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从股改进程的角度出发,结合上市公司所处地区的制度环境,运用会计信息价值相关性的实证模型,检验了股改进程的会计信息经济后果。研究发现,地区制度环境越好,率先完成股改的上市公司的会计信息价值相关性就越高,对此可以用“治理溢价”理论进行解释。另外,我国证券市场的投资者在估价决策中存在“表间功能锁定”问题。
From the perspective of stock reform process, combined with the institutional environment of the listed companies in the region, the author uses the empirical model of the value relevance of accounting information to test the economic consequences of the accounting information reform process. The study found that the better the institutional environment in the region, the higher the value of the accounting information of listed companies that took the lead in completing the stock reform, which can be explained by the theory of “managing premium”. In addition, investors in China’s securities market have the problem of “functional lock-in between tables” in valuation decisions.