搜索
1A1975AAccountinginformationTransparencyandEarningsValueRelevance:EvidencefromChinaA-shareMarketZHANGXING-LIANG(SchoolofBusiness,JiaxingUniversity,Jiaxing,Zhejiang314001SchoolofAccounting,ZhongnanUniversityofEconomicsandLaw,Wuhan,Hubei430023Abstract:Earningsqualitywillaffectearningsvaluerelevancesignificantly,whileearningsqualityisaffectedbythequalityofgovernanceoutsideandinsidecompany.Thepaperacceptsaccountinginformationtransparencyasaproxyvariableforthequalityofgovernanceoutsideandinsidecompany.Thepaperfindsthatgivingtheamountofaccountingearnings,thehigheraccountinginformationtransparencyacompanyhas,thebiggerERCtherewillbe,thegreatervaluerelevanceearningswillhave;otherwise,thesmallervaluerelevanceearningswillhave.Empiricalanalysesshowthattheimprovementofaccountinginformationtransparencywillcontributetoenhancingearningsvaluerelevance,whichwillraiseinvestor’sconfidenceandpromotethehealthydevelopmentofthesecuritiesmarkets.Keywords:AccountingInformationTransparency;Earnings;ValueRelevanceEMHDOICNKI:33-1273/Z.20101220.1517.0172010-12-2015:17[1-3][4](insiders)insiderinformationinsidertradingbiasingdelayingwithholding[5]SEC2001[6]Bhattacharyaetal.[7]3[8][9]H1Easton&Harris[10-13]tititieEpsBHR,,10,++=ββ1tititiEpsBHR,,10,υββ+Δ+=2titititititiTransTransEpsEpsBHR,,3,,2,10,*εββββ++++=3titititititiuTransTransEpsEpsBHR,,3,,2,10,*++Δ+Δ+=ββββ4BHRi,ti54)1()1(,48,48,tmttittiRRBHR+∏−+∏=−=−=Ri,tRm,t114TransHuttonetal.[14]Jones[15]1,2,1,22,1,12,01,)/()/(/−−−−−−−++Δ+=tititititititieAPPEAREVATAαααJonesJones[16-17]TAi,t-1=/Ai,t-2Ai,t-2iTAi,t-1△REVi,t-1it-1t-2PPEi,t-1it-1α0α1α2JonesNDA)/()/(/2,1,22,1,1,12,01,−−∧−−−∧−∧−+Δ−Δ+=tititititititiAPPEARECREVANDAαααNDAi,t-1△RECi,t-11,1,1,−−−−=tititiNDATADA||||||3,2,1,,−−−++=titititiDADADATabsdaTabsdaTabsda110190~1TransA2009BHR)1()1(,48,48,tmttittiRRBHR+∏−+∏=−=−=Eps4ΔEpsTrans0-1Eps*TransΔEps*Trans5ST*ST108520052008200520092CSMARCCERDATAStata11.021882611718380249629361753186243216484518635223753422561518335273221536784071,08533.43-0.0849Trans3BHR1085-0.084900.3430-0.5450.5910Trans10850.500000.31900.00001.000Eps10850.018300.0234-0.03880.0644Eps*Trans10850.009230.0146-0.03450.0644ΔEps10850.004200.0227-0.05280.0498ΔEps*Trans10850.001970.0131-0.05280.049864pearsonBHREpsΔEpsTransTransTransTransEpsΔEps4pearson***p0.015OLS12EpsΔEps1%Eps*TransΔEps*TransTrans345%5OLS1234ttttEps1.403***3.1642.931***3.608Eps*Trans-3.194**-2.232Trans0.0060.133-0.043-1.309TranTranBHREpsΔEpsBHREpsΔEpsBHREpsΔEpsBHR1.0001.0001.000Eps0.096***1.0000.146***1.0000.0601.000ΔEps0.224***0.596***1.0000.267***0.734***1.0000.195***0.487***1.0007ΔEps3.394***7.5781.922***3.970ΔEps*Trans-1.971***-3.032-0.111***-8.394-0.099***-9.595-0.112***-4.605-0.069***-3.572Adj.R20.0080.0490.0130.016F10.0157.425.9226.8861,0851,0851,0851,085***p0.01**p0.05Trans22008Trans2012334TransTrans2OLS64Trans23t-1.124Trans6OLS34ttEps2.384**2.108Eps*Trans2-0.776-1.124Trans20.067**2.2030.045*1.749ΔEps2.371**2.405ΔEps*Trans2-1.146**-2.160-0.248***-5.480-0.200***-5.655Adj.R20.0190.014F3.6342.872407407***p0.01**p0.05*p0.108A[1]EASTONPDZMIJEWSKIMECross-sectionalVariationintheStockMarketResponsetoAccountingEarningsAnnouncements[J]JournalofAccountingandEconomics198911:117-141[2]COLLINSDWKOTHARISPAnAnalysisofIntertemporalandCross-sectionalDeterminantsofEarningsResponseCoefficients[J]JournalofAccountingandEconomics198911:143-182[3]DHALIWALDKLeeandNFargherTheAssociationbetweenUnexpectedEarningsandAbnormalSecurityReturnsinthePresenceofFinancialLeverage[J]ContemporaryAccountingResearch19918:20-41[4]CCGINK[J]20065:15-21[5]WILLIAMRScottFinancialAccountingTheory[M]PrenticeHall2003[6][J]20098:45-48[7]BHATTACHARYAUDAOUKHWELKERMTheWorldPriceofEarningsOpacity[J]TheAccountingReview2003783:641-678[8][D]2005[9]CORMIERDMAGNANMEnvironmentalReportingManagement:aContinentalEuropeanPerspective[J]JournalofAccountingandPublicPolicy2003221:43-62[10]EATONPDHARRISTSEarningsasanExplanatoryvariableforReturns[J].JournalofAccountingResearch1991291:19-369[11][D]1999[12][J]20031193-213[13]AB[J]2006480-90[14]HUTTONAPALANJMarcusaandHassanTehranianOpaqueFinancialReportsR2andCrashRisk[J]JournalofFinancialEconomics2009941:67-86.[15]JONESJEarningsManagementDuringImportReliefInvestigationsJournalofAccountingResearch[J].1991292193-228[16][J]20061129-136[17]A[J]2007890-97