精品0会计信息价值相关性研究.pptVIP

收益－盈余模型 0 ) i i i E i E E E R E iidN ? ? ? ? ? ? ? ? ? : E （ ， 观测值的联合概率密度 03 会计信息价值相关性研究 有关文献 ? Barth et al. 2001. The relevance of the value relevance literature for financial accounting standard setting: another view. JAE 31: 77-104. --------BBL2001 ? Collins, D., Maydew, E., Weiss, I., 1997. Changes in the value-relevance of earnings and book values over the past forty years. JAE 24, 39 – 67. -------- CMW1997 ? Holthausen, R.W., Watts, R.L., 2001. The relevance of the value relevance literature for financial accounting standard setting. JAE 31: 3-75. -------- HW2001 ? Kothari, S.P ., 2001. Capital markets research in accounting. JAE 31, 105 – 231. ? Kothari, S.P ., Zimmerman, J., 1995. Price and return models. JAE 20, 155 – 192. --------KZ1995 何谓价值相关性 ? BBL(2001) – In the extant literature, an accounting amount is defined as value relevant if it has a predicted association with equity market values – The first study that uses the term ‘‘value relevance to describe this association is Amir et al. (1993). – Academic researchers are the primary producers and intended consumers of value relevance research. 为什么研究价值相关性 ? 检验会计信息的相关性和可靠性 – 相关性和可靠性是 SFAC No. 5 明确提出的两个 目标 ? 背景 – 在 20 世纪 60 年代，一些（规范）会计理论家认 为基于历史成本的财务会计核算体系难以提供 决策有用的信息 – Ball Brown(1968) 则证明即使是基于历史成 本的会计信息仍然能够提供决策有用的信息 价值相关性与相关性、可靠性 (BBL2001, P81) ? Value relevance tests generally are joint tests of relevance and reliability. ? Finding value relevance indicates the accounting amount is relevant and reliable, at least to some degree, ? It is difficult to attribute the cause of lack of value relevance to one or the other attribute. association studies information content studies ? Kothari(2001) – Ball and Brown (1968) and Beaver (1968) are the pioneering studies in capital markets research in accounting.Both perform an event study and Ball and Brown also conduct an association study. – Both types of studies are now common in the literature. event study ( information content study) ?