本文研究會計準則趨同如何影響財務報告可比性,以及制度環境如何影響準則趨同的效果。利用2003-2011年A股、H股和港股的數據,我們分析了準則趨同前后A股與H股、港股的財務報告可比性變化情況,結果發現:(1)準則趨同后,A股與H股、港股的可比性得到了顯著提升,且A股與港股的可比性提升水平高于A股與H股;(2)A股公司所在地區投資者保護程度越低,準則趨同后可比性提升越大。進一步分析發現,準則趨同后可比性的提升并沒有增加境外機構對A股的投資,這說明可比性的提升并沒有帶來促進資本跨境配置的預期效果。本文的結果對理解準則趨同的效果以及進一步完善我國準則制定工作具有重要意義。

This study examines how the convergence of accounting standards would influence the financial reporting comparability,and the effect of the institutional environment on the convergence.Based on the data of A-share,H-share and HK share from 2003 to 2011,we find that:(1)after adopting new standards,comparability has been significantly improved between A-share and H-share(or HK share).Besides,the extent of improved comparability between A-share and HK share is larger than that of A-share and H-share;(2)the lower the degree of investor protection in the area where A-share is located,the larger the extent of improved comparability.Further analysis shows that the improvement of comparability of financial reporting does not promote the investment of A-share by foreign institutions after the convergence of standards,which indicates that the convergence of standards does not bring about the effect of promoting cross-border capital allocation.This study is of great significance to further improve the formulation of the standards in our country.