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我国股市周期与企业会计稳健性的实证研究
引用本文:徐华新,孙铮.我国股市周期与企业会计稳健性的实证研究[J].财经研究,2008,34(12).
作者姓名:徐华新  孙铮
作者单位:1. 上海财经大学,会计学院,上海,200433
2. 上海财经大学,会计与财务研究院,上海,200433
基金项目:国家社会科学基金 , 国家社会科学基金 , 国家"211"工程建设项目  
摘    要:企业会计政策的稳健性选择是不断变化的,文章从动态的角度分析了我国证券市场波动如何影响企业的投融资行为,进而如何影响企业会计政策选择中的稳健性程度。通过实证检验发现,中国股票市场的周期性波动导致企业选择不同的会计政策,进而表现出随股市周期变化的稳健性特征,即在股市上行周期,企业会计政策的稳健性减弱,而在股市下行周期,企业会计政策的稳健性增强。文章的结论为投资者及监管部门加深理解企业会计政策选择行为提供了有力的基础。

关 键 词:稳健性动因  股市周期  会计政策选择

An Empirical Study on the Relationship between Stock Market Cycle and Conservation of Enterprise Accounting Policy in China
XU Hua-xin,SUN Zheng.An Empirical Study on the Relationship between Stock Market Cycle and Conservation of Enterprise Accounting Policy in China[J].The Study of Finance and Economics,2008,34(12).
Authors:XU Hua-xin  SUN Zheng
Abstract:Considering that the conservation choice of accounting policy varies from time to time,this paper analyzes the effect of stock market fluctuation on the investing and financing behaviors of enterprises and further on the conservation of accounting policy.Based on the empirical evidence,this paper finds that the cyclical fluctuation in China's stock market leads enterprises to apply different accounting policies and the conservation feature of accounting policy is changed with stock market cycle.The conservation of enterprise accounting policy weakens as the stock market is flourishing;on contrast,it strengthens as the stock market is depressed.To investors and supervision authority,the conclusion provides a solid basis on the deep understanding of accounting policy choice made by enterprises.
Keywords:conservation motivation  stock market cycle  accounting policy choice
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