跨境信息交换与会计信息质量

Cross-border Information Exchange and Accounting Information Quality

跨境合作是证券监管的重点,跨境信息交换在其中至关重要。利用中国证监会(CSRC)于2007年签署《磋商、合作及信息交换多边谅解备忘录》(MMoU)这一外生事件,考察跨境信息交换对会计信息质量的影响及其作用机制。研究发现,CSRC签署MMoU能够显著抑制中国交叉上市企业的正向和负向盈余管理行为,增强会计稳健性,提高盈余反应系数。并且,这种对会计信息质量的提升作用在国有企业和被国际四大会计师事务所审计的企业中更明显。研究结论证实了跨境信息交换的重要性,为证券监管提供了一定参考。

Cross-border cooperation is the focus of securitiesregulation,in which cross-border information exchange is crucial.Taking advantage of the exogenous event of the Multilateral Memorandum of Understanding on Consultation,Cooperation and Exchange of Information(MMoU)signed by the China Securities Regulatory Commission(CSRC)in 2007,this paper examines the impact of cross-border information exchange on the quality of accounting information and its mechanism.It is found that the signing of MMoU by CSRC can significantly inhibit the positive and negative earnings management behaviors of Chinese cross-listed enterprises,enhance accounting conservatism,and improve earnings response coefficient.Moreover,this effect on the quality of accounting information is more obvious in state-owned enterprises and enterprises audited by the Big four international accounting firms.The conclusion of the study confirms the importance of cross-border information exchange and provides some references for securitiesregulation.