摘要
会计信息质量和股价同步性是金融市场的两个重要研究对象,高质量的会计信息有助于消除信息不对称引发的代理问题,从而降低信息不对称带来的风险。然而,高质量的会计信息也可能促使管理层采用更为隐蔽的方式对企业的会计信息进行粉饰和操纵,从而增大投资者认识企业真实情况的难度。因此,本文基于2016~2020年深圳A股上市公司的相关数据,探讨会计信息质量与股价同步性的关系,并检验自律监管的调节效应,并检验自律监管对会计信息质量负作用的抑制效果。实证结果显示:会计信息质量与股价同步性呈现显著正相关关系,说明高质量的会计信息质量对金融市场产生消极影响。但是,自律监管制度能够有效地抑制高质量会计信息对资本市场产生消极影响。本文的研究结论有利于推动会计信息质量的改革并且促进自律监管制度的完善发展。
The quality of accounting information and the synchronization of stock prices are two important research objects in the financial market. High-quality accounting information helps to eliminate the agency problem caused by information asymmetry, so as to reduce the risk caused by information asymmetry. However, high-quality accounting information may also prompt the management to whitewash and manipulate the accounting information of the enterprise in a more hidden way, thus increasing the difficulty for investors to understand the real situation of the enterprise. Therefore, based on the relevant data of Shenzhen A-share listed companies from 2016 to 2020, this paper discusses the relationship between the quality of accounting information and the synchronization of stock prices, tests the regulatory effect of self-regulation, and tests the inhibitory effect of self-regulation on the negative effect of accounting information quality. The empirical results show that there is a significant positive correlation between the quality of accounting information and the synchronization of stock prices, indicating that the quality of high-quality accounting information has a negative impact on the financial market. However, the self-regulation system can effectively inhibit the negative impact of high-quality accounting information on the capital market. The research conclusion of this paper is conducive to promoting the reform of accounting information quality and promoting the improvement and development of self-regulation system.
出处
《社会科学前沿》
2022年第8期3542-3549,共8页
Advances in Social Sciences
