| الوصف: |
以我国2003—2015年的上市公司为样本,研究了会计稳健性、信息透明度对股价同步性的影响。结果表明:会计稳健性与股价同步性显著负相关,这支持了"信息效率"说;信息透明度与股价同步性显著正相关,这支持了"非理性噪音"说;会计稳健性和信息透明度对股价同步性的影响存在替代效应。进一步的研究显示,在国有企业及业绩较差或治理水平较低的样本组中,会计稳健性对股价同步性的负向影响更为显著,而信息透明度及其与会计稳健性的交互效应对股价同步性的正向影响在各组中都很显著。 ; Taking listed companies in China from 2003 to 2015 as the sample, this paper discusses how the accounting conser- vatism and information transparency affect stock price synchronization. The results confirm some hypothesis as follows. Firstly, ac- counting conservatism has a significant negative correlation with stock price synchronization, which supports the concept of ＂infornla- tion efficiency＂. Secondly, information transparency has a significant positive correlation with stock price synchronization, supporting the concept of ＂non-rational noise＂. Thirdly, there is a substitution effect on the interaction of accounting conservatism and information transparency. Further study finds that, the negative effect of accounting conservatism on the stock price synchronicity is more signifi- cant in state-owned enterprises and other enterprises with poor performance or low-level governance. However, the positive effect of information transparency and its interaction with accounting conservatism are both remarkable in all samples. ; 国家自然科学基金项目(71572167)； |