谢获宝 黄大禹

摘 要：本文以2015～2019年沪深A股上市公司为样本，实证检验了会计信息透明度与企业价值之间的关系，以及会计稳健性的调节作用，同时进一步考察了经营约束层面的影响。研究结果表明：会计信息透明度对企业价值具有显著正向影响;会计稳健性正向调节了两者之间的关系，且这种调节作用在不同经营约束中呈现出差异性。非国有企业会计稳健性增强了会计信息透明度对企业价值的影响，国有企业会计稳健性的调节作用不显著;高竞争行业企业会计稳健性增强了会计信息透明度对企业价值的影响，低竞争行业企业会计稳健性的调节作用不显著。

关键词：会计信息透明度;会计稳健性;企业价值;经营约束

中图分类号：F275文献标识码：A文章编号：1003 5192（2021）04-0088-07doi：10.11847/fj.40.4.88

Abstract：Taking Shanghai and Shenzhen A share listed companies from 2015 to 2019 as samples， this paper conducts an empirical test on the relationship between accounting information transparency and enterprise value， and the moderating effect of accounting conservatism. At the same time， it further investigates the impact of operating constraints. The results show that accounting information transparency has a significant positive impact on enterprise value; Accounting conservatism positively moderates the relationship between accounting information transparency and enterprise value， and this moderating effect is different in operating constraints. The accounting conservatism of non state owned enterprises enhances the impact of accounting information transparency on enterprise value， and the moderating effect of accounting conservatism of state owned enterprises is not significant. The accounting conservatism of enterprises in highly competitive industries enhances the impact of accounting information transparency on enterprise value， while the moderating effect of accounting conservatism of enterprises in low competitive industries is not significant.

Key words：accounting information transparency; accounting conservatism; enterprise value; operational constraints

1 引言

隨着上市公司治理体制的逐步推进以及资本市场的日益完善，上市公司会计信息透明度得到了明显的提升。但与此同时，上市公司财务舞弊、财务造假的事件仍然经常发生，对资本市场的正常秩序造成了严重的损害，侵犯了投资者和股东的利益。为建设新时代资本市场强国的需要，完善上市公司的会计信息透明度迫在眉睫。会计信息透明度是企业财务和经营状况的真实反映，现有关于会计信息透明度的研究有很多，如McNichols[1]的研究发现，随着会计信息披露监督法律的颁布，会计信息透明度呈现不断加强的态势。马宁[2]认为，风险投资与会计信息透明度呈显著正相关关系。……