会计政策变更与股价的相关性研究

发布时间：2018-03-20 20:32

本文选题：会计政策变更　切入点：事件研究法　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济的发展、企业经营环境的日趋复杂和市场竞争的白热化,企业为了在激烈的环境中存活下来,存在运用关联交易等方式进行盈余管理的行为,进而达到美化报表的目的。近年来,随着监管力度的加强,许多上市公司将关注点从关联交易转移到会计政策方面,即会计政策变更。通过查阅上市公司年报,发现企业多是基于以下几点进行变更的：(1)法律法规的要求；(2)经营业务本身的要求；(3)为提高信息质量。由于企业的会计政策变更行为存在很大的主观性且由于信息不对称导致外界很难对其变更行为的合理性进行评判,对企业会计政策变更的研究得到人们的关注。市场有效性理论认为,一个有效的资本市场应当是各类信息的交融中心,市场在吸纳新信息后会将其体现到股票价格中去。通过采用事件研究法,使用异常收益率或累计异常收益率来度量市场对信息的反映程度,是近年来的探究焦点。该方法是以正常收益的计算模型为核心工具,考虑到以往的研究都是应用市场模型来测量正常收益率,因此也采用市场模型来计算。以2010年年报中披露了会计政策变更的上市公司做为样本,运用事件研究法,得出市场对于公司会计政策的变更具有正面的回应,从而给投机者带来了非正常收益,但是从长期来看,该事件不会给投资者带来任何非正常收益。研究还发现,不同行业之间会计政策变更这一事件对股价的影响方式差异不大；按照业绩影响分组,发现在0.10的显著性水平下,[-10,5]天累积异常收益率具有显著的差异,说明会计政策变更这一事件对业绩不同的公司的影响方式是存在差异的。
[Abstract]:With the development of economy, the business environment is becoming more and more complex and the market competition is becoming more and more intense. In order to survive in the fierce environment, the enterprises have the behavior of earnings management by means of related party transactions and so on. In recent years, with the strengthening of supervision, many listed companies have shifted their attention from related transactions to accounting policies, that is, accounting policy changes. It is found that enterprises are mostly changed on the basis of the following points: 1) the requirements of laws and regulations. (2) the requirements of operating the business itself. (3) to improve the quality of information. Because the accounting policy change behavior of the enterprise is very subjective and because of the information. Asymmetry makes it difficult for the outside world to judge the reasonableness of its changing behavior. The research on the change of enterprise accounting policy has attracted people's attention. The theory of market efficiency holds that an effective capital market should be the blending center of all kinds of information, and it will be reflected in the stock price after absorbing new information. The use of abnormal returns or cumulative abnormal returns to measure the degree of market response to information has been the focus of research in recent years. This method is based on the calculation model of normal returns as the core tool. Considering that the previous research is to use the market model to measure the normal rate of return, the market model is also used to calculate the normal rate of return. Taking the listed companies which disclosed the change of accounting policy in the annual report in 2010 as the sample, using the event research method, the paper draws the conclusion that the market has a positive response to the change of the company's accounting policy, thus bringing abnormal profits to the speculators. However, in the long run, the incident will not bring investors any abnormal returns. The study also found that there was little difference in the way accounting policy changes affect stock prices among different industries; grouped by performance impact, It is found that at the significant level of 0.10, the cumulative abnormal return rate of [-10] days has significant difference, which indicates that the change of accounting policy has different influence on the companies with different performance.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233;F832.51

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