Research On Dual Corporate Governance Environment,Heterogeneous Belief And The Value-relevance Of Accounting Information

As an important basis for investors' decision-making,accounting information has become an important tool for improving the efficiency of the capital market and improving the effectiveness of the capital market.Accordingly,the information content of accounting information is increasingly drawing attention from the theoretical and practical sectors.The research on the value-relevance of accounting information is mostly based on the efficient market hypothesis.However,investors in the real capital market are a group of heterogeneous beliefs.The differences between investors' beliefs will inevitably affect the usefulness of accounting information in decision-making.It is of great practical significance to analyze the value-relevance of accounting information from the perspective of investors' heterogeneous beliefs.In addition,with the change of China's institutional environment,governance environment presents a dual situation of “administration governance” and “economic governance”.Administration governance is dominated by“administrative intervention”,and economic governance improves the corporate performance through a perfect governance structure and mature governance mechanism.The differences in the governance environment of different listed companies will affect the degree of reliance on accounting information when investors make investment decisions,and thus affect the value-relevance of accounting information.However,the impact of the dual corporate governance environment and heterogeneous beliefs on the value-relevance of accounting information are still lacking empirical tests.Based on this,this paper first uses the Shanghai-Shenzhen board A-share listed company from 1993 to 2015 as the research sample,through the linear regression test and the panel regression test of the time section,it analyzes the change trend of the value-relevance of accounting information since the establishment of the Shanghai and Shenzhen Stock Exchange.The empirical test found that the value-relevance of accounting information fluctuates in the early period of the establishment of the Shanghai and Shenzhen Stock Exchange.With the development of the stock market,the value-relevance of accounting information has gradually increased and tends to be stable.At the same time,the value relevance of earnings per share is stronger than net assets per share and net cash flow per share,and investors pay more attention to the information of profit statement.On this basis,taking into account that the key data of the marketization index from Gang Fan required by the construction of dual corporate governance environment indicators is provided in 2014,this paper further selects the data of the Shanghai and Shenzhen board A shares for 2003-2014 years as the sample.According to the characteristics of the corporate governance transformation in China,the sample interval is divided into internal control phases(2003-2004),quasi-economic governance phases(2005-2007),post-financial crisis phases(2008-2012),and further development phases(2013-2014).This paper discusses the relationship between dual corporate governance environment,heterogeneous beliefs and the value-relevance of accounting information in different periods of corporate governance transformation.The main conclusions are as follows:(1)The empirical results of the relationship between the dual corporate governance environment and the value-relevance of accounting information show that administrative governance does not have a significant impact on the value-relevance of accounting information in the process of corporate governance transformation.With China's entry into the quasi economic governance stage,economic governance will have a positive impact on the relevance of accounting information value,but the impact of economic governance on the value-relevance of accounting information varies in different stages of corporate governance transformation.(2)Based on the analysis of the relationship between heterogeneous beliefs and the value-relevance of accounting information,it is found that,with China's entry into the quasi economic governance stage,the heterogeneous beliefs of investors will have a positive impact on the value-relevance of accounting information.(3)The empirical analysis of the effect of dual corporate governance environment on the heterogeneous beliefs shows that administrative governance will not affect the heterogeneous beliefs in the process of corporate governance transformation.With China's entry the quasi economic governance stage,the economic governance will enhance the heterogeneous beliefs in the market.In summary,based on the study of the changes in the accounting information value since the establishment of the Shanghai and Shenzhen Stock Exchanges,this paper further examines the influence of the dual corporate governance environment and heterogeneous beliefs on the value-relevance of accounting information,and expands the discussion of the existing literature on the value-relevance of accounting information.The research resultshave important theoretical and practical value for improving the quality of accounting information,optimizing the function of accounting information valuation,promoting the reform of the accounting system and improving the efficiency of the capital market.