Abstract: Conservatism reporting is an essential information infrastructure for corporate transparency and investors protections. Utilizing the new method for measuring accounting information conservatism which put forward by Khan et al（2009）. The paper finds that the valuation of cash holdings by external investors increases with the accounting information conservatism. The above positive relationship becomes even stronger with the improvement of financial development environment. The research indicates that with the development of financial development environment, the investors add more emphasis to conservative accounting information reporting as its determinant role in capital allocation efficiency and pricing. The study for the first time provides answers for “who need conservative accounting information”, an important research topic unexplored.

摘要： 稳健的会计信息披露是提高企业信息透明度和保护投资者权益的重要信息保障。利用Khan et al（2009）提出的衡量会计信息稳健性的C得分法，考察了会计信息发挥资本配置治理功能的制度环境基础。以投资者对企业现金资产定价衡量资本配置效率，研究发现会计信息披露越稳健的公司，投资者给予该公司持有的现金资产更高的市场定价，并且这一显著的正相关关系在处于发达金融发展环境地区企业中表现的尤为显著。研究表明，随着金融发展环境的改善，投资者更为重视稳健的会计信息对资本配置效率基础性指导作用，该研究首次回答“谁需要稳健的会计信息”这一重要问题。