摘要
本文以世界上第一个强制实施整合报告的国家(南非)的上市公司为样本,研究了2010年其强制实施后的市场反应结果。通过对整合报告实施前后信息价值相关性变化的考察,来检验整合报告的实施是否对企业价值产生影响。结果发现,在整合报告制度实施前,由于存在自愿性且不规范的披露,投资者对财务信息的决策依赖程度已有所下降,而当正式实施整合报告后,财务信息价值相关性下降的趋势有所减缓,从而使整合信息发挥更强的决策有用性。这说明整合报告的实施,非财务信息对股价的解释力度提升,可以弥补财务信息价值相关性下降的趋势,从而间接支持了国际社会倡导实施整合报告的目的,使得股价更能全面反映企业价值创造及可持续发展能力。
This paper selects listed companies of South Africa which is the first country for mandatory implementation of integrated reporting as a sample, and tests the market reaction since 2010. We find out:given the factor of voluntary and nonstandard disclosure, the role of financial information in decision-making has declined; the integrated information is more important. It indicates that explanatory power of non-financial information for share price enhanced and compensates for the downward trend of financial information. Thus, it indirectly supports the promotion of integrated reporting for international community and makes share price to reflect value creation and sustainable development ability of companies more comprehensively.
出处
《会计研究》
CSSCI
北大核心
2013年第1期35-41,95,共7页
Accounting Research
基金
国家社科基金重大项目"中国会计通史系列问题研究"(11&ZD145)
教育部人文社会科学研究项目"后金融危机时代全球会计变革与中国对策研究"(10YJA790176)
中南财经政法大学百篇优秀博士学位论文培育项目"基于可持续发展理念的企业整合报告研究"(2012YB0902)的阶段性研究成果
