| Summary: | 碩士 === 國立彰化師範大學 === 會計學系 === 100 === This paper focuses on the Chinese securities market and examines the effect of the IFRS-based China Accounting Standards (ICAS) on the information environment. Until recently, China’s civil law failed to provide shareholders with effective rights protection. This thesis uses the following two-level analysis to examine the effect of the ICAS mandatory adoption on the information environment: (1) entity-level information environment; and (2) analyst-level information environment. The first analysis employs the model developed by Barron, Kim, Lim and Stevens (1998) and the number of analyst coverage to measure the entity-level information environment. The second analysis employs absolute individual analyst earnings forecast error and forecast dispersion to observe the analyst-level information environment. The results provide evidence that the quantity of information increased, although the quality of disclosure and the analyst information environment decreased following mandatory ICAS adoption, implying that the ICAS adoption was merely in response to mandatory ICAS requirements. Furthermore, the following results have been observed after mandatory ICAS adopt: (1) the precision of common information in state-owned enterprises is more efficient than private enterprises. Wherever critical political connections are involved, firms with less analyst coverage and quality of the individual analyst information environment declines; (2) greater levels of ownership concentration result in more precise information and individual analyst information environment; (3) firms that issue stock for foreign investors have more precise private information and a stronger individual analyst information environment; (4) in provinces that have strong law enforcement, analysts consider the risk of lawsuit and the number of analyst following decreased.
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