投资者保护环境、会计信息可比性与股价信息含量

Investor Protection Environment,Accounting Information Comparability and Stock Price Informativeness

从股价信息含量的视角研究会计信息可比性的公司治理功能,并进一步考察外部治理环境,即投资者保护水平对会计信息可比性与股价信息含量关系的调节作用。选取2005年至2015年中国沪、深两市A股上市公司为研究样本,采用多元回归分析方法进行实证检验。研究结果发现,会计信息可比性能够显著提高中国上市公司股价信息含量。进一步研究发现,会计信息可比性与股价信息含量的正相关关系在投资者保护水平低的情形下更为显著。研究结果表明,作为企业会计信息质量特征之一的会计信息可比性在提升资本市场运行效率方面具有重要影响,同时会计信息可比性与投资者保护之间存在替代关系。

This study examines the impact of accounting information comparability on stock price informativeness in China and further investigates the moderating effect of investor protection in the relationship between accounting information comparability and stock price informativeness. Using 14597 firm-year observations from A-share firms listed in Shanghai and Shenzhen Stock Exchanges as the samples,the study finds that accounting information comparability can significantly improve the information content of stock price for Chinese listed firms,and this significantly positive effect becomes even stronger when the firm is under weak investor protection environment. The above findings suggest that accounting information comparability has important effect on the efficiency of China’s capital market and there is an alternative relationship between accounting information comparability and investor protection.