Study On The Eiffciency Of Accounting Information Transmission

In the macroeconomic system, accounting information can directly or indirectly affect theefficiency of the price mechanism,with which it would maintain the operating basis of marketeconomy. If the price mechanism appears failure, macro economy’s operation will be severelyharmed. The worldwide economic turmoil we just experienced, was led by the subprime bondspricing failure. Many scholars made a research and reflection to the economic turbulence and putforward a question of fair value measurement method.It can be seen that the accounting information plays an important role in pricing process.However, the current accounting research area still lacks of the concept of “accountinginformation role in price process" and a entire and deep analysis. Hence, this paper proposes theconcept of accounting information transmission to abstract and summarize this process and madea deep analysis through this process; find out the key factors that hinder the accountingtransmission efficiency. On this basis, propose the optimizing idea of accounting informationtransmission mechanism and the pertinence policy and advice.This paper studies the intrinsic relationship of accounting information and asset pricingefficiency in the market economic operation system; further in the perspective of the wholeeconomic system of accounting information transmission efficiency defined. Through a thoroughanalysis of the whole process of accounting information transmission, analyzes the realdifferences between accounting information flow logic scientific and reflect the requirements ofthe economy; This paper will come down to accounting information disclosure and accept linkproduction, resulting in accounting information transmission failure reason "system defect","disclosure choice" and "cognitive limit", and will put three into the unified analysis frameworkto study. This paper analyzes the bottleneck for accounting information transmission efficiencyof the sticking point, will eventually research content locate in improving accounting informationtransmission efficiency measures.This paper started around the accounting information transmission. In chapter1, expoundspaper’s background and significance. It reviewed the scholars’ results in accounting informationtransmission area at home and abroad from accounting standards, information asymmetry andinformation users cognize. The second chapter demonstrates the accounting informationtransmission basic theory combining information economic theory and behavioral finance theory.The third chapter fist analyzed the accounting information transmission frame, and then analyzedthe accounting information transmission mode and agent, and lastly analyzed the choice problemof transmission channel and behavioral character of participates. In order to define theaccounting information transmission efficiency through precision, timeliness, audiences rangeand guiding effect. The fourth chapter clarifies the influencing factors of accounting information transmission efficiency and summarized into system defect, disclosure choice and cognize limitand explicit the relationship of them. And then, it proposed the system defect and disclosurechoice cannot be avoided. The fifth chapter is the empirical study. It chose the equity capital costas the substitution of the accounting information efficiency, built the regression model. UtilizedShanghai stock exchange’s manufacturing firms’ data to examine the regression model. And theempirical results showed that the timelessness has no effect on accounting informationtransmission efficiency, but the financial restatement has significant effect on the accountinginformation transmission efficiency. The sixth chapter proposed the methods to optimize theaccounting information efficiency’s efficiency aiming at information users’ cognize limit.