CAJ | 학술논문

本文以深市A股上市公司作为研究样本，运用深交所对上市公司的信息披露考评结果作为会计信息质量的代理变量，实证检验了会计信息质量及其变化与市场流动性水平的关系。研究结果表明，上市公司的会计信息质量与股票流动性水平呈显著正相关关系，且受到会计信息质量内生性问题的微弱影响；前后年度会计信息质量的变化也会引起股票流动性的相应改变，具有同向的变动关系。在实证检验的基础上，提出了改进上市公司会计信息质量的政策建议。
본문이심시A고상시공사작위연구양본，운용심교소대상시공사적신식피로고평결과작위회계신식질량적대리변량，실증검험료회계신식질량급기변화여시장류동성수평적관계。연구결과표명，상시공사적회계신식질량여고표류동성수평정현저정상관관계，차수도회계신식질량내생성문제적미약영향；전후년도회계신식질량적변화야회인기고표류동성적상응개변，구유동향적변동관계。재실증검험적기출상，제출료개진상시공사회계신식질량적정책건의。
This paper chooses Shenzhen A-share listed companies as samples, uses the evaluation results of information disclosure of listed companies in Shenzhen Stock Exchange as a proxy variable of accounting information quality, and examines the relationship between the accounting information quality and its changes and market liquidity level. The results show that, the accounting information quality of listed companies and stock liquidity level have an significantly positive correlation, and also the endogeneity problems of accounting information quality has a weak influence on the relationship. The changes of accounting information quality can also cause a corresponding change in stock liquidity, with the relationship between changes in the same direction. On the basis of empirical test, we put forward recommendations to improve the accounting information quality of listed companies.