【摘要】 本文运用价格模型的研究方法,对我国沪深两市A股1990-2003年共8179个样本的股价与年报会计信息进行了实证分析。研究表明,我国上市公司会计信息价值相关性自1999年起开始稳步上升,1999年新会计法的实施对价值相关性的提高有显著的正面影响,1996年较高的会计信息价值相关性主要源于非主营业务利润占主营业务利润的比例较高,恰恰说明我国资本市场上投资者的不成熟和非理性行为。更多还原

【Abstract】 Using a sample of all listed firms in Shanghai and Shenzhen Stock Exchange from 1990 to 2003 with 8179 firm-year observations, we obtain evidence that the value relevance of accounting information of our country has increased since 1999, the implementation of the new accounting law of our country has significant positive effect on the improvement of the value relevance of accounting information, the high ratio of one-time items to the Core earnings constitutes the main reason for the highest value relevance of accounting information at the year 1996, which also reflects the irrational and immature behavior of the investors in the capital market of China.更多还原