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同时发行 A股和 H股的中国上市公司 ,依据中国大陆会计准则和香港会计准则以及证券管制法规 ,分别编制和披露两套财务报表。本文对两套财务报表的信息价值相关性 (指财务数据按另一种会计准则加以调整后能否增加会计衡量与市场回报率之间的相关性 )进行研究。文中实证分析主要运用市场回报率—会计收益相关模型和市价与帐面价值比的分析模型。分析结果表明了价值相关关系的存在 ,验证了海外资本市场要求中国国内公司在其市场上市必须披露不同财务报表的合理性。
The Chinese listed companies issuing both A shares and H shares simultaneously prepare and disclose two sets of financial statements in accordance with the Mainland Chinese Accounting Standards and Hong Kong Accounting Standards and the Securities Regulation. This article examines the information value relevance of two sets of financial statements (ie whether the financial data can be adjusted by another accounting criterion to increase the correlation between accounting measurement and market rate of return). Empirical analysis of the paper mainly use the market rate of return - accounting revenue-related models and market value and book value ratio analysis model. The results of the analysis show that the existence of the value-related relationship verifies the reasonableness of overseas capital markets that domestic Chinese companies must disclose different financial statements when they are listed on the market.