财务信息质量能够传递出投资价值信息,会计信息质量将在一定程度上影响投资者的投资决策。文章选取2012-2017年家电行业进行实证研究,依据会计盈利和会计信息质量指标,确定投资组合,分别计算高会计信息质量组合和低会计信息质量组合的超额收益,并进行均值差异检验。经研究发现会计盈利水平高的公司具有投资价值;在控制会计盈利水平后,高会计信息质量公司更具有投资价值。

The investment strategy of investors in capital market is a kind of investment behavior in order to avoid risks and obtain maximum profits.The quality of financial information of the listed companies can transmit the information of investment value,and the quality of accounting information will affect the investment decision of investors to a certain extent.This paper selects 2012-2017 household electrical appliances industry for empirical research.And according to accounting earnings and accounting information quality indicators,it determines the investment portfolio,respectively calculates the excess earnings of high accounting information quality portfolio and low accounting information quality portfolio,and tests the mean difference.It is found that the companies with high accounting profit level have investment value,and especially the companies with high accounting information quality have more investment value after controlling the accounting profit level.