关键词: 管理层能力,价值相关性,产权性质

Abstract: From the perspective of managerial ability, this paper studies the impact of managerial ability on the value relevance of accounting information. It is found that the stronger the management ability is, the stronger the value relevance of business net income will be, and the weaker the value relevance of the owner’s equity will be. If the nature of property right is taken into consideration, the result shows that the state-owned property right would weaken the impact of management ability on the value relevance of accounting information. This indicates that the use of business accounting information by the investors depends on the information of business management ability. During the process of stock pricing, the investors would focus on different aspects of accounting information for enterprises with different levels of management ability.

Key words: managerial ability; value relevance; nature of property right