Journal of Accounting and Economics, Volume 52, Issues 2–3, November 2011, Pages 144–152

流动性风险与会计信息

作者：Ronnie Sadka (Boston College, Carroll School of Management)

摘要：这篇文章强调了几种股票流动性可能超越会计研究的途径。近期，Lang 和 Maffett 发现透明度降低了公司层面流动性的不确定性。同时，Ng发现信息质量的提升能降低一个公司的系统流动性风险敞口。这些研究均表明会计变量能通过影响流动性进而影响公司的估值和资本成本。尽管有人质疑这些影响的经济学意义，但这篇文章利用近期金融危机的证据证实了会计信息在清偿事件中起到的重要作用。

关键词：流动性风险，透明度，信息质量，资产定价,金融危机

Liquidity risk and accounting information

Ronnie Sadka (Boston College, Carroll School of Management)

ABSTRACT

This paper highlights the different avenues through which stock liquidity can potentially transcend into accounting research. Recently, Lang and Maffett show that transparency reduces firm-level liquidity uncertainty, while Ng shows that increased information quality can reduce a firm's exposure to systematic liquidity risk. These studies respectively suggest that accounting variables can affect firm valuation and cost-of-capital through their impact on different aspects of liquidity. Although some doubt may arise about the economic significance of such effects on average, further evidence from the recent financial crisis presented in this paper confirms the important role of accounting information during liquidity events.

原文链接：http://www.sciencedirect.com/science/article/pii/S0165410111000632

翻译：汪国颂