制度环境、会计准则与会计信息价值相关性

文章以2006年至2007年已经完成股权分置改革的上市公司为研究对象，从地区制度环境这一会计规则的外部执行机制入手，运用会计信息决策有用性的经验模型检验了2007年会计准则变迁的资本市场经济后果，研究发现：受证券市场环境的影响，会计准则变迁后会计信息的价值相关性显著降低了；制度环境对会计制度变迁效果影响符合投资者保护的“替代假说”相一致，即在会计信息价值相关性的影响研究中财务会计系统发挥了“替代机制”的作用。文章增进了会计准则变迁理论的实证研究积累。

Institutional Environment, Accounting Standards and the Value of Accounting Information

Based on the listed companies which have completed the split-share reform from 2006 to 2007, this paper investigates the economic consequences of the 2007 accounting standards change using the empirical models of value relevance of financial accounting information and institutional environment. Results show that: (1) the new accounting standards change has significantly reduced the value relevance of accounting information; (2) institutional environment has some effects on the consequences of accounting standards change; that is, the “substitute hypothesis” has been verified in the value relevance research. This research contributes to the literatures about the empirical research on the accounting standards theories.