会计信息复杂性与财务估价修正

会计信息的复杂性正日渐遮蔽投资者原本清亮的目光和对经济事实真正的呈现与表达。本文首先检视了会计信息复杂性的各种表现 ,分析其成因 ;然后收集会计信息复杂性对公司价值产生负面影响的实证证据 ,进而提供了对财务估价模型进行修正的解决思路 ;最后 ,给出降低会计信息复杂性的若干建议。

Accounting Information Complexity and Financial Valuation Adjustment

As the collapse of Enron Corp triggers widespread investor anxtety about public companies with inscrutable financial reporting,this paper begins by examining the phenomenon of complexity in financial statements.It follows up by considering some of the empirical evidence on whether capital markets discount the value of complex firms to reflect the difficulyt in financial valuation.It closes by evaluating an "adjustment index"to discount the value of complex firms according to the DCF valuation model.