臺灣博碩士論文加值系統

本研究探討中國雙軌報導制下之會計資訊價值攸關性，因此，研究對象為上海、深圳證券交易所同時發行A、B股的中國上市公司，研究期間為1994-2005年。研究結果發現：(1)盈餘差距逐年縮小，不過，並非單調遞減，差距縮小之幅度自1998年逐漸呈現平穩趨勢。(2)A股與B股股價價差隨著證券市場逐步併軌而降低，尤其2001年開放B股給中國境內人民購買之後，A股與B股之股價比明顯地縮小。(3)本研究運用JA-test探討國際與中國會計準則之相對價值攸關性，報酬模型之JA-test發現國際會計準則揭露之盈餘資訊，較中國會計準則揭露之盈餘資訊，具有相對較高之價值攸關性。(4)價格模型迴歸結果發現， IAS淨值資訊(盈餘資訊)對於A股股價具(不具)增額價值攸關性；CAS基礎編製之盈餘資訊與淨值資訊對B股股價均具有增額價值攸關性。報酬模型迴歸結果顯示IAS盈餘、盈餘變動資訊對於A股報酬具增額價值攸關性；但CAS盈餘變動(盈餘)資訊對於B股報酬具(不具)增額價值攸關性。二套準則會計資訊差距之增額價值攸關性大致上不因幅度高、低而有差距，但因方向正、負而有不同。

This study examined the value-relevance of accounting information for the valuation of dual-class shares listed on China’s stock markets during 1994-2005. The empirical results had the following findings: (1)Earnings gap was reduced stably after 1998 accounting reform. (2)The price gap between A shares and B shares was also shortened especially after B shares opening to domestic investor in 2001. (3) JA-test showed that IAS had higher relative value relevance than CAS in return models.(4) Price models showed that IAS-based book value (earnings ) had (had not) incremental value relevance for A shares price; CAS-based book value and earning had incremental value relevance for B shares price. Returns model showed that IAS-based earnings level and earnings changes had incremental value relevance for A shares return; CAS-based earnings change (earnings level) had (had not) incremental value relevance for B shares return. The incremental value relevance of accounting information gap between IAS versus CAS was generally insensitive to magnitude but sensitive to direction.

目 錄
頁次
目錄 Ⅰ
圖目錄 Ⅲ
表目錄 Ⅳ
第一章 序論 1
第一節 研究背景與動機 1
第二節 研究問題與貢獻 3
第三節 研究架構 5
第四節 研究流程圖 7

第二章 研究背景與文獻 8
第一節 中國大陸證券市場 8
第二節 會計制度的改革 11
第三節 中國會計準則與國際會計準則差異 16
第四節 文獻整理 31

第三章 研究方法 37
第一節 研究假說 37
第二節 資料說明 41
第三節 模型與變數 42

第四章 實證結果 54
第一節 敘述性統計 54
第二節 中國會計準則與國際會計準則相對價值攸關性 56
第三節 中國會計準則與國際會計準則資訊價值攸關性 57
第四節 中國會計準則與國際會計準則資訊差距之增額價 值攸關性 59
第五節 額外分析 66
第五章 結論 71
參考文獻 73
附錄一、CAS與IAS損益、股東權益差異調節表 79
附錄二、2007年會計改革中國與國際會計之差異 81

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