【作者】 陈魁；

【导师】 李翔；

【作者基本信息】 南京大学 ， 会计学， 2015， 硕士

【摘要】 会计信息有用性的研究由来已久,政策制定者通过制度的设计尽可能最大化发挥会计信息的有用性,从而帮助信息的使用者作出正确的决策。已有文献也已经证明会计信息的确可以帮助投资者们提供有价值的信息(Bushman,2001; BiddleG,2001;李青原,2008；朱松,2010)。然而会计信息有用性的研究主要集中在股票市场,而鲜有对债券市场上会计信息有用性的研究,对城投债1会计信息的研究更是少之又少。现在有关城投债的研究基本形成了这样一种结论“会计信息在城投债中相关性‘遗失’了”(施丹,2012；王博森,2014)。本文的研究主题“会计信息在债券发行市场上有用性的研究”,出发点是“为何会计信息在城投债中出现了相关性的‘遗失’”。通过对债券发行市场客观环境的分析以及城投债自身情况的探讨,从三个方面揭示了会计信息在城投债中相关性‘遗失’的原因：一是城投债业务模式及发债过度导致ROE由收益指标变为风险指标；二是虚增收入净利润、突击注资产生了投资者对城投债增长指标的不信任；三是债券发行中存在的评级虚增现象在城投债中更加明显,加剧了以资产负债率为代表的资本结构指标在城投债中相关性的‘遗失’。本文结果显示会计信息在城投债发行中依然发挥了应有的作用,只是表面上被‘扭曲’了。与其说是会计信息相关性的削弱,不如说是一种“遗失”。研究成果及建议对降低社会融资成本、完善中国债券市场发展及会计信息有用性的研究都有着重要意义。更多还原

【Abstract】 It has been a long time to research the usefulness of accounting information, The designers of the system designers try to maximize the usefulness of accounting information,In order to help the investors to make the right decision. So many research have been proved the usefulness of the accounting information,The accounting information can provide the valuable information.But the research of accounting information mainly concentrated in the stock market,Deficient in the bond market, especially the study of municipal bond accounting information,but it has been formed such a conclusion that the accounting information correlation has been lost in the municipal Bond.The topic of this paper is "The usefulness of accounting information in the bond market", The starting point is "the lost of correlation of the accounting information in the municipal Bond".through the analysis of the environment of the bond issue market and the condition of the municipal Bond,Finally,we explain the lost of the correlation of accounting information in the municipal Bond from four aspects:One,because of the over debt,the ROE became the risk indicators from the earnings;Two,The inflated revenues and netincome, assault injection lead the doubt about the conditon of the issuer. There,The rating inflated phenomenon is more obvious in the municipal Bond, then further lead to the disappearance of the relevance of accounting information in the municipal bond. The result of this paper prove that the accounting information still be usefulness in the municipal bond.The research of the paper makes sense in reducing the social cost of financing and promoting the development of China bond market.更多还原