Fiscal Policy, Accounting Comparability And Accruals Anomaly

Investors' stock pricing is mainly based on the accounting information provided by enterprises,so market efficiency research based on public accounting information has become an important part of capital market efficiency research.The most representative of these is the " Accruals Anomaly " proposed by Sloan.In recent years,research on accruals anomaly has mainly focused on the effects of countermeasures on growth,limited investor attention,institutional holdings,and analyst forecasts,but rarely involves the effects of accruals anomaly on macroeconomic policies.As a company's external economic environment,macroeconomic policies can affect the company's judgment of future prospects,and then affect its specific behavior.The paper examines the changes in the quality of accounting information brought by changes in macroeconomic policies and the impact of investors' judgments on expected prospects,and studies how fiscal policy,the macroeconomic policy,affects the quality of accounting information and the expectations of investors,and then affects investor pricing.Therefore,an in-depth study of fiscal policy and accrued vision,and combining macroeconomic policies with corporate microbehaviors,are of great significance for understanding the effectiveness of policy transmission and the efficiency of capital markets.The paper selects the data of Chinese A-share listed companies from 2007 to 2016,and mainly studies the impact of fiscal policies on corporate accruals and the role of comparability of accounting information between fiscal policies and accruals.The research results show that:(1)Under the tightening of fiscal policy,investors have shown excessive caution and made underpricing according to the plan.(2)Under the fiscal tightening policy,improving the comparability of accounting information can enable investors to make more accurate pricing.