【正文】 公允價(jià)值計(jì)價(jià)改為用調(diào)整的賬面價(jià)值記賬；對(duì)債務(wù)重組帶來的“收益”一律不確認(rèn)為利潤(rùn)，直接計(jì)入資本公積；非貨幣交易原則上也不再確認(rèn)損益；正常商品銷售的利潤(rùn)設(shè)定了上限。這些規(guī)定都縮小了企業(yè)選擇的空間，降低了操作的可能。從監(jiān)管方面看，2001年銀廣夏事件后，深圳中天勤會(huì)計(jì)師事務(wù)所的解散和2002年最高人民法院關(guān)于會(huì)計(jì)信息虛假陳述的兩個(gè)公告，讓注冊(cè)會(huì)計(jì)師意識(shí)到降低會(huì)計(jì)信息質(zhì)量的風(fēng)險(xiǎn)所在，對(duì)注冊(cè)會(huì)計(jì)師行業(yè)起到了警示作用，使得我國(guó)上市公司的外部監(jiān)管體系在向更有效的方向發(fā)展。這些特定的環(huán)境和會(huì)計(jì)準(zhǔn)則因素的綜合作用也許可以對(duì)1997年和2001年我國(guó)會(huì)計(jì)盈余的劇烈變動(dòng)做出一定的解釋。當(dāng)然，許多研究也從不同的角度研究了影響會(huì)計(jì)信息質(zhì)量的因素，如市場(chǎng)效率，行業(yè)因素，企業(yè)內(nèi)部治理結(jié)構(gòu)和企業(yè)生命周期等，由于篇幅限制不再一一討論。 五、結(jié)論本文通過研究證明：在我國(guó)資本市場(chǎng)盈余信息價(jià)值相關(guān)性不強(qiáng)；盈余的總體質(zhì)量在1997至2001年期間大幅的下降，2001年后又開始有較快提高，盈余質(zhì)量并沒有隨時(shí)間變化展現(xiàn)出一致的提高趨勢(shì)。造成我國(guó)上市公司盈余質(zhì)量變化的原因是復(fù)雜的。會(huì)計(jì)信息作為一種公共產(chǎn)品，不僅受到會(huì)計(jì)準(zhǔn)則的影響，還受到市場(chǎng)效率，監(jiān)管力度，法律風(fēng)險(xiǎn)等多種因素的影響。高質(zhì)量的盈余信息不僅僅依賴于會(huì)計(jì)準(zhǔn)則，還依賴于與經(jīng)濟(jì)發(fā)展相匹配的政治、法律支持系統(tǒng)。因此，我們?cè)谥贫?zhǔn)則的過程中，不僅要借鑒國(guó)際慣例，更要使之與我國(guó)的國(guó)情相適應(yīng)。相比過去的研究，本文選取了更長(zhǎng)時(shí)窗來研究會(huì)計(jì)信息質(zhì)量的變化，但是由于樣本的數(shù)量、資本市場(chǎng)建立初期信息的不完整和研究選用模型的限制，筆者最后只能得出10年的綜合指標(biāo)，并無法研究最新會(huì)計(jì)準(zhǔn)則對(duì)盈余信息質(zhì)量的影響。另外，由于不能將外部環(huán)境的因素量化，本文不能確切地衡量政治、經(jīng)濟(jì)、法律、會(huì)計(jì)準(zhǔn)則等因素在多少程度上影響了會(huì)計(jì)信息質(zhì)量。這些不足都有可能會(huì)影響本文的結(jié)論。 注釋 ①1992~1997年間，會(huì)計(jì)披露信息量加大，會(huì)計(jì)制度要求企業(yè)披露財(cái)務(wù)狀況變動(dòng)表或現(xiàn)金流量表，通過這兩種報(bào)表可以取得無形資產(chǎn)、長(zhǎng)期待攤費(fèi)用的數(shù)據(jù)或者直接獲得經(jīng)營(yíng)現(xiàn)金流量，對(duì)于無法直接獲得經(jīng)營(yíng)現(xiàn)金流量的公司，本文用間接法計(jì)算當(dāng)期的現(xiàn)金流量，雖然這樣存在一些誤差，但是這樣方法可以選取更長(zhǎng)時(shí)間的樣本，并且易于計(jì)算大量公司的樣本（Francis et al. 2004）。 ②年報(bào)公布日日期除1994年4月29日，1995年4月28日，2000年4月28日外，均為4月30日。 ③考慮到金融行業(yè)會(huì)計(jì)處理的特殊性，選取樣本中不包括9家金融行業(yè)上市公司。這9家金融企業(yè)股票代碼為：000562，000563，600030，300816，600000，600015，600016，600036，000001。 ④線性回歸采用的方法為強(qiáng)制進(jìn)入法（Enter）。 主要參考文獻(xiàn) 王躍堂,孫錚,——,7 劉峰,吳風(fēng),——,5 蔣義宏,:東北財(cái)經(jīng)大學(xué)出版社 :江西人民出版社 陳收,(社會(huì)科學(xué)版)第19卷,2 蔡春,黃益建,——,2 劉峰,:會(huì)計(jì)準(zhǔn)則還是職業(yè)判斷？——來自中國(guó)A、 傅宏宇,桂希,——(人文社會(huì)科學(xué)版),4 Partricia M. Dechow, Catherine M. Schrand, 2004, Earnings Quality, published by Research Foundation of CFA Institute D. Eric Hirst, Patrick E. Hopkins, 2000, Earnings: Measurement, Disclosure, and the Impact on Equity Valuation, published by Research Foundation of AIMR, Blackwell publishers Ohlson, J. Earnings, book value, and dividends in equity valuation. Contemporary Accounting Research, 1995。 Spring David F. Hawkins, 1998, Corporate Financial Reporting and Analysis: Text and Cases, Fourth Edition, published by McGrawHill Book Co Jennifer Francis, Ryan LaFond, Per M. Olsson, Katherine Schipper, 2004, Cost of Equity and Earnings Attributes, The Accounting Review, Vol 79, Christian Leuz, Dhananjay Nanda and Peter D. Wysocki, 2003,Earnings management and investor protection: an international parison, Journal of Financial Economics, vol. 69, Issue 3, September Ray Ball, Ashok Robin and Joanna Shuang Wu, 2003, Incentive versus standards: properties of accounting ine in four East Asian countries, Journal of Accounting and Economics 36Patricia M Dechow, Ilia D Dichev, 2002, The quality of accruals and earnings: The role of accrual estimation errors, The Accounting Review. Sarasota: 2002. BenHsien Bao, Lynne Chow, 1999, The usefulness of earnings and book value for equity valuation in emerging capital markets: Evidence from listed panies in the People39。s Republic of China, Journal of International Financial Management amp。 Accounting. Oxford: Summer 1999. A Study of Earnings Quality：Evidence from Listed Companies in the People’s Republic of ChinaYao Zhang(School of Business, Sun Yatsen University 510275) [Abstract] With the maturity of China’s capital market, the users of accounting information gradually focus more attention on earning，which is one of the most important items in accounting report. A rational user should concern about not only earnings quantity, but also earnings quality. The purpose of this study is to analyze whether earnings quality in China’s capital market is improved over time. The author first theoretically discusses the definition and attributes of earnings quality。 second reviews the prevailing models used to test earnings quality。 then designs a group of regression models to analyze the statistics of all A share listed panies from year 1994 to 2004. The result empirically proves that earnings information in China’s security market is not very valuerelevant, and changes of earnings quality do not evidently show consistent improving trend over time. At last the possible factors which will plicate earnings quality are discussed，including financial reporting standards, economic environment, legal environment, etc. [Key words] Earnings。 Earnings Quality。 Security Market15 / 15