摘要
鉴于会计稳健性经济后果研究文献的缺少,文章从股价信息含量的角度研究了会计稳健性的公司治理功能。研究发现会计稳健性与股价信息含量之间存在显著的正相关关系:即会计稳健性与股票价格同步性显著负相关;与知情交易概率显著正相关;会计稳健性会使得股价中包含更多未来盈余的信息。实证结果还发现,会计稳健性与外部治理环境存在互补关系;会计稳健性对管理者的约束功能在民营企业中更为显著。文章的研究结论表明,会计稳健性能够有效抑制管理者的机会主义行为、降低管理者与投资者的信息不对称,增强了投资者搜集公司层面私有信息的动机,促使更多的投资者利用公司层面的私有信息进行知情交易,股票价格中包含更多公司层面的私有信息。
Motivated by a lack of empirical evidence regarding the economic consequences of conservatism, the paper explores the governance role of accounting conservatism by investigating the relationship between accounting conservatism and stock price informativeness. The results present, as predicted, evidence of positive relationship between firm-level conservatism and stock price informativeness： Conservatism associates negatively with stock price synchronicity, positively with the probability of informed trading, and makes price contain more information about future earnings. Empirical evidences also show that, there exists complementary relationship between conservatism and outside institutional environments; the constraining effect to managers is more pronounced in private firms. These evidences show that, by alleviating potential agency problems and reducing information asymmetry between mangers and investors, accounting conservatism motivates investors to search and trade on firm-specific information, thus improving stock price informativeness.
出处
《管理评论》
CSSCI
北大核心
2013年第3期146-158,共13页
Management Review
基金
国家自然科学基金项目(70772110
71102095)
教育部人文社会科学基金项目(08JA630068)
关键词
会计稳健性
股票价格信息含量
股价同步性
知情交易
accounting Conservatism, stock price informativeness, price synchronicity, informed trading
