本文選題：會(huì)計(jì)政策變更　切入點(diǎn)：事件研究法　出處：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)的發(fā)展、企業(yè)經(jīng)營(yíng)環(huán)境的日趨復(fù)雜和市場(chǎng)競(jìng)爭(zhēng)的白熱化,企業(yè)為了在激烈的環(huán)境中存活下來(lái),存在運(yùn)用關(guān)聯(lián)交易等方式進(jìn)行盈余管理的行為,進(jìn)而達(dá)到美化報(bào)表的目的。近年來(lái),隨著監(jiān)管力度的加強(qiáng),許多上市公司將關(guān)注點(diǎn)從關(guān)聯(lián)交易轉(zhuǎn)移到會(huì)計(jì)政策方面,即會(huì)計(jì)政策變更。通過(guò)查閱上市公司年報(bào),發(fā)現(xiàn)企業(yè)多是基于以下幾點(diǎn)進(jìn)行變更的：(1)法律法規(guī)的要求；(2)經(jīng)營(yíng)業(yè)務(wù)本身的要求；(3)為提高信息質(zhì)量。由于企業(yè)的會(huì)計(jì)政策變更行為存在很大的主觀性且由于信息不對(duì)稱導(dǎo)致外界很難對(duì)其變更行為的合理性進(jìn)行評(píng)判,對(duì)企業(yè)會(huì)計(jì)政策變更的研究得到人們的關(guān)注。 市場(chǎng)有效性理論認(rèn)為,一個(gè)有效的資本市場(chǎng)應(yīng)當(dāng)是各類信息的交融中心,市場(chǎng)在吸納新信息后會(huì)將其體現(xiàn)到股票價(jià)格中去。通過(guò)采用事件研究法,使用異常收益率或累計(jì)異常收益率來(lái)度量市場(chǎng)對(duì)信息的反映程度,是近年來(lái)的探究焦點(diǎn)。該方法是以正常收益的計(jì)算模型為核心工具,考慮到以往的研究都是應(yīng)用市場(chǎng)模型來(lái)測(cè)量正常收益率,因此也采用市場(chǎng)模型來(lái)計(jì)算。 以2010年年報(bào)中披露了會(huì)計(jì)政策變更的上市公司做為樣本,運(yùn)用事件研究法,得出市場(chǎng)對(duì)于公司會(huì)計(jì)政策的變更具有正面的回應(yīng),從而給投機(jī)者帶來(lái)了非正常收益,但是從長(zhǎng)期來(lái)看,該事件不會(huì)給投資者帶來(lái)任何非正常收益。研究還發(fā)現(xiàn),不同行業(yè)之間會(huì)計(jì)政策變更這一事件對(duì)股價(jià)的影響方式差異不大；按照業(yè)績(jī)影響分組,發(fā)現(xiàn)在0.10的顯著性水平下,[-10,5]天累積異常收益率具有顯著的差異,說(shuō)明會(huì)計(jì)政策變更這一事件對(duì)業(yè)績(jī)不同的公司的影響方式是存在差異的。
[Abstract]:With the development of economy, the business environment is becoming more and more complex and the market competition is becoming more and more intense. In order to survive in the fierce environment, the enterprises have the behavior of earnings management by means of related party transactions and so on. In recent years, with the strengthening of supervision, many listed companies have shifted their attention from related transactions to accounting policies, that is, accounting policy changes. It is found that enterprises are mostly changed on the basis of the following points: 1) the requirements of laws and regulations. (2) the requirements of operating the business itself. (3) to improve the quality of information. Because the accounting policy change behavior of the enterprise is very subjective and because of the information. Asymmetry makes it difficult for the outside world to judge the reasonableness of its changing behavior. The research on the change of enterprise accounting policy has attracted people's attention. The theory of market efficiency holds that an effective capital market should be the blending center of all kinds of information, and it will be reflected in the stock price after absorbing new information. The use of abnormal returns or cumulative abnormal returns to measure the degree of market response to information has been the focus of research in recent years. This method is based on the calculation model of normal returns as the core tool. Considering that the previous research is to use the market model to measure the normal rate of return, the market model is also used to calculate the normal rate of return. Taking the listed companies which disclosed the change of accounting policy in the annual report in 2010 as the sample, using the event research method, the paper draws the conclusion that the market has a positive response to the change of the company's accounting policy, thus bringing abnormal profits to the speculators. However, in the long run, the incident will not bring investors any abnormal returns. The study also found that there was little difference in the way accounting policy changes affect stock prices among different industries; grouped by performance impact, It is found that at the significant level of 0.10, the cumulative abnormal return rate of [-10] days has significant difference, which indicates that the change of accounting policy has different influence on the companies with different performance.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F233;F832.51

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