摘要
本文首先结合我国资本市场上炒作盛行、投资者羊群行为严重的现象,分析认为现阶段提高会计信息透明度不会降低股价的同步性。然后,以2005-2007年深市上市公司为研究样本,对上市公司会计信息透明度对股价同步性的影响进行了实证研究。结论表明:现阶段中国证券市场上股价同步性水平依然很高,会计信息透明度的提高没有降低股价同步性;同时我们还发现,会计信息透明度高的样本组中,股价包含更多的上市公司的预期盈余增长信息,同步性与之负相关。
First,this paper thinks to improve transparency of accounting information will not reduce stock price synchronicity at this stage,after analyzing the serious investors herding phenomenon on China's emerging capital market.Then,using listed companies during 2005-2007 in Shenzhen Security as sample,we test the impact of accounting information transparency on stock price synchronicity.Empirical research results show that: stock price synchronicity in China security market is still very high;the transparency of accounting information is significantly positively associated with synchronization.At the same time,we find in listed companies with high accounting information transparency,expected profitability and transparency is significantly negatively associated.And,information more transparent,the association more significant.
出处
《中国软科学》
CSSCI
北大核心
2009年第S1期321-326,共6页
China Soft Science
