摘要
资本市场中,投资者基于能获取的信息进行交易决策,这种决策直接决定着股票等金融产品的价格,及其资源配置的效率,鉴于此,信息披露制度成为资本市场的一项基本制度。在上市公司所披露的信息中,会计信息占据了核心的位置。农业上市公司公开披露的会计信息是投资者赖以决策的重要依据,出于对自身利益的关注,投资者存在着对高质量会计信息的需求。
本文针对农业上市公司的会计信息质量进行五个方面的研究:
1、新企业会计准则对农业上市公司会计信息质量生成的影响研究
会计准则对会计信息质量具有重要的影响,若会计准则制定的较为完善,会计信息规则性失真的可能性降低;若会计准则制定的不够完善,其引导和制约生成高质量会计信息的功能就会降低,从而使会计信息质量受到更多人为因素的影响。本文对我国2007年开始实行的新会计准则体系的特征及影响进行一定的实证研究研究。
2、农业上市公司治理对会计信息质量的影响研究
公司治理包括内部治理与外部治理,两者互为联系、相互依存,都与会计信息质量问题密切相关。在内部治理方面本文着重研究农业上市公司不同股权结构下不同治理模式的权力制衡,及其与通用会计准则执行的行为选择的互动关系。在分析公司内部治理与会计质量关系基础上,进一步分析公司外部治理机制与会计信息质量关系,探讨资本市场、经理市场、产品和要素市场、控制权市场以及独立审计市场与农业上市公司会计信息质量之间的互动机制。
3、监管体系对农业上市公司会计信息质量的影响
在分析我国信息披露监管的现状问题方面,本文规范分析了我国信息披露的监管体制、剖析监管存在的问题;描述性统计分析了我国信息披露的违规现状,包括披露主体违规和中介机构违规。
4、农业上市公司会计信息质量评价研究
本文根据农业上市公司的会计信息特点使用层次分析法建立了一套农业上市公司会计信息评价体系,并根据2008年农业上市公司财务会计报告对上市公司的会计信息质量指标进行了评价。
5、资本市场会计信息作用程度检验分析
本文从实证分析的角度证实了农业上市公司会计信息中的企业获利能力信息与股票价格之间具有一定的相关性,但相关性不是很高。进一步证明了我国的资本市场尚未达到半强势效率。2007年后所有上市公司的会计报表都按新的会计准则编制,新准则的主要特点就是与国际准则趋同,在一定程度上限制企业管理当局的盈余管理行为。上市公司和投资人开始尝试用新准则的视角来看待公司的业绩,但从本文的论证过程来看:会计信息与股价之间的相关性尚未达到强势有效的特征。
我国作为转轨国家,上市公司特有的股权结构、资本市场发育不完全等问题交织在一起,导致公司治理结构问题异常复杂并严重影响到会计信息质量,而劣质的会计信息反过来又制约着公司治理结构的优化。为实现公司治理与会计信息质量之间的良性循环,应从完善上市公司内部和外部治理结构,推进会计制度创新,加强会计监管等方面采取相应对策。
上市公司会计信息监管应立足于保护投资者利益,加大证监会会计信息监管权限,以解决证监会监管权限不足的弊病,同时要提高注册会计师审计质量,加强上市公司会计信息内部监管力度,对违规的上市公司要严加处罚,除此之外,要加强媒体舆论等社会公众监督,加强对监管者的监管,从而提高我国上市公司会计信息质量。
In the capital market, investors make decisions according to information given by the market. So investors’decisions determine the price of financial product and its accuracy determines the efficiency of the allocation of resources. For that reason, information disclosure rule is a basic rule in the financial market. Among all information disclosed by the listed company, accounting information is the core information.
This paper makes research in five different areas based on the accounting information quality of agricultural listed companies:
1. on the effect of new accounting standards for business enterprises on the accounting information quality of agricultural listed company:
New accounting standards for business enterprises can impact the accounting information seriously. If the standard is good, the information generated by it is good, or vice versa. A good standard can protect the information from distortion by accounting personnel. In this paper we discuss the features of the new standard system and its impact on the accounting information of agricultural listed company.
2. Corporate Governance of agricultural listed company impacting on the accounting information.
Corporate governance, including internal governance and external governance both are linked to each other, interdependent, and are closely related to the quality of accounting information. They have an impact on accounting information through interaction. In the internal governance, we discuss different ownership structures impacting on balance and choice behavior of accounting information. In the external governance, we discuss factors such as capital markets, market manager, product and factor markets, corporate control market, as well as independent audit market impacting on the accounting information.
3. Monitoring system impacting on the quality of accounting information
On the issue of analyzing the status of information disclosure supervision, this paper normatively analyzes the monitoring system of information disclosure, analyzing the existing regulatory problems; the status quo of China's violation of information disclosure is analyzed by means of descriptive statistics, including violations by disclosure subjects and intermediaries.
4. Study on the evaluation of accounting information quality of the agricultural listed companies
In accordance with the characteristics of accounting information of the agricultural listed companies, a set of evaluation system of accounting information of listed companies by using analytic hierarchy process (AHP) was established, and according to the agricultural listed companies' financial accounting reports in 2008, indicators of accounting information quality of the listed companies were evaluated.
5. Test analysis of the effect of accounting information on capital market
This dissertation from the perspective of empirical analysis confirmed the enterprises’capability of profit benefited from the accounting information of agricultural listed companies, information and stock prices have some correlation, but the correlation is not very high. So there is further evidence that China's capital market have not yet reached the semi-strong efficiency. After 2007, all listed companies’accounting statements are drawn up in accordance with the new accounting standards and the main features of the new guidelines is its convergence with international standards, which, to some extent, limits the earnings management behavior of corporate management. Listed companies and investors began to try to use the new criteria to evaluate the company's performance from the perspective of the new standards, but from the angle of the process of argumentation in this article: the correlation between accounting information and stock prices have not yet reached the characteristics of strong and effective.
As a country in transition, the unique ownership structure of the listed companies, incomplete development of capital market and other issues intertwined, which makes the issue of corporate governance structure seems very complex and seriously affects the quality of accounting information; the poor quality of accounting information in turn restricts optimization of corporate governance structure. For the realization the virtuous circle between corporate governance and the quality of accounting information, the listed companies should take appropriate countermeasures to improve the internal and external governance structure, to promote innovations of accounting system, and to strengthen the accounting supervision, and so on.
Accounting information supervision of listed companies should be based on the protection of the interests of investors. Increase the CSRC’s regulatory authority of accounting information to address the shortcomings of the CSRC’s insufficient privileges, at the same time, improve the audit quality of certified public accountant (CPA), strengthen internal supervision of accounting information of the listed companies, for those who violates the rules must be severely punished, in addition, strengthen the supervision of the public such as the media and public opinion, strengthen supervision of regulators so as to enhance the quality of accounting information of the listed companies in China.
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