中文摘要：

《企业会计准则第24号——套期保值》的颁布，规范了中国企业套期保值业务的会计处理，但准则留下的较大职业判断空间为其合理使用提出了新的挑战。本文研究了采用套期保值会计准则企业的会计信息质量。利用2008--2011年上市公司的样本，我们发现：当使用套期保值会计之后，（1）公司的会计稳健性下降，将套期工具的未实现亏损计入资本公积是形成这个现象的主要原因；（2）公司的盈余更趋于平滑。本文研究的实践意义在于：随着中国企业使用套期保值业务的增多，套期保值会计的较大自由裁量空间可能影响企业的会计信息质量，中国应该重视并积极参与IASB对套期保值会计准则的修订。

英文摘要：

＂Accounting Standard for Business Enterprises No. 24 Hedging＂ regulates the accounting treatment of hedging tools, but it also gives a lot discretionary judgement to the firms＇ management which may challenge its reasonable use. Based on a sample of Chinese listed firms from 2008 to 2011, we found that after the adoption hedging accounting standard： （1） from the cross-sectional view, accounting conservatism is significantly lower, which is largely because that unrealized losses on hedging tools are recorded into capital reserves. （2） from the time-series＇ view, earnings are smoother. Our paper also has pratical implications： as it is adopted by more and more Chinese firms, Hedging accounting could become a new tool for earnings management. This possibility should be taken into account by the standard setters when revising hedging accounting standards.