商业研究

商业研究

• 财经纵横 • 上一篇    下一篇

会计信息稳健性、投资者异质信念与股票特质风险. ——基于2011-2015年A股上市公司的实证分析

张多蕾，赵友明，王治   

  1. （安徽财经大学 会计学院，安徽 蚌埠 233030）
  • 收稿日期:2018-02-25 出版日期:2018-05-22
  • 作者简介:张多蕾（1982-），男，安徽寿县人，安徽财经大学会计学院讲师，研究生导师，管理学博士，研究方向：资本市场财务与会计；赵友明（1993-），男，安徽巢湖人，安徽财经大学会计学院研究生，研究方向：资本市场财务与会计；王治（1974-），男，福建莆田人，安徽财经大学会计学院副教授，管理学博士，研究方向：资本市场财务与会计。.
  • 基金资助:
    国家社会科学基金一般项目，项目编号：16BJY020；安徽省高校人文社会科学重点项目，项目编号：SK2017A0440。

Accounting Conservatism, Investors Heterogeneous Belief and Stock Idiosyncratic Risk: . An Empirical Analysis based on A-share Listed Companies from 2011 to 2015

ZHANG Duo-lei, ZHAO You-ming, WANG Zhi.   

  1. (School of Accounting, Anhui University of Finance & Economics, Bengbu 233030, China)
  • Received:2018-02-25 Online:2018-05-22

摘要： 本文选取上海、深圳两市2011-2015年A股上市公司为研究样本，实证检验投资者异质信念在会计信息稳健性与股票特质风险关系中的传导作用。研究发现：会计信息稳健性能够显著抑制投资者异质信念和股票特质风险；投资者异质信念显著抬高股票特质风险，即两者显著正相关；投资者异质信念在会计信息稳健性抑制股票特质风险过程中起到部分中介因子作用，会计信息稳健性通过直接和间接相融合的双重路径影响股票特质风险。因此，政府相关部门应该提升会计信息稳健性要求、加强信息披露制度建设、加大违法信息披露行为处罚力度，上市公司应该贯彻信息稳健性要求、完善管理层激励与监督制度、提升财务人员综合素质，外部投资者要将主动学习和接受监管部门培训教育相结合，增强自身风险识别和防范能力。.

关键词: 会计信息稳健性, 投资者异质信念, 股票特质风险.

Abstract: This paper selects A-share listed companies from 2011 to 2015 as samples to test mediating effect of investors heterogeneous belief on the relationship between accounting conservatism and stock idiosyncratic risk. After the study, it finds that: the accounting conservatism can inhibit investors heterogeneous belief and stock idiosyncratic risk; investors heterogeneous belief can significantly raise stock idiosyncratic risk, that is, they are significantly positively correlated; investors heterogeneous belief plays a partial intermediary factor in the process of accounting conservatism inhibiting the stock idiosyncratic risk, and accounting conservatism affects the stock idiosyncratic risk through the dual path of direct and indirect integration. Therefore, relevant government departments should improve the accounting conservatism, strengthen the construction of information disclosure system, and increase punishment for illegal information disclosure. Listed companies should implement the information robustness requirements, improve management incentive and supervision system, and enhance the overall quality of financial personnel. External investors should combine active learning and training of supervision departments to enhance their risk identification and prevention capabilities..

Key words: accounting conservatism, investors heterogeneous belief, stock idiosyncratic risk