会计准则性质、变革特征与投资者市场反应

The Nature,Change Characteristics of Accounting Standards and Investors’ Market Reaction

我国会计准则在变迁历史中经历了多次较大修订,此种修订特征既可能源于技术性诉求,也可能受政治性影响,亦或是两者兼而有之。本研究在总结我国会计准则变革历程和特征的基础上,通过理论探讨和实证检验,试图为我国会计准则的技术性和政治性之争提供证据。实证结果发现:(1)我国会计准则修订总体上带来了显著的市场反应;(2)同时修订的准则数量越多,市场反应越小;(3)单个准则修订的总次数(或次序)越多(越高),市场反应越小。这些结果支持了我国会计准则具有"政治性"的假说。本文从新视角对会计准则性质之争进行了探究,不仅为国际会计准则在发展中国家的应用提供了新的证据,也能够为我国会计准则的未来改革之路提供经验和借鉴。

China Accounting Standards(Hereafter"CAS")have undergone many major changes in history.The characteristics of such revisions may be due to technical demands,political influences,or both.On the basis of summarizing the process and characteristics of changes of CAS,this study attempts to provide evidence for the debate on the technical and political nature of CAS through theoretical and empirical analysis.The empirical results show that:(1)changes of CAS have brought about significant market reaction;(2)The higher number of accounting standards changed at the same time,the less reaction made by the investors;(3)The higher frequency(higher order)of a specific accounting standard revised,the less reaction made by the market.The results support the hypothesis that CAS are"political".This study explore the debate on the nature of accounting standards from a new perspective,which not only provides new evidence for the implementation of IFRS in developing countries,but also has an important implication for the future reform of CAS.