会计稳健性与投资过度的实证研究——基于2011-2014年沪A股经验证据
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- 英文论文题名：Positive Research on the Relationship between Accounting Conservatism and Over—investment——Based on Empirical Evidences of Shanghai A Share from 2011 to 2014
- 论文作者：章雁 ; 徐亚美
- 英文论文作者：ZHANG Yan ; XU Ya-mei ; School of Economics & Management ; Shanghai Maritime University
- 年：2016
- 作者机构：上海海事大学经济管理学院;
- 论文关键词：会计稳健性 ; 投资过度 ; 产权性质
- 英文论文关键词：accounting conservatism ; over—investment ; property right
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F224;F275
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：7
- 文件大小：548k
- 原文格式：O
- 会议级别：全国
摘要
文章选取2011—2014年沪A股非金融行业的企业作为样本,用Richardson残差度量模型线性回归出的正残差值度量投资过度,用累计三年负非经营性应计项的方法计算出会计稳健性系数,利用描述性统计、相关性分析和多元线性回归的计量方法进行实证研究,并区分国有和非国有的产权性质,进一步验证会计稳健性对投资过度所能产生的影响。
The listed companies of non—financial industry in Shanghai A —share market from 2011 to 2014 are selected as a sample in this paper.Adopting Expected investment model is adopted to measure the over— investment.Using descriptive statistics,correlation test and linear—regression analysis are used to test the relationship between accounting conservatism and over—investment.Furthermore,to distinguish between state and non—state property right,further to prove validation of accounting conservatism on over—investment.
The listed companies of non—financial industry in Shanghai A —share market from 2011 to 2014 are selected as a sample in this paper.Adopting Expected investment model is adopted to measure the over— investment.Using descriptive statistics,correlation test and linear—regression analysis are used to test the relationship between accounting conservatism and over—investment.Furthermore,to distinguish between state and non—state property right,further to prove validation of accounting conservatism on over—investment.
引文
[1]Watts R L.Conservation in accounting partⅠ:explanations and implications.Accounting Horizons,2003 17(3):207-221.
[2]Valeri V N.Debt covenants and accounting conservatism[J].Journal of Accounting Research,2009,47(3):1-41.
[3]Tracy A,Peter C.Conservatism,disclosure and the cost of equity capital[J].Australian Journal of Management,2013,38(5):l-22.
[4]Hui K W,Matsunaga S.Empirical evidence on the relation between accounting conservatism and management forecast frequency[R].Working paper,Hong Kong University of Science and Technology.2004.
[5]Bushman R,Smith A.Piotroski.Financial reporting incentives for conservative accounting:the influence of Legal and Political Institutions[J].Journal of Accounting&Ecnomics,2006,42(1-2):107-148.
[6]肖成民、吕长江.利润操纵行为影响会计稳健性吗?——基于季度盈余不同汇总方法的经验证据[J].会计研究,2010,(9):17-24.
[7]闫思蒙.会计稳健性与非效率投资行为——基于国有控股上市公司的经验证据[D].大连:东北财经大学.2015.
[8]方红星、金玉娜.公司治理、内部控制与非效率投资:理论分析与经验证据[J].会计研究,2013,(7):63-69.
[9]徐倩.不确定性、股权激励与非效率投资[J].会计研究,2014,(3).41-48.
[10]周晓苏、陈沉、杜萌.会计稳健性、企业生命周期与投资效率-来自中国上市公司的经验证据[J].会计与经济研究.201 5,(3).78-95.
[11]辛清泉、林斌、王彦超.政府控制、经理薪酬与资本投资[J].经济研究,2007(8).110-122.
[12]Ball,R.,S.P.Kothari,A.Robin.The Cost of Capital,Corporation Finance and the Theory of lnvestment[J].American Economic Review,2000,29(1):1-51.
[13]Ahmed R.,F.Lopez-de-Silanes,A.Shleifer and R.Vishny.Investor protection and corporate governance[J].Journal of Financial Economics,2010(58):3-28.
[14]蒙立元、张世俊.股权结构视角下会计信息质量与公司非效率投资的研究[J].贵州财经学院学报,2013(1).64-68.
[15]周雪峰.银行信贷对非效率投资的影响:融资抑或治理?[J].经济与管理研究,2014(2).86-94.
[2]Valeri V N.Debt covenants and accounting conservatism[J].Journal of Accounting Research,2009,47(3):1-41.
[3]Tracy A,Peter C.Conservatism,disclosure and the cost of equity capital[J].Australian Journal of Management,2013,38(5):l-22.
[4]Hui K W,Matsunaga S.Empirical evidence on the relation between accounting conservatism and management forecast frequency[R].Working paper,Hong Kong University of Science and Technology.2004.
[5]Bushman R,Smith A.Piotroski.Financial reporting incentives for conservative accounting:the influence of Legal and Political Institutions[J].Journal of Accounting&Ecnomics,2006,42(1-2):107-148.
[6]肖成民、吕长江.利润操纵行为影响会计稳健性吗?——基于季度盈余不同汇总方法的经验证据[J].会计研究,2010,(9):17-24.
[7]闫思蒙.会计稳健性与非效率投资行为——基于国有控股上市公司的经验证据[D].大连:东北财经大学.2015.
[8]方红星、金玉娜.公司治理、内部控制与非效率投资:理论分析与经验证据[J].会计研究,2013,(7):63-69.
[9]徐倩.不确定性、股权激励与非效率投资[J].会计研究,2014,(3).41-48.
[10]周晓苏、陈沉、杜萌.会计稳健性、企业生命周期与投资效率-来自中国上市公司的经验证据[J].会计与经济研究.201 5,(3).78-95.
[11]辛清泉、林斌、王彦超.政府控制、经理薪酬与资本投资[J].经济研究,2007(8).110-122.
[12]Ball,R.,S.P.Kothari,A.Robin.The Cost of Capital,Corporation Finance and the Theory of lnvestment[J].American Economic Review,2000,29(1):1-51.
[13]Ahmed R.,F.Lopez-de-Silanes,A.Shleifer and R.Vishny.Investor protection and corporate governance[J].Journal of Financial Economics,2010(58):3-28.
[14]蒙立元、张世俊.股权结构视角下会计信息质量与公司非效率投资的研究[J].贵州财经学院学报,2013(1).64-68.
[15]周雪峰.银行信贷对非效率投资的影响:融资抑或治理?[J].经济与管理研究,2014(2).86-94.