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本文基于异质信念视角,考察了异质信念对会计信息价值相关性的影响,研究发现:(1)不同会计准则下的会计信息价值相关性存在显著差异;(2)不同信息环境下的会计信息价值相关性存在显著差异;(3)不同会计期间的会计信息价值相关性存在显著差异。研究结论表明,会计信息价值相关性的差异是投资者行为异化的产物,而投资者信念异质是导致其行为异化的根本原因。
Based on the perspective of heterogeneous beliefs, this paper examines the impact of heterogeneous beliefs on the value relevance of accounting information. The findings are as follows: (1) There are significant differences in the value relevance of accounting information under different accounting standards; (2) Accounting under different information environments There are significant differences in the correlation of the value of the information; (3) There are significant differences in the value relevance of the accounting information between different accounting periods. The conclusion of the research shows that the difference of the value relevance of accounting information is the result of the alienation of investors’ behavior, and the heterogeneity of investor belief is the fundamental reason for the alienation of their behavior.