Empirical Study about Equivalence of IFRS, Japanese GAAP, and U.S. GAAP

以美国公认会计准则调和者的年度报告为基础，尝试了国际财务报告准则、日本公认会计准则和美国公认会计准则的等效性质评价。对美国公认会计准则是否对投资者有用的优先研究分为三种类型。包含美国公认会计准则盈余调整差异变量框架的三种修正模型加入了优先研究中使用的收益资本化模型、账面价值模型和剩余收益估值模型中绝对值除以最终股价的RCNC [（GAAP收益调整差异/外国GAAP收益或IFRS收益）]。Vuong检验比较了23家美国GAAP报告者（包括14家日本公司）和63家美国GAAP和解者（5家采用IFRS的公司，58家采用其本国GAAP的公司）的盈利资本化模型、账面价值模型和剩余收益模型的股价解释能力。虽然账面价值模型和盈余资本化模型的排名和主导地位不同于以往的研究，但剩余收益模型的股价解释能力最为优秀。美国会计准则记者的解释力比美国会计准则调解员的解释力强。根据Vuong检验，未检查美国GAAP盈余调整差异变量的增量信息内容，但发现美国GAAP盈余调整差异变量与股价之间存在显著关系（5%水平）。这方面的研究结果发表在《会计学》第172卷第2期（2007年8月）。

Equivalent nature evaluation of IFRS, Japan GAAP, and U.S. GAAP was tried based on the annual report of the U.S. GAAP reconciler. The precedence research on whether reconciliation to U.S. GAAP is useful for an investor was classified and reviewed in three types. Three correction models which contain frame of U.S. GAAP earnings adjustment differences variable; RCNC [(GAAP earnings adjustment differences/foreign GAAP earnings or IFRS earnings)] which divided the absolute value by the final stock price in the earnings capitalization model, book value model, and residual income valuation models which were used by precedence research were added.Vuong test compared the stock price explanation power of earnings capitalization model of 23 U.S. GAAP reporters (14 Japanese companies are included) and 63 U.S. GAAP reconcilers (5 IFRS application companies, 58 its native country GAAP application companies), the book value model, and residual income model. Although the ranking and of dominance of book value model and earnings capitalization model differed from precedence research, the stock price explanation power of the residual income model was most excellent. The explanation power of the U.S. GAAP repoters endured it of the U.S. GAAP reconcilers. According to Vuong test, the contents of an increment information of the U.S. GAAP earnings adjustment difference variable were not checked, but the significant relation was found out between the U.S. GAAP earnings adjustment difference variable and the stock price(5% level). The result of research about these was announced in Accounting, Vol.172, No.2 (August, 2007).