中國財務報導穩健性實證分析

An Empirical Analysis of Chinese Financial Reporting Conservatism

官月缎(Yue-Duan Guan) ； 陳麗雯(Li-Wen Chen)

《會計與公司治理》 4卷2期 (2007/12) Pp. 81-104

https://doi.org/10.30139/JACG.200712.0004

摘要

本研究以1992~2005年中國A股上市公司為樣本，預期1998年起，由於會計改革與證券法頒布實施，上市公司財務報導穩健程度將顯著增加。文獻對於穩健性缺乏一致性的定義，因此本文採多重的衡量方式，包括累積應計數字變化、盈餘反應好壞消息的時效性差異、淨值相對於市值持續向下偏誤的程度，實證結果一致支持研究假說，顯示會審準則與國際標準接軌發揮一定成效，A股報表的比較性與可靠性提升，有利於未來推展A、B股並軌與加深中國資本市場國際化的程度。

關鍵字

穩健性 ； 應計數字 ； 盈餘／報酬關係 ； 淨值／市值比率

並列摘要

Based on a sample of Chinese listed firms with A-shares during 1992~2005, we anticipate financial reporting has become more conservatism after accounting reform and the securities law promulgation in 1998. In the absence of a generally accepted definition of conservatism, a number of measures of reporting conservatism are examined, including the accumulation of accruals, the differential timeliness of incorporating good news versus bad news in reported earnings, and the level of book values persistently below market values. The empirical results support our hypothesis consistently, indicating some success towards convergence with international accounting standards and enhancement of the comparability and reliability of A-shares' financial statements. Thus, the desegregation of A-shares and B-shares and the increases of Chinese capital market globalization will be facilitated in the near future.

並列關鍵字

Conservatism ； Accruals earnings/Returns relation ； Book-to-market ratio

參考文獻

市場概況

統計信息

市場總貌

Aharony, J.,C. J. Lee,T. J. Wong.(2000).Financial packaging of IPO firms in China.Journal of Accounting Research.38,103-126.

Ahmed, A. S.,B. K. Billings,R. M. Morton,M. Stanford-Harris.(2002).The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs.The Accounting Review.77,867-890.