财贸研究
財貿研究
재무연구
Finance and Trade Research
2013年
3期
149~156
,共null页
新会计准则 投资—现金流敏感性 投资效率
新會計準則 投資—現金流敏感性 投資效率
신회계준칙 투자—현금류민감성 투자효솔
new accounting standard; investment- cash flow sensitivity; investment efficiency
以2003-2010年中国制造业上市公司面板数据为样本,检验采用新会计准则前后,上市公司提供的会计信息对投资-现金流敏感性的影响程度.研究发现,在实施新会计准则后,制造业上市公司投资-现金流敏感性总体上呈下降趋势,尤其是在上年经营现金流量的基础上下降趋势更显著;在实施新会计准则后,小规模公司投资-现金流敏感性的降低程度要高于大规模公司.
以2003-2010年中國製造業上市公司麵闆數據為樣本,檢驗採用新會計準則前後,上市公司提供的會計信息對投資-現金流敏感性的影響程度.研究髮現,在實施新會計準則後,製造業上市公司投資-現金流敏感性總體上呈下降趨勢,尤其是在上年經營現金流量的基礎上下降趨勢更顯著;在實施新會計準則後,小規模公司投資-現金流敏感性的降低程度要高于大規模公司.
이2003-2010년중국제조업상시공사면판수거위양본,검험채용신회계준칙전후,상시공사제공적회계신식대투자-현금류민감성적영향정도.연구발현,재실시신회계준칙후,제조업상시공사투자-현금류민감성총체상정하강추세,우기시재상년경영현금류량적기출상하강추세경현저;재실시신회계준칙후,소규모공사투자-현금류민감성적강저정도요고우대규모공사.
Based on panel data from Chinese listed companies in manufacturing industry from 2003 to 2010, this study investigates the influence of accounting information on listed companies＇ investment effi- ciency. This study provides evidence that investment-cash flow sensitivity is generally decreasing in manu- facturing listed companies after adopting the new accounting standard, especially relative to the previous year＇s operating cash flow. The study also shows that small companies have more reduction of investment- cash flow sensitivity than large comoanies after adootion of the new standard.
