Articlehybrid2012

Does IFRs convergence improve quality of accounting information? Evidence from the Chinese stock market

Wen Qu · Michelle Wye Leng Fong · Judy Oliver

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Accounting Theory and Financial Reporting

Abstract

This paper aims to examine whether the 2007 IFRS converged Chinese GAAP has improved the quality of accounting information for investors in the A-share market in China. We analyse investor’s reaction to financial information released pre and post IFRS convergence in China. Multiple regression analysis was employed using data from 309 listed Chinese companies. The findings of this study show that earnings per share, relative to book value of equity, is a stronger explanatory factor of market return in both the pre- and post IFRS convergence periods, suggesting that investors rely heavily upon earnings released by listed companies when making security price decisions in the Chinese stock market. The results also suggest that investors’ reliance on the income statement information for investment decisions becomes greater in the post IFRS convergence period.

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References

2008International Accounting Standards and Accounting Quality 2007Financial statement effects of adopting international accounting standards: the case of Germany 2005Comparative Value Relevance Among German, U.S., and International Accounting Standards: A German Stock Market Perspective 2007Some obstacles to global financial reporting comparability and convergence at a high level of quality 2009The Development of Accounting Quality of IAS and IFRS over Time: The Case of Germany 2011The Impact of IFRS on Accounting Quality in a Regulated Market 2011The impact of IFRS adoption on the value relevance of book value and earnings 2010Assessing the Value Relevance of Accounting Data After the Introduction of IFRS in Europe

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