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Accounting internationalization and value relevance of accounting earnings in China


Using financial reports of AB-share listed companies in China from 1996 to 2003, this paper attempts to evaluate the impact of accounting internationalization in China by comparing time serial value-relevance differences between Chinese Accounting Standards (CAS) and International Accounting Standards (IAS). Empirical evidence from relative information content test indicates that unexpected earnings reported under IAS have more information content to A-share investors than those under CAS. However, the relative value-relevance of IAS is weakened through the accounting internationalization process. Moreover, empirical evidence from incremental information content test shows that the incremental value-relevance of IAS is also weakened through the accounting harmonization process. Further empirical evidence demonstrates that CAS earnings appear to substitute for CAS earnings in the valuation process to the extent to which CAS is harmonized with IAS.


以我国AB 股上市公司(A 股与B 股分别同时在国内、 国外上市的公司) 1996 年度至 2003 年度的财务报告为研究对象, 通过比较我国会计准则与国际会计准则的价值相关性, 检验了中国会计国际化进程所产生的效果。 相对信息含量的检验结果表明, 按国际会计准则报告的盈余的信息含量, 要强于按中国会计准则报告的盈余, 但国际会计准则的这种相对信息含量随着中国会计国际化的进程而有所削弱。 而增量信息含量的检验结果表明, 中国会计国际化进程使得国际会计准则相对于中国会计准则的增量信息含量也被减弱。 进一步的检验结果还表明, 随着中国会计国际化进程的步伐, 中国投资者把按两套准则报告的盈余当作替代信号, 并且更偏爱采用按照自己熟悉的会计准则(即中国会计准则)报告的盈余数据。


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Correspondence to Jiaxing You.

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You, J., Luo, S. Accounting internationalization and value relevance of accounting earnings in China. Front. Bus. Res. China 3, 171–189 (2009).

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