我国A股上市公司应计质量价值相关性的实证研究

发布时间：2018-04-16 04:28

本文选题：盈余质量 + 应计质量　；参考：《南京财经大学》2012年硕士论文

【摘要】：近年来，国内外会计舞弊事件频频发生，盈余管理普遍盛行，公司披露盈余信息的质量倍受质疑。这也使得盈利质量再次成为研究的重点。然而相关研究多是从盈余质量影响因素和盈余操纵角度进行的。有关市场对盈余质量反应的研究并不多见。众所周知，现行的财务会计系统是建立在权责发生制基础上的，在这一计量基础之下，盈余包括实际已经实现的现金流和应计项目两部分。权责发生制下应计项目的确认和计量不可避免的要依赖管理层和会计人员的专业判断和估计，估计误差的存在在所难免。同时收入费用的确认、计量与现金收付时间的不一致也为管理层进行应计项目操纵提供了可乘之机。而现金流作为已经实现的盈余可操纵性较低。因此所有会计选择对盈余的净影响都将汇总反映到盈余与现金流之差—应计项目中，也就是说应计质量是从如实表述角度对盈余质量的度量。因此，合理评价我国上市公司应计项目质量，探究我国应计质量的价值相关性以及其对盈余相关性的影响，对规范我国证券市场运行、帮助投资者做出合理正确的投资决策进而优化市场资本配置具有重要意义。通过回顾归纳以往相关研究，本文将应计质量定义为应计项目对相邻期间实现的现金流的影射程度。论文以1998-2010年沪深两市满足条件的我国A股上市公司为研究样本，采用著名的DD模型对应计质量进行定量计算，，并对2007年最新会计准则实施前后的应计质量进行简单对比分析，结果发现最新会计准则实施后应计质量不仅没有改善，相反的却在一定程度上有所下降。在对应计质量定量计算的基础上，以会计信息价值相关性为理论基础，将应计质量加入到修正拓展的F-O模型中，采用普通最小二乘法对其价值相关性进行实证检验。结果发现与我们的预期相反，应计质量与股价负相关，也就是说资本市场对应计质量存在错误定价。为研究错误定价原因，我们将审计意见作为投资者可以直接获取的盈余质量信息替代变量进行价值相关性研究，发现，审计意见与股价正相关，这说明投资者对应计质量的错误定价并不是因为他们不关注盈余信息质量，而可能是因为专业判断知识的匮乏以及企业应计质量相关披露机构缺失使他们并不能有效地识别盈余操纵造成的。
[Abstract]:In recent years, accounting fraud has occurred frequently at home and abroad, earnings management is prevalent, and the quality of earnings information disclosure has been questioned.This also makes profit quality become the focal point of the research again.However, most of the relevant studies are carried out from the perspective of earnings quality and earnings manipulation.Research on market response to earnings quality is rare.As we all know, the current financial accounting system is based on the accrual basis. On this basis, the surplus includes the actual realized cash flow and accrual items.The recognition and measurement of accrual items under accrual basis inevitably depend on the professional judgment and estimation of management and accounting personnel, and the existence of estimation errors is inevitable.At the same time, the recognition of revenue and expenses and the inconsistency between measurement and cash payment time also provide an opportunity for management to manipulate accrual items.Cash flow as a realized surplus is less maneuverable.Therefore, the net effect of all accounting choices on earnings will be aggregated to reflect the difference between earnings and cash flow-accruals, that is, accrual quality is a measure of earnings quality from the point of view of truthfulness.Therefore, it is necessary to evaluate the accrual item quality of Chinese listed companies reasonably, to explore the value relevance of accrual quality and its influence on earnings correlation, and to standardize the operation of China's securities market.It is of great significance to help investors make reasonable and correct investment decisions and optimize the allocation of market capital.In this paper, the accrual quality is defined as the mapping degree of accrual items to the cash flow realized in adjacent periods.This paper takes the A-share listed companies in Shanghai and Shenzhen stock markets from 1998 to 2010 as the research samples, uses the famous DD model to calculate the quality of the corresponding accounting, and makes a simple comparative analysis of the accrual quality before and after the implementation of the latest accounting standards in 2007.The results show that the accrual quality has not improved, on the contrary, it has declined to some extent.On the basis of quantitative calculation of the quality of accounting information, the accrual quality is added to the modified extended F-O model on the basis of accounting information value correlation, and the general least square method is used to empirically test its value correlation.The results show that, contrary to our expectation, accrual quality is negatively correlated with stock price, that is, mispricing exists in capital market accounting quality.In order to study the cause of mispricing, we use audit opinion as a substitute variable of earnings quality information that investors can obtain directly. We find that audit opinion is positively related to stock price.This suggests that investors' mispricing of accrual quality is not because they do not care about the quality of earnings information.This may be due to the lack of professional judgment knowledge and the absence of disclosure agencies related to accrual quality that make them unable to identify earnings manipulation effectively.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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