外文翻譯--關(guān)于歐盟強(qiáng)制執(zhí)行國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)信息質(zhì)量影響的調(diào)查

1、<p><b>　　中文4178字</b></p><p>　　外 文 翻 譯</p><p>　　外文題目 Investigating the Effects of the EU Mandatory Adoption of IFRS on Accounting Quality: Evidence from Italy </p>&l

2、t;p>　　外文出處 International Journal of Business and Management </p><p>　　外文作者 Paola Paglietti </p><p><b>　　原文：</b></p><p>　　Investig

3、ating the Effects of the EU Mandatory Adoption of IFRS</p><p>　　on Accounting Quality: Evidence from Italy</p><p><b>　　Abstract</b></p><p>　　The European Community Regu

4、lation No. 1606/2002 required all EU listed companies to prepare their consolidated financial statements in accordance with IFRS as from 1 January 2005. This paper studies the impact of the IFRS mandatory adoption in a t

5、ypical code-law European country such as Italy. It aims to investigate how and whether the accounting information quality changes following IFRS implementation. The focus is on value relevance which is considered as one

6、of the basic attributes of accoun</p><p>　　Introduction</p><p>　　In 2002, the Parliament and the Council of the European Union (EU) approved a Regulation (No. 1606/2002) requiring all listed com

7、panies in the EU to use the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) for the preparation of their consolidated financial statements from 1 January 2

8、005 onwards. Member states have the option to extend this requirement to individual company accounts and to consolidated accounts of non-listed compani</p><p>　　The present study focuses on Italy, a typical

9、European code-law country that has been experiencing the IFRS mandatory adoption. It aims to investigate the effect of the IFRS adoption on the accounting information quality. Since accounting quality is a broad concept

10、with multiple dimensions (Burgstahler, Luzi, & Leuz, 2006), this study focuses on the value relevance which is considered one of the basic attributes of accounting quality (Francis, LaFond, Olsson, & Schipper, 20

11、04). Value relevance e</p><p>　　By using consolidated financial statement data from a sample of 960 firm-year observations concerning 160 Italian listed companies observed from 2002 to 2007, the value releva

12、nce in Italy is investigated to answer the first research question: Does the value relevance of earnings and book value of equity systematically change in Italy with the mandatory adoption of IFRS? For this purpose, the

13、combined, relative and incremental value relevance of book value of equity and earnings with respect to s</p><p>　　Data are also analyzed on a sectoral basis to answer the second research question: How does

14、the IFRS adoption impact the value relevance in the different sectors? To respond to this the same set of association studies are performed separately for firms operating in the Finance, Industry and Services macro-secto

15、rs to study cross-sectional differences in the value relevance.</p><p>　　Italy was chosen as the subject of this research because the country’s institutional structure should enable the detection of early ev

16、idence of the impact of IFRS mandatory adoption at country level. Firstly, Italy has a “civil law-based” legal system in which the rules governing accounting are the product of the lawmakers and their political superiors

17、 (Di Pietra, McLeay, & Riccaboni, 2001). Accounting standards set by the national professional body have always only played an interpretative role</p><p>　　Another reason why Italy is an interesting case

18、 study is the choice of the national legislator to require the use of IFRS also in individual accounts of listed companies, thus taking a different orientation compared to most Continental European countries where this u

19、se has been left as an option. Such an extension should strengthen IFRS enforcement by making accounting numbers of consolidated financial statements more reliable for empirical analysis.</p><p>　　At any rat

20、e, it is worth noticing that positive effects of IFRS adoption on accounting quality are not necessarily straightforward since, as reported in literature, political and economic forces could affect financial reporting be

21、haviour (see, among others, McLeay & Riccaboni, 2001; Ball, Robin, & Wu, 2003). In this respect, Ball (2006) points out that in Europe most political and economic influences on financial reporting practice remain

22、 local despite the IFRS adoption. Thus, an exogenously imp</p><p>　　Prior research reports a positive impact of the voluntary IFRS adoption on accounting quality (Soderstrom & Sun, 2007, p. 695); whereas

23、, little evidence is reported when the adoption is compulsory. This study tries to contribute to the international accounting research focusing on a country experiencing the mandatory adoption of IFRS. Research results m

24、ay provide some insights about properties of IFRS versus national standards in the current EU setting. At the same time, they may also contribute</p><p>　　The rest of the paper is organized as follows. Secti

25、on 2 describes the prior research. Section 3 discusses the changes in Italy’s country-specific factors. Section 4 deals with the research design, the sampling information and the hypothesis development. Section 5 illustr

26、ates the results of the empirical analysis. The final section presents some concluding remarks.</p><p>　　Related Literature</p><p>　　This paper originates from that stream of research which is a

27、imed at comparing the value relevance of earnings and book value generated by different sets of accounting standards. Some of the research efforts in this field concern non-US firms listing on the New York Stock Exchange

28、 (e.g. Amir, Harris, & Venuti, 1993; Harris & Muller, 1999) and studies that compare the explanatory power of earnings and book value across countries (e.g. Joos & Lang, 1994; King & Langli, 1998; Ali &am

29、p; Hwang, 2000; Arc</p><p>　　It is not easy to draw reliable conclusions about the effects of IFRS adoption in Germany by comparing the results of the last two studies, since they reach somewhat conflicting

30、findings. The main reasons are probably attributable to the bias deriving from the analysis of self-selected firms due to the IFRS voluntary adoption phase as well as to possible differences between the two samples.</

31、p><p>　　Some distinguishing elements of the present study should enforce its results with respect to other similar research. Firstly, a representative sample of companies is observed longitudinally in time, so

32、that the survivorship bias problem is minimized. Secondly, results do not suffer from possible a self-selection bias as the study concerns a mandatory adoption of IFRS instead of a voluntary one. Thirdly, Eccher and Heal

33、y (2000) provide evidence that prices may reflect investor clienteles and can </p><p>　　Concluding Remarks</p><p>　　Following the recent IFRS mandatory adoption in Europe, this paper studies the

34、 consequences of the IFRS-based financial statement presentation on the value relevance of accounting information in Italy. The aim of this research is to investigate how the mandatory adoption of IFRS has impacted on th

35、e value relevance of book value of equity and earnings, and to assess whether it increases the quality of accounting information for investors. At the same time, since political and economic forces prof</p><p&

36、gt;　　Research results are coherent with the expectations. Price regression outcomes show that book value of equity and earnings under IFRS are jointly and systematically more value relevant than the corresponding I-GAAP

37、amounts. In addition, it emerges that earnings increase their relative value relevance more than book value of equity when moving to IFRS, despite higher relative value relevance of book value of equity under I-GAAP. Ret

38、urn regression results also point out that earnings changes incre</p><p>　　Nevertheless, as reported in literature, accounting quality is also a function of firms’ reporting incentives created by market and

39、political factors. In view of that, this study has documented that the recent growth of the equity market, the ongoing company privatization process, the decrease in ownership concentration as well as the divergence betw

40、een accounting and taxation are all factors that might have contributed to strengthen IFRS implementation therefore positively influencing the accou</p><p>　　This paper has tried to continue the research in

41、the area of adopting IFRS. The results may be relevant to international regulators and institutions involved in the accounting harmonization process, either because Italian listed companies were required to apply IFRS in

42、 individual accounts, or because the results provide an example of the impact which IFRS have on a European country characterized by regulatory rigidity and a legalistic outlook. Of course, it is not possible to draw def

43、initive inf</p><p>　　Source: Paola Paglietti.Investigating the Effects of the EU Mandatory Adoption of IFRS on Accounting Quality: Evidence from Italy [J]. International Journal of Business and Management ,

44、December 2009: 3-18. </p><p><b>　　譯文：</b></p><p>　　關(guān)于歐盟強(qiáng)制執(zhí)行國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)信息質(zhì)量影響的調(diào)查：來自意大利的證據(jù)</p><p><b>　　摘要</b></p><p>　　歐洲共同體法規(guī)要求所有歐盟上市公司準(zhǔn)備在0

45、5年1月1日起按照國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則合并財(cái)務(wù)報(bào)表。本文研究了采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的強(qiáng)制性在一個(gè)典型的條文法歐洲國(guó)家如意大利的影響。它的目的是探討國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的執(zhí)行情況如何以及是否改變會(huì)計(jì)信息質(zhì)量。重點(diǎn)是價(jià)值相關(guān)性可以被用來作為會(huì)計(jì)質(zhì)量的基本屬性之一考慮。對(duì)意大利有關(guān)上市公司2002至2007年觀察到的涉及960個(gè)會(huì)計(jì)年度的樣本公司進(jìn)行了實(shí)證分析。結(jié)果證實(shí)了在國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則下，價(jià)值相關(guān)性預(yù)期整體增加。該研究還記錄在意大利周圍采用IFR

46、S時(shí)期的變化在意大利的國(guó)別因素，可能有助于在會(huì)計(jì)質(zhì)量的改善。這樣的發(fā)現(xiàn)支持這樣一種想法，以前的會(huì)計(jì)質(zhì)量并不僅僅取決于對(duì)會(huì)計(jì)標(biāo)準(zhǔn)的高質(zhì)量，它也是該國(guó)的復(fù)雜的機(jī)構(gòu)設(shè)置功能。</p><p><b>　　簡(jiǎn)介</b></p><p>　　2002年，議會(huì)和歐洲聯(lián)盟理事會(huì)（歐盟）批準(zhǔn)了一項(xiàng)規(guī)例（第二千〇二分之一千六百〇六），要求歐盟所有上市公司從2005年1月1日開始準(zhǔn)備使用

47、由國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)頒布的國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則（IFRS）合并財(cái)務(wù)報(bào)表。成員國(guó)可以選擇這項(xiàng)規(guī)定延伸到個(gè)別公司的賬戶和非上市公司的綜合賬目。國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)的主要目標(biāo)之一是建立一個(gè)單一的一套會(huì)計(jì)準(zhǔn)則，要求企業(yè)報(bào)告“高質(zhì)量，透明和可比的財(cái)務(wù)報(bào)表信息”。高級(jí)會(huì)計(jì)質(zhì)量的證據(jù)被巴特，蘭茨曼，朗（2008）三人解釋，在全球范圍內(nèi)，以采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的公司樣本為基礎(chǔ)，哪個(gè)展現(xiàn)更少盈余管理，更及時(shí)確認(rèn)損失和相關(guān)的收入價(jià)值。這種擔(dān)心導(dǎo)致產(chǎn)生這樣一種期望

48、，通過在歐洲的國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則強(qiáng)制性，財(cái)務(wù)報(bào)告應(yīng)確定重要的經(jīng)濟(jì)后果。</p><p>　　本研究著重于意大利，一個(gè)典型的歐洲規(guī)范，依法治國(guó)，已經(jīng)歷了強(qiáng)制采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的國(guó)家，目的是探討國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)信息質(zhì)量的影響。由于會(huì)計(jì)的質(zhì)量是一個(gè)多層面廣泛的概念，本研究著重于被認(rèn)為是會(huì)計(jì)質(zhì)量的基本特征之一的價(jià)值相關(guān)性（弗朗西斯，拉方德，奧爾森和席佩爾，2004年）。價(jià)值相關(guān)性表達(dá)了財(cái)務(wù)報(bào)表捕捉信息的能力，或匯總

49、影響共享價(jià)值的信息和它是由會(huì)計(jì)信息和市場(chǎng)之間的價(jià)格或收益率（弗朗西斯，席佩爾的，1999年，第326-327頁）的統(tǒng)計(jì)協(xié)會(huì)表示。</p><p>　　通過使用來自意大利160家上市公司有關(guān)的2002至2007年涉及960個(gè)會(huì)計(jì)年度合并財(cái)務(wù)報(bào)表數(shù)據(jù)的觀察樣本，調(diào)查意大利的價(jià)值相關(guān)性以回答第一個(gè)研究問題：在意大利采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的強(qiáng)制性是否系統(tǒng)性地改變收益和股票賬面價(jià)值的價(jià)值相關(guān)性？為此，提出了賬面價(jià)值和股票價(jià)格

50、的收入價(jià)值的相對(duì)和增量?jī)r(jià)值相關(guān)性相結(jié)合的研究。此外，在2002年07月研究期間使用返回回歸模型研究收入水平和收入的變動(dòng)價(jià)值相關(guān)性。為了測(cè)試在股票市場(chǎng)價(jià)格/收益和采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則引起的會(huì)計(jì)數(shù)字，比較集中在回歸前通過期間（即從2002年至2004年）值的相關(guān)性與采用后（即統(tǒng)計(jì)協(xié)會(huì)的制度變遷在三年期間2005-2007年）的估計(jì)。</p><p>　　數(shù)據(jù)還在分析了部門的基礎(chǔ)上回答了第二個(gè)研究問題：如何通過國(guó)際財(cái)務(wù)

51、報(bào)告準(zhǔn)則影響在不同行業(yè)的價(jià)值相關(guān)性？為了應(yīng)對(duì)這種關(guān)聯(lián)，研究的是同一套分別執(zhí)行在金融，工業(yè)和服務(wù)業(yè)的橫截面不同的公司的宏觀研究部門經(jīng)營(yíng)的價(jià)值相關(guān)性。</p><p>　　意大利被選為本研究的主題，是因?yàn)檫@個(gè)國(guó)家的體制結(jié)構(gòu)應(yīng)對(duì)強(qiáng)制采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則在國(guó)家水平的影響的早期證據(jù)的檢測(cè)。首先，意大利有“民事訴訟法為本”的法律制度，會(huì)計(jì)的規(guī)則是立法者和他們的政治上級(jí)的產(chǎn)品（狄皮特拉，麥克利，瑞卡伯尼，2001）。由國(guó)家專業(yè)

52、機(jī)構(gòu)設(shè)置的會(huì)計(jì)標(biāo)準(zhǔn)一直只打了一個(gè)解釋性的法律規(guī)則的作用，并沒有被正式承認(rèn)為法律。他們所處的模糊狀態(tài)，影響其稀缺的專業(yè)人士和企業(yè)應(yīng)用和認(rèn)可（贊邦，2001年）。其次，從意大利國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的會(huì)計(jì)規(guī)則顯示出明顯的差異。由國(guó)家專業(yè)機(jī)構(gòu)設(shè)置的會(huì)計(jì)標(biāo)準(zhǔn)被強(qiáng)調(diào)與稅務(wù)法規(guī)，保守，和廣泛的利益相關(guān)者導(dǎo)向的財(cái)務(wù)報(bào)表相一致。相反，國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則有一個(gè)特別關(guān)注的信息更強(qiáng)大的經(jīng)濟(jì)和商業(yè)定位，需要資本市場(chǎng)。</p><p>　　意大利

53、成為一個(gè)有趣的案例研究的另一個(gè)原因，是國(guó)家立法者的選擇，要求對(duì)上市公司的個(gè)人賬戶使用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，因而采取了不同的方向比較大多數(shù)已經(jīng)不采用這種標(biāo)準(zhǔn)的歐洲大陸國(guó)家。這種擴(kuò)展應(yīng)通過多數(shù)的綜合財(cái)務(wù)報(bào)表中會(huì)計(jì)數(shù)據(jù)的更可靠的實(shí)證分析，加強(qiáng)國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的實(shí)施。</p><p>　　無論如何，值得注意的是國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)質(zhì)量的積極效果并不一定簡(jiǎn)單，因?yàn)椋缥墨I(xiàn)報(bào)道，政治和經(jīng)濟(jì)力量可能影響財(cái)務(wù)報(bào)告的行為（見麥克利，

54、瑞卡伯尼等人，2001；波爾，羅賓，吳，2003）。在這方面，波爾（2006）指出，在歐洲，大多數(shù)地方盡管采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，但對(duì)財(cái)務(wù)報(bào)告的做法仍然受政治和經(jīng)濟(jì)的影響。因此，一個(gè)外生實(shí)行一套會(huì)計(jì)標(biāo)準(zhǔn)，如與普通法鑒于國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的財(cái)務(wù)報(bào)表，并不影響本身財(cái)務(wù)報(bào)告的質(zhì)量，特別是在與條文法國(guó)家的法律制度環(huán)境下。在同一直線上，索德斯托姆與薩恩（2007）聲稱，會(huì)計(jì)質(zhì)量的全局性差異在國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則實(shí)施后有可能依然存在。因?yàn)闀?huì)計(jì)的質(zhì)量被該國(guó)的

55、法律和政治制度，以及通過財(cái)務(wù)報(bào)告的激勵(lì)機(jī)制影響?？紤]到這些因素，目前的研究還介紹了意大利過去十年以來，在該國(guó)的特定因素經(jīng)歷的變化。他們可以有助于改善國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的實(shí)施，因此積極影響會(huì)計(jì)質(zhì)量?？傊獯罄恢碧幱谝粋€(gè)重要的轉(zhuǎn)換的位置。特別是，由于強(qiáng)制要求申請(qǐng)國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，它已經(jīng)改變其會(huì)計(jì)監(jiān)管形式：從官僚式的進(jìn)步為代表團(tuán)或自律形式的，如迪皮特拉等報(bào)道（2001年），象征性國(guó)家分別為美國(guó)和英國(guó)。</p><p>

56、;　　以前的研究報(bào)告了國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)的自愿原則的積極影響（索德斯湯姆，薩恩，2007年，第695頁）；然而，幾乎沒有證據(jù)被報(bào)道，報(bào)告的通過是強(qiáng)制性的。本研究嘗試為那些經(jīng)歷了強(qiáng)制性國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的國(guó)家為目標(biāo)的國(guó)際會(huì)計(jì)研究做貢獻(xiàn)。研究結(jié)果可提供有關(guān)國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則與現(xiàn)行的歐盟在制定國(guó)家標(biāo)準(zhǔn)，性能方面的一些看法。與此同時(shí)，它們也可能有助于研究以國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則為基礎(chǔ)的會(huì)計(jì)數(shù)額的質(zhì)量。</p><p>　　本文

57、的其余部分組織如下：第二部分描述了以前的研究；第三節(jié)討論在意大利的國(guó)家的具體因素的變化；第四節(jié)處理的是研究設(shè)計(jì)，抽樣信息和假說的發(fā)展；第五節(jié)說明了實(shí)證分析的結(jié)果；最后一節(jié)提出了一些結(jié)論性意見。</p><p><b>　　相關(guān)文獻(xiàn)</b></p><p>　　本文來源于在比較了收益和兩套不同的會(huì)計(jì)準(zhǔn)則產(chǎn)生的賬面價(jià)值的價(jià)值相關(guān)性的目的的研究。在這一領(lǐng)域的一些研究工作關(guān)注

58、的非美國(guó)公司在紐約證券交易所上市（如阿米爾，哈里斯，韋努蒂，1993；哈瑞斯和穆勒，1999），同時(shí)研究，比較收益和賬面價(jià)值的解釋能力（如喬斯，郎，1994年；金，朗里，1998；阿里，黃，2000；阿爾塞和莫拉，2002）。其他研究的目的是提供非歐洲國(guó)家決策者最近的用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則取代當(dāng)?shù)氐臅?huì)計(jì)準(zhǔn)則這一舉動(dòng)影響的結(jié)果（如 紗密，周，2004；厄爾尼諾沙米，阿爾克納伊，2005）。在同一直線上，本研究試圖用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則取代歐洲大陸

59、當(dāng)?shù)貢?huì)計(jì)準(zhǔn)則的國(guó)際辯論的貢獻(xiàn)。相關(guān)文獻(xiàn)大多集中在德國(guó)。巴湯烏，戈德堡和金（2005）研究了1998至2000年在德國(guó)的價(jià)值相關(guān)性，找到了在任何一種國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則或美國(guó)會(huì)計(jì)準(zhǔn)則編制相比，根據(jù)德國(guó)會(huì)計(jì)準(zhǔn)則編制的收益更高的價(jià)值相關(guān)性。這些結(jié)果只是對(duì)持有利潤(rùn)的觀測(cè)。不同的研究結(jié)果發(fā)表在《Hung and Subramanyam》（2007年），比較了使用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)那些使用了當(dāng)選德國(guó)會(huì)計(jì)準(zhǔn)則采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的德國(guó)公司為樣本的財(cái)務(wù)報(bào)表

60、的影響。結(jié)</p><p>　　通過比較最后兩項(xiàng)研究的結(jié)果，從而得出關(guān)于在德國(guó)采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的影響的可靠結(jié)論很困難，因?yàn)樗麄冇行┫嗷ッ艿慕Y(jié)果。主要的原因可能是由于從自我選擇的公司采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的自愿階段以及兩個(gè)樣本之間的差異分析可能產(chǎn)生偏置。</p><p>　　本研究的一些區(qū)別要素應(yīng)加強(qiáng)對(duì)其他類似研究的結(jié)果。首先，具有代表性的公司是縱向的時(shí)間觀察，這樣的生存偏差問題最小化。

61、其次，結(jié)果不可能的一個(gè)自我選擇的偏差，作為研究關(guān)注的是一個(gè)自愿的，而不是強(qiáng)制性的國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的采用。第三，伊伽爾和希利（2000）提供的證據(jù)表明，價(jià)格可能反映了投資者的客戶群，不同企業(yè)可以不同。宏觀調(diào)控部門允許對(duì)具有相似特征的公司的價(jià)值相關(guān)性進(jìn)行調(diào)查，并應(yīng)減少這種偏差。最后同樣重要的是，跨國(guó)家的研究依賴于相當(dāng)不現(xiàn)實(shí)的假設(shè)，即國(guó)家分享同一個(gè)資本市場(chǎng)的微觀結(jié)構(gòu)和相同的宏觀經(jīng)濟(jì)環(huán)境。很顯然，這種偏見是摒除單個(gè)國(guó)家分析的限制，因?yàn)樗_地假

62、定定價(jià)過程是所有觀測(cè)到的公司都相同。</p><p><b>　　結(jié)束語</b></p><p>　　繼最近在歐洲強(qiáng)制采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，本文研究的是在國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則基礎(chǔ)上，意大利的會(huì)計(jì)信息價(jià)值相關(guān)的財(cái)務(wù)報(bào)表格式的后果。本研究目的是探討采納國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的強(qiáng)制性如何影響賬面資產(chǎn)價(jià)值和盈利價(jià)值相關(guān)性，并評(píng)估對(duì)于投資者來說是否提高了會(huì)計(jì)信息質(zhì)量。同時(shí)，由于政治和經(jīng)濟(jì)

63、力量深刻地影響提交報(bào)告的做法（波爾等，2003年，第236頁），也考慮在國(guó)家的具體因素的變化，可能改善國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的實(shí)施。</p><p>　　研究結(jié)果與預(yù)期一致。價(jià)格回歸結(jié)果表明，在國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則下的股票的賬面價(jià)值和共同收益與有系統(tǒng)的價(jià)值大于相應(yīng)的美國(guó)通用會(huì)計(jì)準(zhǔn)則金額有關(guān)。此外，當(dāng)轉(zhuǎn)向國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則時(shí)，盈利增加相對(duì)價(jià)值相關(guān)性超過股票賬面價(jià)值，盡管較高的賬面資產(chǎn)價(jià)值的相對(duì)價(jià)值相關(guān)性是在美國(guó)通用會(huì)計(jì)準(zhǔn)則下。

64、返回回歸結(jié)果還指出，在采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的期間，收入的變動(dòng)增加了解釋能力。最后，部門分析著重指出，國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，增加了特別是對(duì)財(cái)務(wù)公司的價(jià)值相關(guān)性，而在服務(wù)行業(yè)的企業(yè)經(jīng)營(yíng)也遇到了會(huì)計(jì)信息的質(zhì)量持續(xù)增加。相反，工業(yè)部門公司的價(jià)值相關(guān)性似乎仍然幾乎不變。這些不同的結(jié)果會(huì)刺激辯論會(huì)計(jì)制度是否應(yīng)該導(dǎo)向更多的行業(yè)。</p><p>　　不過，正如文獻(xiàn)報(bào)道，會(huì)計(jì)質(zhì)量也是公司的報(bào)告由市場(chǎng)和政治因素造成激勵(lì)作用。鑒于此，本

65、研究已記錄的是，股市近期的增長(zhǎng)，目前的公司私有化過程中，股權(quán)集中度下降，以及會(huì)計(jì)和稅務(wù)之間的分歧都可能做出貢獻(xiàn)的因素，因此加強(qiáng)國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的執(zhí)行情況積極影響會(huì)計(jì)信息質(zhì)量。</p><p>　　本文試圖繼續(xù)在采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則的領(lǐng)域作研究。結(jié)果可能是與監(jiān)管機(jī)構(gòu)和相關(guān)國(guó)際會(huì)計(jì)協(xié)調(diào)的過程中涉及的機(jī)構(gòu)有關(guān)，或者是因?yàn)橐獯罄纳鲜泄颈灰笤趥€(gè)人賬戶采用國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則，或者是因?yàn)榻Y(jié)果提供了一個(gè)國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)歐洲

66、國(guó)家監(jiān)管的剛性和法律性的前景的影響的例子。當(dāng)然，從這些結(jié)果是不可能得出明確的推論，因?yàn)閲?guó)際財(cái)務(wù)報(bào)告準(zhǔn)則只觀察了三年。然而，實(shí)證分析表明在未來的整合有利于鞏固關(guān)注，如前所述，也將取決于實(shí)踐之間的財(cái)務(wù)報(bào)告和監(jiān)管環(huán)境的全面協(xié)調(diào)。</p><p>　　來源:保羅派格利特.關(guān)于歐盟強(qiáng)制執(zhí)行國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則對(duì)會(huì)計(jì)信息質(zhì)量影響的調(diào)查：來自意大利的證據(jù)[J]國(guó)際商業(yè)管理雜志，2009年12月：3-18.</p>&