Considering interrelationships in strategic decisions

Accounting-based valuation studies of US firms tend to support Ohlson's proposition that residual income and book value numbers have information content in explaining observed market values. But European evidence also suggests that the conservative/liberal orientation of accounting tradition can produce significant national differences in associations between accounting performance measures and stock prices - in earnings behaviour, coefficient values and parameter sensitivity. We address these issues from an equity valuation perspective using Swedish data to assess the additional information content of Ohlson's information dynamics and analysts' forecasts in relation to market valuations in a more conservative accounting environment than the US. The study compares the explanatory and predictive power of Ohlson's (1995) residual income model (RIV) with a linear information dynamics version (LIM) that specifies both residual income and non-accounting information as autoregressive processes. Both versions are applied with, and without, future performance expectations from non-accounting sources (analysts' forecasts). As with US evidence, we find that the inclusion of analysts' forecasts improves both (i) cross-sectional correlations with current prices for both RIV and LIM models and (ii) the predictive power of RIV models in relation to future annual cross-sectional stock returns. The contribution of linear information dynamics is significant but varies across approaches. We also find significant differences between Swedish and US firms in earnings behaviour and associations between accounting numbers and market equity prices.     

我国会计信息质量变革与市场经济发展

市场经济的高速发展,对我国会计信息质量提出了更高的要求,也带来中国会计信息新的生成条件;同时,会计信息质量的变革也对市场经济的健康发展提供规范。本文就我国会计信息质量变革与市场经济发展的关系及其相互影响进行了探讨。     

上市公司会计信息生产模式改革的经济学思考

本文基于经济学的角度,从契约理论所决定的会计本质、会计信息市场失灵和会计管制等方面,探讨了改革上市公司现行会计信息生产模式的必要性,并且提出会计信息生产社会化是解决各种会计难题的根本途径。     

The Value Relevance of Financial Accounting Information in a Transition Economy: The Case of the Czech Republic

ABSTRACT

The paper investigates the value relevance of accounting information in the Czech Republic in 1994–2001. Value relevance is understood as the ability of financial statement information to capture or summarise information that affects share values and empirically tested as a statistical association between market values and accounting values. The objective of the study is to investigate the validity of the value relevance methodology by finding an accounting setting where the results of value relevance tests might be predicted unambiguously. If the results of these tests confirm the predicted results, the validity of the value relevance methodology might be assumed. A transition economy represented by the Czech Republic provides such an institutional and accounting setting. It might be assumed that value relevance of accounting information is lower in a transitional economy than in a well-developed market economy. It can also be assumed that the value relevance increases over time as a result of the progress in transition. The results of the study confirm these predicted results and give thus supportive evidence of the validity of the value relevance methodology.     

The relationship between accounting numbers and returns: some empirical evidence from the emerging market of the Czech Republic

Generally, stock prices reflect future expectations of earnings, whereas accounting data reflect past performance. This paper attempts to discover the relationship between accounting data and market price returns of the companies listed on the Prague Stock Exchange (PSE). The Prague Stock Exchange was established in 1993 and provides an opportunity to make a comparison between a newly established market and the findings of studies of established markets. There has been a wealth of publications and accounting research studies on developed markets. Generally, accounting attributes are thought to be relevant because they tend to be contemporaneously statistically associated with stock prices. Some studies have suggested, and empirically tested, that stock prices lead earnings (e.g. Collins et al., 1987; Kothari, 1992; Kothari and Sloan, 1992; Kothari and Zimmerman, 1995). This study tests the existence of such a relationship in the Czech capital market, relying partially on the methodology proposed by Kothari and Sloan (1992) and Kothari (1992). This paper investigates whether there is a statistically significant permanent relationship between returns and accounting data on the Czech market. The study was conducted using accounting earnings and stock prices during the period 1993–8. The empirical evidence here suggests that a similar relation exists on the emerging Czech market. The relation is statistically significant for measurement windows of one year and longer. The increase in the mean response coefficient, reported later in this study, suggests that one-leading-year returns are as important as contemporaneous returns in terms of their sensitivity to annual earnings changes. However, one cannot infer with a degree of confidence that the Czech capital market views earnings changes to be largely permanent, which would be consistent with the time-series properties of annual earnings.     

新会计准则下高质量会计信息的实现策略

本文认为,完善的资本市场要求高质量的会计信息,虚假的信息是在破坏市场的质量和形象。在资本市场上通过粉饰财务报表,欺骗广大投资者和债权人,会增加公司股票的融资成本而降低股价。财政部新颁布的会计准则对会计信息的诚实度和透明度做出严格规范,高质量的会计信息能够促进资本市场的完善和发展,对企业和资本市场都有较强的规范作用。     

论会计信息产权的明晰与界定

本文认为,会计信息产权的界定直接关系到市场资源配置的效率问题。会计信息产权的模糊性会造成供需双方的不明确和外部性。试图通过实现会计信息商品化来进行会计信息产权交易,以及通过以俱乐部形式实现的会计回归与会计外部化的制度安排模式,不能从根本上解决会计信息产权的界定问题。而将未来的会计信息产权归属于公司的股东的模式,将使会计信息产权界定得更加明晰,并使公平、自由的市场交易成为可能。     

机会主义理论视角下的会计信息披露失真问题研究

会计信息披露失真问题一直困扰着会计理论界和实务工作者,我们认为企业各产权主体的机会主义行为是造成会计信息披露失真的根本原因,本文从企业理论(契约理论)和产权理论角度,研究企业各产权主体的机会主义行为,分析其对会计信息披露失真的影响,并提出了通过从契约、市场、监管、道德以及利益相关者的利益约束五个方面对企业各产权主体的机会主义行为进行治理,达到减少会计信息披露失真行为的对策建议。     

The Impact of Financial Reporting Regulation on the Market Valuation of Reported Environmental Liabilities: Preliminary Evidence from US and Canadian Public Companies

This study investigates the economic consequences of four financial reporting regulations relating to environmental liability reporting in samples of 170 US and 156 Canadian public companies during the period 1984 to 1997. The study's purpose is to investigate the factors that make financial reporting regulation effective in enhancing the relevance and reliability of accounting information. Prior research provides the theory that financial reporting regulations impose costs on managers and create incentives for them to report accounting information that is relevant and unbiased. This study assesses these regulations' enforceability, which is viewed as arising from the regulator's power to enforce its regulations by sanctions or penalties. It tests whether the relation between market valuation and reported environmental liability accruals changes when the new regulations are enacted, and whether regulation with high enforceability has a more significant impact than regulation with low enforceability. This study uses a residual‐income valuation model to measure the valuation coefficient, or multiplier, on reported environmental liability accruals. Changes in this coefficient are used as indicators of changes in the market's assessment of the value relevance and bias of the reported accounting information. This study provides preliminary evidence indicating that financial reporting regulations issued by the securities market regulator and the accounting profession are associated with changes in the relation between market value and reported environmental liabilities in some cases, and suggests avenues for further international accounting research on the factors involved in financial reporting regulation's impact.     

市场化程度对会计信息价值相关性的影响——基于中国A股的数据检验

本文以中国A股2004~2009年上市公司数据为样本,实证检验了中国各地区市场化进程对上市公司会计信息价值相关性的影响。结论表明,市场化程度对会计信息价值相关性具有显著的正相关关系,并且最终控制人性质对市场化程度与会计信息价值相关性之间的关系具有显著的影响。中国企业会计准则（2006）的实施为生成高质量的会计信息提供了准则基础,但最终的实施效果必须依靠完善的市场环境的保障。     

不同视角下的盈余管理

文章以财务会计理论的基本问题为起点,对盈余管理存在的普遍性、管理者的行为动因与投资者的市场反应,以及盈余管理对会计信息披露质量进行分析,以期解决运用盈余管理协调会计信息时财务呈报与有效契约之间的矛盾,以满足企业管理者与市场投资者的利益需求。     

会计信息市场缺陷的政府管制研究

会计信息作为一种社会资源对市场十分重要。由于市场机制自身存在缺陷,如果缺乏政府管制,会计信息缺陷将对市场经济和社会产生不利影响。本文从引发会计信息市场缺陷的主要因素入手,分析会计信息政府管制的必要性,并提出相应的政府管制内容。     

谈谈我国会计信息相关性与可靠性的重要地位

随着我国社会主义市场经济的逐步建立,在市场经济条件下,投资人和债权人作为会计信息的使用者,都需要了解相关的会计信息,现就我国会计信息的相关性与可靠性进行简要分析。     

加强内部控制,治理会计信息失真

会计的重要任务之一是向会计信息使用者提供真实有效的会计信息,以便于会计信息使用者据此做出有效的决策.如果大量的会计信息失真,将直接影响国家税收,导致各项经济指标失真和危害市场经济秩序.健全的内部控制制度能有效地防止财务活动中会计信息失真的问题,也是确保会计工作正常运行和提高经营管理水平、健全法人治理的重要基础.本文从内部控制与会计信息的联系入手,分析了内部控制的缺陷是会计信息失真产生的重要原因,并提出了解决的对策,保证制度有效地执行,以期能有助于重塑会计信用.     

会计信息披露与资本市场配置效率的实验研究

文章基于会计管制的角度将会计信息分为强制性披露的部分和自愿性披露的部分,采用实验研究的方法,在一个相对"干净"的环境中寻找会计信息披露影响资本市场配置效率的证据。研究结论表明,强制性披露的会计信息质量与资本市场配置效率正相关,且这种正相关性在具有较高自愿性披露会计信息质量的公司中更为明显。     

What does the financial market pricing do? A simulation analysis with a view to systemic volatility,exuberance and vagary

Biondi et al. (Phys A 391(22):5532–5545, 2012) develop an analytical model to examine the emergent dynamic properties of share market price formation over time, capable to capture important stylized facts. These latter properties prove to be sensitive to regulatory regimes for fundamental information provision, as well as to market confidence conditions among actual and potential investors. We comparatively assess accounting models belonging to two main families: historical cost accounting and mark-to-market (fair value) accounting regimes. Regimes based upon mark-to-market measurement of traded security, while generating higher linear correlation between market prices and fundamental signals, also involve higher market instability and volatility. These regimes also incur more relevant episodes of market exuberance and vagary in some regions of the market confidence space, where lower market liquidity further occurs.     

会计信息披露学框架构建

企业是市场经济的主要组成要素,其会计信息披露对市场经济的建立和发展发挥着重要作用。本文从会计信息披露实践和理论研究的现状着手,分析建立会计信息披露学的必要性及客观可能性,为会计信息披露学的建立提供了依据,并构建了会计信息披露学基本框架,对建立会计信息披露学进行了展望。     

会计信息失灵与政府管制

会计信息是市场经济中流动着的重要经济信息。由于市场机制自身存在的缺陷,如果没有政府管制,会计信息的失灵将对社会和经济产生巨大的负面影响。本文从会计信息的垄断生产、外部性、公共物品和信息不对称等会计信息失灵的主要因素入手,说明了会计信息政府管制的必要性和可能性,以及政府管制的一般内容。     

股权分置改革前后会计信息有用性比较分析

本文运用Ohlson（1995）剩余收益股票定价模型及其扩展模型,对中国股票市场股权分置改革前后会计信息有用性进行检验后发现,股权分置前衡量基础资产的会计信息与股价有较强的相关性,而股权分置改革后衡量企业盈利性会计信息与股价有较强的相关性;衡量企业成长性会计信息在股权分置改革前后均与股价没有相关性;总体上会计信息在股权分置改革后与股价的相关性较股权分置改革前有较大提高。     

Value relevance and the dot-com bubble of the 1990s

During the dot-com bubble of the 1990s, equity market valuation was a popular topic for investors, financial analysts and academics. Some questioned whether traditional accounting and financial information had lost its value relevance, as stocks traded at multiples of earnings well in excess of historic levels, leading Alan Greenspan to caution against “irrational exuberance.” This study examines the relation between market valuation and traditional accounting/financial information before, during and after the bubble. We confirm previous research that documents a decline in the relation between market value and traditional accounting information leading up to the bubble period. However, we also document that after the collapse of the bubble in 2000 this trend reverses. We also examine two related metrics that may provide a rational explanation for this phenomenon, including the quality of earnings, and the aggressiveness of financial analysts’ forecasts, finding some support that earnings quality may contribute to the changes in value relevance, but not the aggressiveness of analyst forecasts.