会计信息披露质量对应计异象影响的实证研究

发布时间：2018-05-31 12:07

本文选题：会计信息披露质量 + 应计异象　；参考：《东北农业大学》2013年硕士论文

【摘要】：Sloan（1996）提出的应计异象，对当前会计准则制定的质量提出了质疑，并对普遍公认的有效市场假说提出了挑战，引起了学术界和实务界的广泛关注。应计异象是指公司会计盈余中的会计应计项目被资本市场错误定价，从而导致会计应计与股票未来收益负相关，投资者利用二者负相关的特点，在资本市场中卖出高会计应计公司股票，买入低会计应计公司股票，持有一段时间，从而获得超额累计投资收益的现象。其根源在于投资者“功能锁定”于会计盈余，未能识别会计应计和现金流的持续性差异以及公司对盈余信息的操纵，从而高估会计应计项目对公司股票未来盈余的预测能力。应计异象形成的根源在于投资者对公司未来盈余的预测“功能锁定”于会计盈余，因此，公司对外披露的会计信息质量就显得尤为重要。上市公司披露的反应公司经营状况、经营成果和未来动态的会计信息质量，在保护投资者利益、维护资本市场健康发展方面起着重要作用，会计信息披露质量的高低也直接影响着投资者的投资决策。高质量的会计信息披露能够降低上市公司与投资者之间的“信息不对称”现象，更有利于降低中小投资者与大股东、投资者与管理层之间的代理成本，规避管理层的盈余操纵，引导投资者对会计应计的正确定价，从而维持资本市场的有效性，防止应计异象的发生。本文基于国内外应计异象和会计信息披露质量研究的相关理论和文献，仿照Sloan（1996）的投资策略，对我国资本市场应计异象的存在性和会计信息披露质量对应计异象的影响进行实证研究。由于我国只有深圳证券交易所（以下简称“深交所”）进行信息披露的考评，因此本文研究样本选取深交所进行信息披露考评的上市公司。首先检验会计应计和现金流在预测未来盈余持续性上的差异，研究得出与其他学者（如Sloan，1996；Xie，2001；Richardson，2005；姜国华、李远鹏、牛建军，2006等）相同的结论，即会计应计的持续性低于现金流。然后对样本公司按会计应计高低进行分组，卖出最高会计应计组股票，同时买入最低会计应计组股票，通过套利投资获得显著的超额回报，证明在我国资本市场应计异象是存在的。验证完我国资本市场应计异象存在性之后，通过构建会计信息披露质量和应计异象的回归模型，研究会计信息披露质量的高低对应计异象的影响，结果显示会计信息披露质量越高，投资者对应计项目错误定价程度越小，，越有利于市场稳定。最后根据研究现状和实证研究结果，提出了提高会计信息披露质量和规避应计异象的对策。
[Abstract]:The accrual vision proposed by Sloanwei (1996) questions the quality of the current accounting standards and challenges the generally accepted efficient market hypothesis, which has aroused widespread concern in academic and practical circles. Accrual anomaly refers to the fact that the accounting accrual items in the accounting earnings of a company are mispriced in the capital market, which leads to negative correlation between accounting accruals and future returns of stocks, and investors make use of the characteristics of negative correlation between them. The phenomenon of selling high accounting accrual company stock in capital market, buying low accounting accrual company stock and holding it for a period of time, so as to obtain excess accumulated investment income. The reason lies in the investor's "function locking" on accounting earnings, failing to recognize the persistent difference between accounting accrual and cash flow and the manipulation of earnings information by companies, thus overestimating the ability of accounting accruals to predict the future earnings of companies. The root of the accrual anomaly is that the investors' prediction of the company's future earnings is "function locked" in the accounting earnings. Therefore, the quality of accounting information disclosed by the company is particularly important. The disclosure of listed companies reflects the company's operating situation, business results and the quality of accounting information in the future, which plays an important role in protecting the interests of investors and maintaining the healthy development of the capital market. The quality of accounting information disclosure also directly affects the investment decision of investors. High-quality accounting information disclosure can reduce the "information asymmetry" between listed companies and investors, reduce the agency cost between small and medium investors and large shareholders, between investors and management, and avoid the manipulation of management earnings. To guide investors to correct pricing of accounting accruals, thus to maintain the effectiveness of capital markets and prevent accrual anomalies from occurring. Based on the relevant theories and literatures of the research on accrual anomalies and accounting information disclosure quality at home and abroad, this paper follows the investment strategy of Sloanqi 1996. This paper makes an empirical study on the existence of accrual anomalies in China's capital market and the effect of accounting information disclosure quality on accounting anomalies. Because only Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") carries on the information disclosure appraisal in our country, therefore this article studies the sample selects the Shenzhen Stock Exchange to carry on the information disclosure appraisal listed company. First, the difference between accounting accrual and cash flow in predicting the persistence of future earnings is examined, and the same conclusion is reached with other scholars (such as Sloanan 1996 Xiejiao 2001 Richard Sons 2005; Jiang Guohua, Li Yuanpeng, Niu Jianjun 2006, etc.) that the accounting accrual persistence is lower than cash flow. Then the sample companies were grouped according to the accounting accruals, sold the highest accounting accrual group shares, and bought the lowest accounting accrual group shares, and obtained a significant excess return through arbitrage investment. It is proved that there is an accrual anomaly in China's capital market. After verifying the existence of accrual anomalies in China's capital market, by constructing a regression model of accounting information disclosure quality and accrual anomalies, this paper studies the impact of accounting information disclosure quality on accounting anomalies. The results show that the higher the quality of accounting information disclosure, the smaller the mispricing degree of accrual items, the more conducive to market stability. Finally, according to the current research situation and the empirical research results, the paper puts forward some countermeasures to improve the quality of accounting information disclosure and avoid the accrual anomalies.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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