财务报告可读性与股票价格的相关性研究

在新会计准则实施后第二年,由美国次贷危机引起的金融危机开始在全球范围内蔓延,中国上市公司的经营业绩受到不同程度的冲击。在这特殊的背景下,对我国的A股市场于2009年年初公布的财务报告的可读性与股票价格相关性进行实证研究,旨在研究我国资本市场是否有效、公众投资者是否理性,对进一步规范我国的资本市场具有一定的指导意义。结果表明,财务报告可读性程度高低与短期市场反应并不存在正的相关性。

Empirical Research on the Relationship Financial Report Readability and the Stock Price

In the second year after the implementation of new accounting standards,the financial crisis caused by the U.S.A sub-prime mortgage crisis began to spread globally.As a result,the operation of the listed companies in China is subject to suffer from the crisis.So in this special background,a share market was announced in early 2009.An empirical research on the financial report of the readability and stock price was made in order to investigate whether China′s capital market was effective and whether public investors are rational,which has some significance on standardizing the capital market.The conclusion is that there is no correlation between the readability of financial reports and the short-term market reflection.