会计信息透明度,会计稳健性与上市公司价值关系的实证研究

An Empirical Study on the Relationship among Accounting Information Transparency,Accounting Conservatism and Enterprise Value of Listed Companies

本文以2015~2019年沪深A股上市公司为样本,实证检验了会计信息透明度与企业价值之间的关系,以及会计稳健性的调节作用,同时进一步考察了经营约束层面的影响。研究结果表明:会计信息透明度对企业价值具有显著正向影响;会计稳健性正向调节了两者之间的关系,且这种调节作用在不同经营约束中呈现出差异性。非国有企业会计稳健性增强了会计信息透明度对企业价值的影响,国有企业会计稳健性的调节作用不显著;高竞争行业企业会计稳健性增强了会计信息透明度对企业价值的影响,低竞争行业企业会计稳健性的调节作用不显著。

Taking Shanghai and Shenzhen A-share listed companies from 2015 to 2019 as samples,this paper conducts an empirical test on the relationship between accounting information transparency and enterprise value,and the moderating effect of accounting conservatism.At the same time,it further investigates the impact of operating constraints.The results show that accounting information transparency has a significant positive impact on enterprise value;Accounting conservatism positively moderates the relationship between accounting information transparency and enterprise value,and this moderating effect is different in operating constraints.The accounting conservatism of non-state-owned enterprises enhances the impact of accounting information transparency on enterprise value,and the moderating effect of accounting conservatism of state-owned enterprises is not significant.The accounting conservatism of enterprises in highly competitive industries enhances the impact of accounting information transparency on enterprise value,while the moderating effect of accounting conservatism of enterprises in low-competitive industries is not significant.