中國財務報導穩健性實證分析

An Empirical Analysis of Chinese Financial Reporting Conservatism

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。 Based on a sample of Chinese listed firms with A-shares during 1992~2005, weanticipate financial reporting has become more conservatism after accounting reform andthe securities law promulgation in 1998. In the absence of a generally accepted definitionof conservatism, a number of measures of reporting conservatism are examined, includingthe accumulation of accruals, the differential timeliness of incorporating good news versusbad news in reported earnings, and the level of book values persistently below marketvalues. The empirical results support our hypothesis consistently, indicating some successtowards convergence with international accounting standards and enhancement of thecomparability and reliability of A-shares’ financial statements. Thus, the desegregation ofA-shares and B-shares and the increases of Chinese capital market globalization will befacilitated in the near future.