Empirical Research On Market Of Voluntary Accounting Policy Changes In Chinese Listed Companies

Voluntary accounting policy change is always the core of Empirical research. The enterprise accounting standards provision that enterprise can make the voluntary accounting policy changes according to its actual business operation characteristics. However, driven by the interests of voluntary , the aim of some enterprise accounting policies change is not entirely to ensure the comparability and consistency of the accounting information but to satisfy its own interests through the legal but unreasonable demand means, especially for listed companies. There is quite a lot of research achievements around the problem from the foreign accounting circle. However, in this respect the situation in our country just started soon, lacking of the practice results that able to explain and predict the effective accounting. Therefore the study of accounting policy change is theoretical and practical. This papers make the economic consequence theory, the theory of effective market, function lock hypothesis, no effect hypothesis, mechanical hypothesis, as the theory basis and use volume analysis ,event history research, cross-sectional analysis ,empirical analysis to research the response in market. Using the volume of accounting policy changes, the paper make the T-statistics through the sample date to test whether the information content has announced the result that the content of information announced. The paper select three time windows when using the events research:①5 days prior to the announcement to 5 days after the announcement;②5 days prior to the announcement e to the day of noticing the announcement;③the day of noticing the announcement to 5 days after the announcement. To analyze the cumulative abnormal yield changes of the three windows and test how the investors react. The result indicates that investors realized that the changes of increasing the income bring enterprise adverse impact. And to the change of decreasing returns , investors think it reflects the true financial condition of the enterprise. Using cross-sectional analysis method, this paper classified to examine what reaction of the investors. The results showed that investors realized impact driving from the change of earnings management motivation. Overall , investors considered the influence in decision-making on accounting policy changes. Finally ,this paper make some suggests from the angles of improving corporate governance structure and disclosure system ,strengthening auditing supervision function, establishing a good education mechanism, vigorously developing investors institutional investors and improving investors own quality.