以IFRS為基礎的中國會計準則對資訊環境的影響

The Effects of IFRS-based China Accounting Standards on the Information Environment

本研究以中國證券市場為研究對象，探討強制採用以IFRS為基礎的中國會計準則（IFRS-based China Accounting Standards，簡稱ICAS）對資訊環境的影響。實證結果顯示，在強制採用ICAS後，不論是公開資訊和私有資訊的精確度都下降，亦即中國僅是形式上採用ICAS，並未實質的改善資訊環境。本研究也發現，在考量中國特殊特性下，強制採用ICAS後國有企業在ICAS實施後，公開資訊精確度比非國有企業佳；股權集中度愈高的公司，其私有資訊和整體資訊精確度較高；相較於僅發行A股的公司而言，同時發行以境外投資人為主之股票的公司，其私有資訊精確度較高。但法律成熟度，並沒有影響ICAS實施對於資訊環境的影響。整體而言，本研究提供了進一步證據，支持IFRS的成效受到實行國家的機制背景與報導誘因影響的說法。

This paper aims to examine the effects of the IFRS-based China Accounting Standards (ICAS) on the information environment of Chinese listed firms. Contrary to extant studies, we find that mandatory ICAS adoption results in decreased precision of both private and public information, and thus in overall information precision. Furthermore, we find that after mandatory ICAS adoption, (1) the decreased precision of public information is less pronounced for state-owned enterprises than others; (2) the decreased precision of private and overall information is less pronounced for firms with greater levels of ownership concentration; and (3) the reduction in private information precision is less pronounced for firms whose shares are held by foreign investors. Finally, we find no difference in the effect of law enforcement on the association among firms in provinces with differential legal enforcement regimes. Overall, our findings lend support to the arguments that reporting incentives and countries' institutional frameworks play key roles in shaping firms' reporting practices.