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从准则趋同的经济后果视角,考察了企业会计准则(2006)的实施是否吸引了境外投资者投资,增强了资本市场的流动性。通过采用更为稳健的样本组与对照组进行对比研究,并控制了股改及加息的可能影响,发现准则趋同提高了境外投资者在中国资本市场的投资,但市场流动性的结果是混合的,Amivest流动性指标和换手率显示准则实施前后市场流动性得到显著提高,但相对买卖差价的结论却恰恰相反,这可能是因为研究样本是2006年10月至2007年2月的月度数据,而这段时间恰好是股市由熊市转向牛市的转型期,多数投资者在积极建仓而惜售。
From the perspective of economic consequences of convergence of standards, we examine whether the implementation of Accounting Standards for Business Enterprises (2006) has attracted overseas investors’ investment and enhanced the liquidity of capital markets. Through the comparison between the more robust sample group and the control group and the possible influence of share reform and interest rate hike, it is found that the convergence of the criterion increases the foreign investors’ investment in the Chinese capital market, but the result of the market liquidity is mixed Amivest liquidity indicators and turnover shows that the liquidity of the market has been significantly improved before and after the implementation of the guidelines. However, the conclusion of the relative price difference is just the opposite. This may be because the research sample is the monthly data from October 2006 to February 2007, This period happens to be the transition from a bear market to a bull market. Most investors are reluctant to take an active position.