会计信息价值相关吗?基于中国 A股市场的经验证据

摘要

A substantial number of domestic and international studies used different methodological approaches to confirm the value relevance of accounting information. However,by using the sec-tional data analysis of China’s A-share listed companies from 2003 to 2012,this study found that accounting information was no significant value-relevant with the stock price. It revealed that the macroeconomic variables were more significant and continuous than that of accounting variables in the value relevance with the stock price. The results provide new evidence on the value rele-vance of accounting information for further study in the emerging Chinese stock market.%国内外大量研究证实会计信息与股价具有相关性。然而基于中国沪深两市所有A股上市公司2003-2012年间的截面数据分析，论文发现这一相关性不显著。此外，宏观经济变量与股价的相关性较会计信息变量显著且具持续性。论文的研究结果为进一步研究中国新兴资本市场会计信息价值相关性提供了新的证据。