CAJ | 학술논문

本文通过实证研究考察新会计准则对资本市场的技术创新信息反馈产生何种影响。研究发现，新会计准则实施前，企业创新投入能够在转型经济环境的股价波动中反映为公司特质信息，但原意在于规范企业研发数据披露的会计准则变革在一定程度上暂时制约了上述信息反馈机制。这或许是因为新准则使得更多的企业调整了创新投入数据，数据中混合了原创性的创新和模仿性创新的缘故。因而，为建立稳定的转型经济环境中股价波动创新信息反馈机制，新旧制度的合理衔接至关重要。
본문통과실증연구고찰신회계준칙대자본시장적기술창신신식반궤산생하충영향。연구발현，신회계준칙실시전，기업창신투입능구재전형경제배경적고개파동중반영위공사특질신식，단원의재우규범기업연발수거피로적회계준칙변혁재일정정도상잠시제약료상술신식반궤궤제。저혹허시인위신준칙사득경다적기업조정료창신투입수거，수거중혼합료원창성적창신화모방성창신적연고。인이，위건립은정적전형경제배경중고개파동창신신식반궤궤제，신구제도적합리함접지관중요。
This paper tests influence of the new accounting standards on the innovation information feedback mechanism in China＇s security market. We find： without the new accounting standards, the technical innovation input of the firm can be reflected in the firm-specific information in the stock price fluctuation; but the accounting standards reform for the purpose of standardizing the R＆D data disclosure of the firm has restrained temporarily to some extent the information feedback mechanism. Perhaps because the new standards makes more firms adjust the technical innovation input data which includes original innovation and imitative innovation. Thus in order to estab- lish the feedback mechanism of the innovation information of the stock price fluctuation in the stable transitional environment, the proper link of the new and old accounting standards is very important.