政府补助准则修订降低了公司股价同步性吗?

以2017年政府补助准则修订为准自然实验,本文考察了准则修订对股价同步性的影响。研究发现,政府补助削弱了公司异质性信息的传递,提高了股价同步性,降低了信息效率;政府补助准则修订要求公司结合经济业务实质进行差别化会计处理,增强了公司异质性信息的传递,因而降低了政府补助与股价同步性之间的联系强度。通过横截面分析,发现在信息不对称程度更严重、受产业政策支持的公司样本中,准则修订能更好地发挥强化公司异质性信息传递的作用。研究表明,高质量的会计准则有助于提高资本市场信息效率。

Does the Amendment of Accounting Standards for Government Grants Reduce Stock Price Synchronicity?

This paper takes amendment of Accounting Standards for Government Grants in 2017 as a quasi-natural experiment to address the impact of government grants reporting adjustment on the stock price synchronicity.The empirical results show that government grants weaken the transmission of heterogeneous information of the company,and improve the stock price synchronicity,that the amendment of Accounting Standards for Government Grants allows companies to include the portion of government grants relating to their daily activities into the operating profits,which strengthens the transmission of heterogeneous information of the company and reduces the linkage between government grants and stock price synchronicity.Further,in crosssectional analysis,the results show that in the sub-sample of companies facing severe information asymmetry and supported by industrial policies,the amendment of Accounting Standards for Government Grants can play a better role in strengthening the transmission of heterogeneous information of the company,and significantly reduce the linkage between government grants and the stock prices synchronicity.This study reveals the mechanism of the Accounting Standards for Government Grants amendment to improve the transmission of heterogeneous information,and provides empirical evidence to support the amendment of Accounting Standards for Government Grants.