本文選題：會計信息披露質(zhì)量 + 應(yīng)計異象��； 參考：《東北農(nóng)業(yè)大學(xué)》2013年碩士論文

【摘要】：Sloan（1996）提出的應(yīng)計異象，對當(dāng)前會計準則制定的質(zhì)量提出了質(zhì)疑，并對普遍公認的有效市場假說提出了挑戰(zhàn)，引起了學(xué)術(shù)界和實務(wù)界的廣泛關(guān)注。應(yīng)計異象是指公司會計盈余中的會計應(yīng)計項目被資本市場錯誤定價，從而導(dǎo)致會計應(yīng)計與股票未來收益負相關(guān)，投資者利用二者負相關(guān)的特點，在資本市場中賣出高會計應(yīng)計公司股票，買入低會計應(yīng)計公司股票，持有一段時間，從而獲得超額累計投資收益的現(xiàn)象。其根源在于投資者“功能鎖定”于會計盈余，未能識別會計應(yīng)計和現(xiàn)金流的持續(xù)性差異以及公司對盈余信息的操縱，從而高估會計應(yīng)計項目對公司股票未來盈余的預(yù)測能力。 應(yīng)計異象形成的根源在于投資者對公司未來盈余的預(yù)測“功能鎖定”于會計盈余，因此，公司對外披露的會計信息質(zhì)量就顯得尤為重要。上市公司披露的反應(yīng)公司經(jīng)營狀況、經(jīng)營成果和未來動態(tài)的會計信息質(zhì)量，在保護投資者利益、維護資本市場健康發(fā)展方面起著重要作用，會計信息披露質(zhì)量的高低也直接影響著投資者的投資決策。高質(zhì)量的會計信息披露能夠降低上市公司與投資者之間的“信息不對稱”現(xiàn)象，更有利于降低中小投資者與大股東、投資者與管理層之間的代理成本，規(guī)避管理層的盈余操縱，引導(dǎo)投資者對會計應(yīng)計的正確定價，從而維持資本市場的有效性，防止應(yīng)計異象的發(fā)生。 本文基于國內(nèi)外應(yīng)計異象和會計信息披露質(zhì)量研究的相關(guān)理論和文獻，仿照Sloan（1996）的投資策略，對我國資本市場應(yīng)計異象的存在性和會計信息披露質(zhì)量對應(yīng)計異象的影響進行實證研究。由于我國只有深圳證券交易所（以下簡稱“深交所”）進行信息披露的考評，因此本文研究樣本選取深交所進行信息披露考評的上市公司。首先檢驗會計應(yīng)計和現(xiàn)金流在預(yù)測未來盈余持續(xù)性上的差異，研究得出與其他學(xué)者（如Sloan，1996；Xie，2001；Richardson，2005；姜國華、李遠鵬、牛建軍，2006等）相同的結(jié)論，即會計應(yīng)計的持續(xù)性低于現(xiàn)金流。然后對樣本公司按會計應(yīng)計高低進行分組，賣出最高會計應(yīng)計組股票，同時買入最低會計應(yīng)計組股票，通過套利投資獲得顯著的超額回報，證明在我國資本市場應(yīng)計異象是存在的。驗證完我國資本市場應(yīng)計異象存在性之后，通過構(gòu)建會計信息披露質(zhì)量和應(yīng)計異象的回歸模型，研究會計信息披露質(zhì)量的高低對應(yīng)計異象的影響，結(jié)果顯示會計信息披露質(zhì)量越高，投資者對應(yīng)計項目錯誤定價程度越小，，越有利于市場穩(wěn)定。最后根據(jù)研究現(xiàn)狀和實證研究結(jié)果，提出了提高會計信息披露質(zhì)量和規(guī)避應(yīng)計異象的對策。
[Abstract]:The accrual vision proposed by Sloanwei (1996) questions the quality of the current accounting standards and challenges the generally accepted efficient market hypothesis, which has aroused widespread concern in academic and practical circles. Accrual anomaly refers to the fact that the accounting accrual items in the accounting earnings of a company are mispriced in the capital market, which leads to negative correlation between accounting accruals and future returns of stocks, and investors make use of the characteristics of negative correlation between them. The phenomenon of selling high accounting accrual company stock in capital market, buying low accounting accrual company stock and holding it for a period of time, so as to obtain excess accumulated investment income. The reason lies in the investor's "function locking" on accounting earnings, failing to recognize the persistent difference between accounting accrual and cash flow and the manipulation of earnings information by companies, thus overestimating the ability of accounting accruals to predict the future earnings of companies. The root of the accrual anomaly is that the investors' prediction of the company's future earnings is "function locked" in the accounting earnings. Therefore, the quality of accounting information disclosed by the company is particularly important. The disclosure of listed companies reflects the company's operating situation, business results and the quality of accounting information in the future, which plays an important role in protecting the interests of investors and maintaining the healthy development of the capital market. The quality of accounting information disclosure also directly affects the investment decision of investors. High-quality accounting information disclosure can reduce the "information asymmetry" between listed companies and investors, reduce the agency cost between small and medium investors and large shareholders, between investors and management, and avoid the manipulation of management earnings. To guide investors to correct pricing of accounting accruals, thus to maintain the effectiveness of capital markets and prevent accrual anomalies from occurring. Based on the relevant theories and literatures of the research on accrual anomalies and accounting information disclosure quality at home and abroad, this paper follows the investment strategy of Sloanqi 1996. This paper makes an empirical study on the existence of accrual anomalies in China's capital market and the effect of accounting information disclosure quality on accounting anomalies. Because only Shenzhen Stock Exchange (hereinafter referred to as "Shenzhen Stock Exchange") carries on the information disclosure appraisal in our country, therefore this article studies the sample selects the Shenzhen Stock Exchange to carry on the information disclosure appraisal listed company. First, the difference between accounting accrual and cash flow in predicting the persistence of future earnings is examined, and the same conclusion is reached with other scholars (such as Sloanan 1996 Xiejiao 2001 Richard Sons 2005; Jiang Guohua, Li Yuanpeng, Niu Jianjun 2006, etc.) that the accounting accrual persistence is lower than cash flow. Then the sample companies were grouped according to the accounting accruals, sold the highest accounting accrual group shares, and bought the lowest accounting accrual group shares, and obtained a significant excess return through arbitrage investment. It is proved that there is an accrual anomaly in China's capital market. After verifying the existence of accrual anomalies in China's capital market, by constructing a regression model of accounting information disclosure quality and accrual anomalies, this paper studies the impact of accounting information disclosure quality on accounting anomalies. The results show that the higher the quality of accounting information disclosure, the smaller the mispricing degree of accrual items, the more conducive to market stability. Finally, according to the current research situation and the empirical research results, the paper puts forward some countermeasures to improve the quality of accounting information disclosure and avoid the accrual anomalies.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F224

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