摘要
20世纪70年代以后,实证会计理论得到长足发展。基于价值判断和逻辑演绎的会计理论逐步被寻求经验证据和解释会计实务的实证会计理论取代。会计由一门艺术逐渐转变为一门科学。资本市场在这一转变过程中起到非常重要的作用,反过来会计理论和会计数据也为资本市场研究提供了支撑。本文在考萨里(2001)的实证会计研究综述的基础上归纳了会计领域对资本市场的研究成果,包括实证会计方法问题、不同会计业绩指标的评价、基本面分析和估价、市场有效性检验等四个方面。每一方面对于完善我国实证会计理论都有非常重要的借鉴意义。
Positive accounting theory and techniques became prosperous after the 1970s.Traditional accounting theories based on value judgment and logic deductive has been gradually substituted by positive accounting theories based on empirical evidence.Thus,accounting became more scientific than artistic.Capital market played an important role in the transition and positive accounting fed capital market research with data and techniques on the opposite.The paper induced capital market research in the field of accounting according to Kothari’s review of positive accounting theory.The paper addresses four issues：（1）methodological capital market research,（2）comparison of different accounting performance measures,（3）fundamental analysis and valuation,and（4）tests of market efficiency.All the four issues have implications to China.
关键词
实证会计
资本市场
基本面分析
会计业绩指标
市场有效性
positive accounting
capital market
fundamental analysis
accounting performance measures
market efficiency
