会计准则国际化对资本市场的影响研究——基于分析师盈利预测的视角

A Study:The Impact of the Internationalization of Accounting Standards’on the Caital Market——Based on the Analysts’Profit Prediction Views

基于分析师盈利预测的视角,采用实证分析的研究方法,选取我国剔除金融保险业的所有A股上市公司自2002—2013年的分析师跟踪数据为样本,以分析师盈利预测误差为因变量,从公司治理环境及机构投资者两个维度,探索会计准则国际化对资本市场的影响。研究发现会计准则国际化后,分析师对上市公司盈利预测的误差减少;在公司所处治理环境好的地方,分析师盈利预测更加准确;此外,机构投资者持股比例高的上市公司,分析师盈利预测更加准确。由此,为未来研究提供启示与借鉴的同时,对中国会计准则国际化提出建议。

Combining theoretical analysis with empirical analysis,this paper draws on initial sample of all A-listed companies except for financial and insurance industry from 2002 to 2013.It selects analysts’forecast error as dependent variable and explores the influences on the capital market of internationalization of Chinese accounting standards.The results present that after the internationalization of Chinese accounting standards,analysts’forecasts error of Chinese listed companies decrease.Besides,Internationalization of Chinese accounting standards has more positive influence on analysts’forecast in a good corporate governance environment.What’s more,adopting new accounting standards decreases the forecast error much more if the company has a higher percentage of institutional investors.Therefore,this paper not only has some inspiration for future study,but also provide us with some suggestions about internationalization of Chinese accounting standards.