摘要
会计稳健性作为财务报告的重要特征，在资本市场的信息传递中发挥着关键作用。本研究基于信息不对称和代理问题的理论背景，探讨会计稳健性如何通过改善信息质量影响资本市场效率。研究采用2010年至2022年间中国A股上市公司的面板数据，结合Healy（1995）的收益下偏度模型衡量会计稳健性，并运用固定效应模型分析其对股价同步性和股权融资成本的影响。结果表明，较高的会计稳健性水平能够显著降低股价同步性，从而提升市场对公司特定信息的吸收能力；同时，会计稳健性还通过缓解信息不对称有效降低了企业的股权融资成本。进一步的异质性分析发现，这一效应在制度环境较弱或公司治理水平较低的样本中更为显著。本研究的创新点在于从信息传递视角系统揭示了会计稳健性的经济后果，并为理解其在新兴市场中的独特作用提供了经验证据。研究结论不仅丰富了会计稳健性与资本市场效率关系的理论框架，也为监管机构优化信息披露政策及企业改进会计实践提供了重要参考。
关键词：会计稳健性；资本市场效率；股价同步性；股权融资成本；信息不对称
Abstract
Accounting conservatism, as a critical feature of financial reporting, plays a pivotal role in information transmission within capital markets. Grounded in the theoretical context of information asymmetry and agency problems, this study investigates how accounting conservatism enhances capital market efficiency by improving information quality. Using panel data from Chinese A-share listed companies between 2010 and 2022, the research employs Healy’s (1995) downward-biased income model to measure accounting conservatism and applies a fixed-effects model to analyze its impact on stock price synchronicity and equity financing costs. The findings indicate that higher levels of accounting conservatism significantly reduce stock price synchronicity, thereby enhancing the market's ability to absorb firm-specific information. Moreover, accounting conservatism effectively lowers corporate equity financing costs by mitigating information asymmetry. Further heterogeneity analysis reveals that these effects are more pronounced in samples with weaker institutional environments or lower corporate governance standards. The novelty of this study lies in its systematic revelation of the economic consequences of accounting conservatism from an information transmission perspective, providing empirical evidence for its unique role in emerging markets. The conclusions not only enrich the theoretical fr amework regarding the relationship between accounting conservatism and capital market efficiency but also offer significant implications for regulatory authorities in optimizing disclosure policies and for enterprises in refining their accounting practices.
Keywords：Accounting Conservatism; Capital Market Efficiency; Stock Price Synchronicity; Equity Financing Cost; Information Asymmetry
目 录
摘要 I
Abstract II
一、绪论 1
(一) 研究背景与意义 1
(二) 会计稳健性研究现状综述 1
(三) 研究方法与技术路线 2
二、会计稳健性的理论基础与信息传递机制 2
(一) 会计稳健性的概念与内涵 2
(二) 信息传递的理论框架分析 3
(三) 会计稳健性对信息质量的影响 3
三、会计稳健性在资本市场中的作用路径分析 4
(一) 投资者决策中的会计稳健性影响 4
(二) 会计稳健性与市场效率的关系 5
(三) 信息不对称下的稳健性调节作用 5
四、实证研究：会计稳健性与信息传递效果评估 6
(一) 研究假设与变量设计 6
(二) 数据来源与模型构建 6
(三) 实证结果与讨论会计稳健性在资本市场的信息传递中发挥了显著作用 7
结 论 8
参考文献 9
