摘 要
会计估计变更是企业财务报告中的重要事项，其对市场反应及投资者保护的影响是会计与金融领域的重要研究课题。本研究基于中国资本市场为背景，旨在探讨会计估计变更的市场反应及其对投资者保护的作用机制。选取2010 - 2020年间沪深两市A股上市公司作为样本，运用事件研究法分析会计估计变更公告日前后股票收益率、交易量等市场指标的变化情况，同时构建多元回归模型考察公司治理水平、信息透明度等因素在其中发挥的作用。研究发现，会计估计变更整体上会引起市场的显著反应，不同类型的会计估计变更市场反应存在差异，盈余相关性较强的会计估计变更引发的市场波动更为剧烈。良好的公司治理结构和较高的信息透明度有助于缓解负面市场反应，增强投资者信心，对投资者起到保护作用。本研究创新性地将会计估计变更按照性质进行分类研究，并深入剖析了影响市场反应的内在因素，丰富了会计估计变更经济后果的研究成果，为监管机构完善相关政策提供理论依据，也为企业管理层合理运用会计估计变更提供参考，以更好地实现投资者保护的目标。
关键词：会计估计变更；市场反应；投资者保护；公司治理；信息透明度
Abstract
Accounting estimate changes are significant matters in corporate financial reporting, and their impact on market reactions and investor protection is an important research topic in accounting and finance. This study, based on the Chinese capital market, aims to investigate the market reaction to accounting estimate changes and the mechanism through which they affect investor protection. By selecting A-share listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2020 as samples, this research employs event study methodology to analyze changes in stock returns and trading volumes around the announcement dates of accounting estimate changes. Additionally, a multiple regression model is constructed to examine the roles played by corporate governance levels and information transparency. The findings indicate that accounting estimate changes generally elicit significant market reactions, with different types of changes eliciting varying market responses; those more strongly related to earnings tend to cause more pronounced market volatility. Good corporate governance structures and higher levels of information transparency help mitigate negative market reactions, enhance investor confidence, and protect investors. Innovatively, this study categorizes accounting estimate changes by nature and thoroughly analyzes the intrinsic factors influencing market reactions, thereby enriching the research on the economic consequences of accounting estimate changes. It provides theoretical support for regulatory authorities to improve relevant policies and offers guidance for corporate management to reasonably utilize accounting estimate changes, ultimately better achieving the goal of investor protection.
Keywords：Accounting Estimate Change；Market Reaction；Investor Protection；Corporate Governance；Information Transparency
目 录
摘 要 I
Abstract II
引 言 1
第一章 会计估计变更的理论基础与现状分析 2
1.1 会计估计变更的概念界定 2
1.2 国内外研究现状综述 2
1.3 现实意义与研究价值 3
第二章 会计估计变更的市场反应机制 5
2.1 市场信息传递效应分析 5
2.2 投资者认知偏差的影响 5
2.3 事件研究法的应用评估 6
第三章 会计估计变更对投资者保护的影响 8
3.1 法律法规框架下的保护措施 8
3.2 信息披露质量的作用 8
3.3 投资者信心与行为变化 9
第四章 完善会计估计变更管理的对策建议 11
4.1 规范会计估计变更流程 11
4.2 强化外部审计监督职能 11
4.3 提升公司治理水平 12
结 论 14
参考文献 15
致 谢 16
