会计信息披露质量与噪音交易——基于股价信息含量视角的检验

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英文篇名：Information Disclosure Quality and Noise Trading:Test Based on the Perspective of Stock Price Information Content 作者：于雪彦 英文作者：YU Xueyan;Antai College of Economics and Management,Shanghai Jiao Tong University; 关键词：会计信息披露质量 ; 噪音交易 ; 股价信息含量 英文关键词：accounting information disclosure quality;;noise trading;;stock price information content 中文刊名：SGLK 英文刊名：Shanghai Management Science 机构：上海交通大学安泰经济与管理学院; 出版日期：2019-02-20 出版单位：上海管理科学 年：2019 期：v.41;No.232 基金：国家自然科学基金“差序文化视阈下家族企业公司治理机制选择及其行为后果研究”(71702102);; 国家社科基金“基于互联配置交易模式下企业会计核算云端化问题研究”(16BGL062) 语种：中文; 页：SGLK201901013 页数：8 CN：01 ISSN：31-1515/C 分类号：77-84

摘要

会计信息披露能否影响噪音交易水平?利用A股上市公司2007—2013年样本,立足股价信息含量视角,检验了会计信息披露质量与噪音交易之间的关系。结果表明,会计信息披露期间,噪音交易水平提升,但是会计信息披露质量越高,噪音交易水平越低。进一步检验发现,会计信息披露质量通过提高股价信息含量降低噪音交易水平。因此,为提高交易效率,应持续提高会计信息披露质量。
        Can accounting information disclosure affect the noise trading level?We test the relationship between accounting information disclosure quality and noise trading,using the sample of A-share listed companies during 2007—2013,based on the perspective of stock price information content.The results show that the noise trading level increased during the period of accounting information disclosure,but the higher the accounting information disclosure quality,the lower the noise trading level.Further tests found that the accounting information disclosure quality reduces the noise trading level by increasing the stock price information content.Therefore,in order to improve transaction efficiency,the accounting information disclosure quality should be continuously improved.

引文

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