会计稳健性、信息不透明与股价暴跌风险

发布时间：2018-03-24 12:35

本文选题：会计稳健性　切入点：信息不透明　出处：《管理科学》2013年01期

【摘要】：选取2001年至2009年A股数据,从市场信息的角度,通过考察会计稳健性、信息不透明程度与股价暴跌风险三者之间的交互影响,探索会计稳健性与信息环境之间的互动关系,采用Logistic回归和OLS回归模型进行实证分析。研究结果表明,伴随着会计稳健性的提高,公司股价的暴跌风险显著降低,证实会计稳健性作为会计信息质量特征所具有的市场功能;信息不透明程度越高的企业,其股价暴跌风险也越高。进一步考察信息不透明程度对会计稳健性治理效应的影响,发现会计稳健性对于股价暴跌风险的治理作用在信息不透明程度高的公司更加显著,也可以理解为会计稳健性和信息透明度之间可以部分替代。
[Abstract]:Selecting A share data from 2001 to 2009, this paper explores the interactive relationship between accounting conservatism and information environment by examining the interaction among accounting conservatism, the degree of information opacity and the risk of stock price plummeting from the point of view of market information. Logistic regression and OLS regression models are used for empirical analysis. The results show that with the improvement of accounting conservatism, the risk of stock price plummeting is significantly reduced, which proves the market function of accounting conservatism as the characteristics of accounting information quality. The higher the degree of information opacity, the higher the risk of stock price plummeting. Further study the influence of information opacity on the governance effect of accounting conservatism. It is found that the governance effect of accounting conservatism on the risk of stock price collapse is more significant in companies with high degree of information opacity, and it can also be understood as a partial substitution between accounting conservatism and information transparency.
【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金(70972114,71002043) 教育部青年项目(08JC630074,09YJC790164) 教育部人文社会科学研究项目(2009JJD790041) 国家留学基金委2011年国家建设高水平大学公派留学生项目([2011]3005)~~
【分类号】：F233;F832.51;F224

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