《保险研究》20231202-《新保险合同会计准则的市场反应——来自上市保险公司的初步经验证据》（彭雪梅、段伊雪、王佳）

［摘   要］新保险合同会计准则不是对原准则的局部修订，而是保险会计的一次革命，对保险行业的发展影响重大。本文基于新保险合同会计准则的征求意见稿发布到执行的一系列事件，以上市保险公司为样本实证检验A股和H股对新准则的市场反应，发现在会计准则大变革时，投资者在认知局限下不能完全理解和预测到会计准则变更的结果，经历了对新保险合同会计准则从淡漠到担忧再到重新认识和接纳的缓慢改变的过程，验证了会计盈余信息价值相关性理论和行为金融学的认知偏差理论。本研究有助于行业更好地理解新会计准则，特别是有利于非上市保险公司为新会计准则的实施做好充分的准备，加强学习和研究，在会计政策的选择和经营战略方面做好预先的安排，以应对新准则的挑战。

［关键词］新保险合同会计准则；IFRS17；市场反应；认知偏差

［作者简介］彭雪梅，西南财经大学金融学院教授、博士生导师；段伊雪，西南财经大学金融学院博士研究生；王佳，西南财经大学金融学院硕士研究生。

Market Reaction to New Accounting Standards for Insurance Contracts—Preliminary Empirical Evidence from Listed Insurance Companies

PENG Xue-mei,DUAN Yi-xue,Wang Jia

Abstract：The new accounting standards for insurance contracts is a revolution of insurance accounting rather than a partial revision of the original standards,which has a great impact on the development of the insurance industry.Based on a series of events from the issue of the exposure draft to the implementation of the new accounting standards for insurance contracts,this paper takes listed insurance companies as samples to empirically test the reaction of both A-share market and H-share market.It is found that investors cannot fully understand and predict the results of the changes in accounting standards under bounded rationality.The attitude has been changing slowly from indifference to worry,and to re-recognition and acceptance of the new insurance contracts accounting standards,and it is proved that accounting earnings information has value relevance to investment decision and the bounded rationality hypothesis of behavioral finance stands.This study is helpful for the industry to better understand the new accounting standards,especially for non-listed insurance companies to make full preparation for the implementation of the new accounting standards,strengthen learning and research,and make advance arrangements in the selection of accounting policies and business strategies to meet the challenges of the new standards.

Key words：CAS 25;IFRS 17;market reaction;bounded rationality