【作者】 程培先；

【导师】 王淑珍； 孙文生；

【作者基本信息】 河北农业大学 ， 农业经济管理， 2008， 博士

【摘要】 2005年开始的股权分置改革,使我国资本市场走出持续四年的低迷状态,出现了较快速度的增长,市值达到世界第三位的水平。与此同时,国内一些学者开始担心股市存在较大的泡沫,流动性过剩和市盈率过高是存在泡沫的两个明显例证。而从会计学的角度分析,市盈率过高是股票价格与会计信息背离的一种表现,如果会计信息在股票价格的决定上作用越来越小,将证明资本市场的有效性降低,资源配置功能下降。本文从“会计信息高透明度—投资者高度重视和理性投资—资本市场健康稳定发展”的基本思路出发,研究会计信息与资本市场协调发展的有效途径和改革策略。主要研究内容如下:第一章首先介绍了本文的研究背景和研究意义。指出我国资本市场当中投资人重股票行情轻会计信息的现象在一直存在,这不利于资本市场效率的提高和投资风险的控制,本文的研究意义也就在于揭示会计信息不受重视的原因并提出改进策略,以达到促进资本市场发展和保护投资人权益的目的。其次介绍了国内外研究现状,在此基础上提出了本文的研究思路、研究框架、研究内容和研究方法。第二章首先介绍了关于会计信息与资本市场关系的基础理论。其次利用已有的理论成果并通过结合二者关系的历史分析和对我国现状的考察,提出了会计信息与资本市场的逻辑关系。再者,对会计信息对股票价格的影响与非会计信息因素对股票价格的影响进行了系统分析,揭示了会计信息对股票价格的影响机理。第三章通过建立回归分析模型对会计信息与股票价格的相关性进行了实证检验。首先对影响股票价格的各种因素进行了梳理,确定了代表会计信息的十三个具体指标。其次选取了钢铁行业的上市公司作为分析样本。再者通过回归分析确立回归模型,最后对回归结果进行定性分析。第四章首先从会计信息的外部性和公共产品属性分析入手,对会计信息披露成本和收益从宏观和微观两个层面进行了分析,并以此为基础建立了会计信息披露策略选择模型。其次根据模型所揭示的规律对如何对会计信息披露成本进行补偿的问题做了较为具体的研究,提出了不同的解决方案。再者利用博弈论的分析方法对会计信息披露监督与补偿问题进行了研究,提出了通过设计股权激励方案进行补偿的观点。最后,结合会计信息透明度的研究提出了改进会计信息质量,促进会计信息与资本市场协调发展的政策建议。第五章首先分析了会计准则与会计信息质量及资本市场之间的关系。其次通过对我国新会计准则的内容结构、国际化方向等问题的分析与归纳,揭示了新会计准则在会计信息披露方面发生的一些变化。最后对新会计准则对会计信息质量及资本市场的影响作了一定的研究。第六章首先对独立审计在我国资本市场中发挥的作用、存在的问题、成因以及解决对策进行了研究。然后对会计信息披露质量评价标准进行了分析和介绍,指出评价标准的作用和存在的不足,并与盈余信息质量鉴别标准进行比较分析。最后对独立审计体系的构建与完善提出了一些政策建议。第七章提出了促进会计信息披露与资本市场协调发展的综合对策。第八章结束语对本文的研究结论和将要进一步研究的问题进行了归纳和展望,并就如何促进会计信息披露与资本市场的协调发展提出综合性的政策建议。更多还原

【Abstract】 Initiated in 2005, the split-share structure reform helped China’s capital market out of downtown. There appeared an increasingly speedy growth of the capital market, and it ranked the third worldwide. At the meantime, some domestic scholars began to worry great deal of bubbles existing in stock market. Fluidity surplus and over too high price earning ratio are two evidences of bubble economy. However, analyzed from the perspective of accounting, over too high price earning is caused by deviation between stock price and accounting information. If accounting information plays a weakening role in deciding stock price, which means a decreasing efficiency in capital market and declined function of resource integration. The dissertation starts from the following points: highly transparent accounting information, investors’ highly attention and rational investment, healthy and stable development of capital market, and made a research on effective methods and reform strategies in promoting coordinated development between accounting information and capital market.The main content of the dissertation is as follows:The first chapter introduced the background and significance of the research. This chapter pointed out, in China, investor pays less attention to stock market rather than accounting information. And this phenomenon always exists and it hinders the improvement of capital market efficiency and manipulation of investment risk. The significance of the dissertation’s research is find out reasons why accounting information is always neglected and proposes strategies for improvement so as to promote the development of capital market and protect investors’ interest. And then, this chapter introduced current research on this field home and broad. On the basis of this, research frame, content and methods are introduced.The second chapter starts from basic theories of relations between accounting information and capital market. Then by using current theoretical achievement, this chapter tried to combine historical analysis of the relation between accounting information and capital market and the current situation in China. And then put forward the logic relation between accounting information and capital market. The chapter also made analysis on the influence of accounting information brings to stock price and non-accounting information factors’ influence to stock price and thus exposed the mechanism of accounting information’s influence to stock price.The third chapter is a demonstration of the correlation between accounting information and stock price by setting up regression analysis model. The chapter first made analysis of many factors affecting stock price, and then set 13 indexes represent accounting information. Then the chapter chose listed company of steel industry as sample for analysis. Finally the chapter set up regression model and made qualitative analysis of regression results.The fourth chapter started from external of accounting information and attributes of public products and made analysis of accounting information disclosure cost and benefit from macro and micro level and set up optional model for accounting information disclosure strategy. And then the chapter made detailed research to how does the rule exposed by this model compensates the cost of accounting information disclosure followed by different solutions. Then the chapter made further research of supervision and compensation of accounting information disclosure by way of game theory analysis and then proposed the viewpoint that compensation should be fulfilled by designing stock right motivation methods. Lastly, the chapter concluded that the quality of accounting information should be improved by combining accounting information transparency, and proposed policy suggestions of promoting coordinated development between accounting information and capital market.The fifth chapter analyzed the relation among accounting rules, quality of accounting information and capital market. And after analysis of China’s new accounting rules’ contents, internationalization trend, the chapter revealed changes of new accounting rules in accounting information. And last part of the chapter is about new accounting rules’ influence to the quality of accounting information and capital market.Chapter six start with research of the role of independent auditing in China’s capital market, existing problems of independent auditing and reasons of these problems and strategies of solving these problems. And the next part is followed by introduction and analysis of appraisal criteria of the quality of accounting information disclosure. And then the chapter pointed out the shortcoming and inadequacy of the appraisal criteria, and followed by comparison with surplus information quality. And the last part of the chapter is policy suggestion of construction and improvement of independent auditing.Chapter seven is the conclusion part of the dissertation. There are suggestions and prospects in the part for further development of coordinated development between accounting information disclosure and capital market.更多还原