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文章探讨了自愿性会计变更对会计信息价值相关性的影响。研究发现,自愿性会计变更降低了净利润的价值相关性,但显著提高了净资产的价值相关性,在控制了相关公司特征变量后,结论依然成立。这表明,自愿性会计变更能够影响资本市场投资者决策,在股票定价过程中,投资者关注并运用了企业自愿性会计变更信息,进一步反映到企业清算价值和会计盈余的定价功能中。进一步研究发现,当公司分析师跟踪人数越多或机构投资者持股比例越高时,自愿性会计变更对会计信息价值相关性的影响越弱;而当公司业务复杂程度越高时,自愿性会计变更对会计信息价值相关性的影响越显著。
The article discusses the impact of voluntary accounting changes on the value relevance of accounting information. The study found that voluntary accounting changes reduce the value relevance of net profits, but significantly improve the value relevance of net assets. After controlling for the characteristic variables of related companies, the conclusion still holds. This shows that voluntary accounting changes can affect the capital market investors’ decision-making. In the process of stock pricing, investors pay attention to and use the voluntary accounting change information of enterprises, which is further reflected in the pricing function of corporate liquidation value and accounting earnings. Further study found that when the number of corporate analysts track more or institutional investors, the higher the proportion of voluntary accounting changes on the relevance of the impact of accounting information weaker; and when the company’s business complexity is higher, the voluntary The impact of accounting changes on the value relevance of accounting information is more significant.