新会计准则、会计信息质量与股价同步性

本文以2004—2008年我国A股上市公司为样本,基于私有信息交易理论,分析会计信息质量如何影响股价同步性,以及新会计准则的改革如何影响了两者之间的相关性。结果发现,会计信息质量与股价同步性正相关,并且这种正相关性仅存在于负向盈余管理的情况,而在正向盈余管理的情况中两者之间的正相关性不明显,这与我国股票市场的卖空限制有关。同时,2007年新会计准则质量的提高显著减弱了会计信息质量与股价同步性之间的正相关关系。本文不但丰富了会计信息质量和股价同步性的相关文献,而且对我国资本市场加强会计准则改革和会计信息监管具有一定的参考价值。

New Accounting Standard, Accounting Information Quality and Stock Price Synchronicity

Using a sample of Chinese public companies from 2004 to 2008,this study explores how accounting information quality affects the stock price synchronicity,and how dose the accounting standard reform in 2007 affects the relation between them,based on the theory of private information.This empirical results show the accounting information quality is positively related to the stock price synchronicity,and the positive relation between them exists only in the negative earnings management,but not in the positive earnings management.Further,the accounting standard reform significantly reduces the positive relation between the accounting information quality and stock price synchronicity.This study enriches the literatures in the accounting information quality and stock price synchronicity,and has the important implications to strengthen the accounting standard reform and accounting information regulation in Chinese stock market.