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本文基于价格模型对我国上市公司会计信息价值相关性在1994—2005年期间的变化情况进行了检验,针对其波动较大的特征,将可能影响价值相关性的因素归纳为两种效应:会计度量效应和投资者行为效应,并利用剩余收益定价模型检验了两种效应的存在性和影响力,结果表明这两种效应是影响我国上市公司会计信息价值相关性的重要因素,且均对会计信息价值相关性表现出负向影响;进一步检验发现如果剔除投资者行为因素的影响,会计信息价值相关性总体水平将显著提高。
Based on the price model, this paper examines the changes of the value relevance of accounting information in Chinese listed companies during 1994-2005. According to the characteristics of its volatility, the factors that may affect the value relevance are summed up as two kinds of effects: accounting measures Effect and investor behavior effect, and use the residual income pricing model to test the existence and influence of the two effects. The results show that these two effects are the important factors that affect the value relevance of the accounting information of listed companies in China, and both of the accounting information The correlation of value shows a negative effect. Further examination shows that if we exclude the influence of investor behavior, the overall level of the value relevance of accounting information will be significantly increased.