管理会计信息披露及其市场识别——来自中国沪深股市的经验证据
5831 
789
财经研究 2007 年 第 33 卷第 07 期, 页码：114 - 124
摘要
参考文献
摘要
财务会计通常被理解为对外报告会计。因管理会计服务于公司内部的管理决策,与公司价值具有内在关联性,因而管理会计信息的对外披露与市场识别此类信息之间具有理论上的逻辑一致性。文章以管理会计信息的整体披露水平能否被市场有效识别为研究命题,对沪深股市年度报告中管理会计信息披露的市场识别程度及其规律进行了实证研究。结果表明:管理会计信息披露能够被市场投资者识别并使用,但此类信息的披露需要市场耗费一定的时间予以吸收;同时,与财务会计信息披露相比,管理会计信息披露水平提高同等程度,更容易被市场识别。
[1]Jensen M.Some anomalous evidence regarding market efficiency[J].Journal of Finan-cial Economics,1978,(6):95~102.
[2]Solomon E.Alternative rate of return concepts and their i mplications for utility regula-tion[J].Bell Journal of Economics and Management Science,1970,(1):65~81.
[3]Gordon L,A Stark.Accounting and economic rates of return:A note on depreciation andother accruals[J].Journal of Business Finance and Accounting,1989,(16):425~432.
[4]Fisher F,J McGowan.On the misuse of accounting rates of return to infer monopolyprofits[J].The American Economic Review,1983,(73):82~97.
[5]Shields M.Researchin management accounting by North Americans in the 1990s[J].Journal of Management Accounting Research,1997,(9):1~61.
[6]Hannan R,F Rankin,K Towry.The effect of information systems on honesty in man-agerial reporting:A behavioral perspective[J].Contemporary Accounting Research,2006,(23):885~932.
[7]Evans JⅢ,R Hannan,R Krishnan,et al.Honesty in managerial reporting[R].Working Paper,Joseph M.Katz Graduate School of Business,University of Pittsburgh,2001.
[8]Ajinkya B,MGift.Corporate managers’earnings forecasts and symmetrical adjustments ofmarket expectations[J].Journal of Accounting Research,1984,(22):425~444.
[9]Lev B,S Penman.Voluntary forecast disclosure,nondisclosure,and stock prices[J].Journal of Accounting Research,1990,(28):49~76.
[10]Clement M,R Frankel,J Miller.Confirming management earnings forecasts,earnings un-certainy and stock returns[J].Journal of Accounting Research,2003,(41):653~679.
[11]Lev B.Intangibles:Management measurement,reporting[M].Washington,D.C.Brookings Institution Press,2001.
[12]Al-Tuwaijri S,T Christensen,K Hughes.The relations among environmental disclo-sure,environmental performance,and economic performance:Asi multaneous equationsapproach[J].Accounting,Organizations and Society,2004,(29):447~471.
[13]Dowell G,S Hart,B Yeung.Do corporate environmental standards create or destroymarket value?[J].Management Science,2000,(46):1059~1074.
[14]李翔.会计信息披露需求:来自证券研究机构的分析[J].会计研究,2006,(3):63~68.
[15]周勤业,卢宗辉,金瑛.上市公司信息披露与投资者信息获取的成本效益问卷调查分析[J].会计研究,2003,(5):3~10.
[16]Marston C,P Shrives.The use of disclosure indices in accounting research:Areviewarticle[J].British Accounting Review,1991,(23):195~210.
[17]Naser K,K Al-Khatib,Y Karbhari.Empirical evidence on the depth of corporate in-formation disclosurein developing countries:The case of Jordan[J].International Jour-nal of Commerce&Management,2002,(12):122~153.
[18]Robbins W,K Austin.Disclosure qualityin governmental financial reports[J].Jour-nal of Accounting Research,1986,(24):412~421.
[19]Wallace R,K Naser,A Mora.The relationship between the comprehensiveness ofcorporate annual reports and firmcharacteristics in Spain[J].Accounting and BusinessResearch,1994,(25):41~53.
[20]Botosan C.Disclosure level and the cost of equity capital[J].Accounting Review,1997,(72):323~350.
[21]Leuz C,R Verrecchia.The economic consequences of increased disclosure[J].Jour-nal of Accounting Research,2000,(38):91~124.
[22]Botosan C,C Frost.Regulation、disclosure and market liquidity[R].Working Paper,Washington University and Dart mouth College,1998.
[23]Sengupta P.Corporate disclosure quality and the cost of debt[J].The AccountingReview,1998,(73):459~474.
[24]Scharftstein D Herd.Behaviour and invest ment[J].American Economic Review,1990,(80):465~479.
[25]William G,D Roger.Following the pied piper:Do individual returns herd around themarket?[J].Financial Analysis Journal,1995,(4):31~37.
[26]De-Bondt W,T Richard.Does the stock market overreact?[J].The Journal of Fi-nance,1985,(40):793~805.
[27]Beaver W.Financial reporting:An account evolution[M].Englewood Cliffs,NewJersey:Prentice Hall,1981.
[28]Sheifer A,R Vishny.A survey of corporate governance[J].Journal of Finance,1997,(52):737~783.
[29]赵涛,郑祖玄.信息不对称与机构操纵:中国股市机构与散户的博弈分析[J].经济研究,2002,(7):41~48.
[30]陆蓉,徐龙炳.“牛市”和“熊市”对信息的不平衡性反应研究[J].经济研究,2004,(3):65~72.
[31]Chow C,Wong-Boren A.Voluntary financial disclosure by Mexican corporations[J].Accounting Review,1987,(62):533~541.
[2]Solomon E.Alternative rate of return concepts and their i mplications for utility regula-tion[J].Bell Journal of Economics and Management Science,1970,(1):65~81.
[3]Gordon L,A Stark.Accounting and economic rates of return:A note on depreciation andother accruals[J].Journal of Business Finance and Accounting,1989,(16):425~432.
[4]Fisher F,J McGowan.On the misuse of accounting rates of return to infer monopolyprofits[J].The American Economic Review,1983,(73):82~97.
[5]Shields M.Researchin management accounting by North Americans in the 1990s[J].Journal of Management Accounting Research,1997,(9):1~61.
[6]Hannan R,F Rankin,K Towry.The effect of information systems on honesty in man-agerial reporting:A behavioral perspective[J].Contemporary Accounting Research,2006,(23):885~932.
[7]Evans JⅢ,R Hannan,R Krishnan,et al.Honesty in managerial reporting[R].Working Paper,Joseph M.Katz Graduate School of Business,University of Pittsburgh,2001.
[8]Ajinkya B,MGift.Corporate managers’earnings forecasts and symmetrical adjustments ofmarket expectations[J].Journal of Accounting Research,1984,(22):425~444.
[9]Lev B,S Penman.Voluntary forecast disclosure,nondisclosure,and stock prices[J].Journal of Accounting Research,1990,(28):49~76.
[10]Clement M,R Frankel,J Miller.Confirming management earnings forecasts,earnings un-certainy and stock returns[J].Journal of Accounting Research,2003,(41):653~679.
[11]Lev B.Intangibles:Management measurement,reporting[M].Washington,D.C.Brookings Institution Press,2001.
[12]Al-Tuwaijri S,T Christensen,K Hughes.The relations among environmental disclo-sure,environmental performance,and economic performance:Asi multaneous equationsapproach[J].Accounting,Organizations and Society,2004,(29):447~471.
[13]Dowell G,S Hart,B Yeung.Do corporate environmental standards create or destroymarket value?[J].Management Science,2000,(46):1059~1074.
[14]李翔.会计信息披露需求:来自证券研究机构的分析[J].会计研究,2006,(3):63~68.
[15]周勤业,卢宗辉,金瑛.上市公司信息披露与投资者信息获取的成本效益问卷调查分析[J].会计研究,2003,(5):3~10.
[16]Marston C,P Shrives.The use of disclosure indices in accounting research:Areviewarticle[J].British Accounting Review,1991,(23):195~210.
[17]Naser K,K Al-Khatib,Y Karbhari.Empirical evidence on the depth of corporate in-formation disclosurein developing countries:The case of Jordan[J].International Jour-nal of Commerce&Management,2002,(12):122~153.
[18]Robbins W,K Austin.Disclosure qualityin governmental financial reports[J].Jour-nal of Accounting Research,1986,(24):412~421.
[19]Wallace R,K Naser,A Mora.The relationship between the comprehensiveness ofcorporate annual reports and firmcharacteristics in Spain[J].Accounting and BusinessResearch,1994,(25):41~53.
[20]Botosan C.Disclosure level and the cost of equity capital[J].Accounting Review,1997,(72):323~350.
[21]Leuz C,R Verrecchia.The economic consequences of increased disclosure[J].Jour-nal of Accounting Research,2000,(38):91~124.
[22]Botosan C,C Frost.Regulation、disclosure and market liquidity[R].Working Paper,Washington University and Dart mouth College,1998.
[23]Sengupta P.Corporate disclosure quality and the cost of debt[J].The AccountingReview,1998,(73):459~474.
[24]Scharftstein D Herd.Behaviour and invest ment[J].American Economic Review,1990,(80):465~479.
[25]William G,D Roger.Following the pied piper:Do individual returns herd around themarket?[J].Financial Analysis Journal,1995,(4):31~37.
[26]De-Bondt W,T Richard.Does the stock market overreact?[J].The Journal of Fi-nance,1985,(40):793~805.
[27]Beaver W.Financial reporting:An account evolution[M].Englewood Cliffs,NewJersey:Prentice Hall,1981.
[28]Sheifer A,R Vishny.A survey of corporate governance[J].Journal of Finance,1997,(52):737~783.
[29]赵涛,郑祖玄.信息不对称与机构操纵:中国股市机构与散户的博弈分析[J].经济研究,2002,(7):41~48.
[30]陆蓉,徐龙炳.“牛市”和“熊市”对信息的不平衡性反应研究[J].经济研究,2004,(3):65~72.
[31]Chow C,Wong-Boren A.Voluntary financial disclosure by Mexican corporations[J].Accounting Review,1987,(62):533~541.
引用本文
李翔, 林树. 管理会计信息披露及其市场识别——来自中国沪深股市的经验证据[J]. 财经研究, 2007, 33(7): 114–124.
导出参考文献，格式为：
