董事长上山下乡经历与会计稳健性
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摘要
从上山下乡运动这一中国独有的社会现象出发,考察了董事长的上山下乡经历对企业会计稳健性的影响。研究发现,知青董事长的上山下乡经历塑造了他们风险规避的经营风格,从而降低了知青董事长任职企业的风险承担能力,提高了企业的会计稳健性水平。区分企业产权性质的检验显示,知青董事长与会计稳健性之间的正相关关系在国有企业中表现得更为明显。上述结论在经过稳健性检验之后依然成立,可以为股东、债权人等企业利益相关者理解和利用会计稳健性提供新的视角。
As the "Up to the Mountains and Down to the Countryside Movement"(Send-down Movement)was a unique social phenomenon in China,this paper investigated whether and how Chairman's send-down experiences affect accounting conservatism.Results show that chairman's send-down experiences shaped their business style as risk-aversion,which have effectively lowered their enterprises' risk-taking ability and raised the level of accounting conservatism. Further analysis on the heterogeneity of corporate property shows that,the positive relationship between chairman's send-down experience and accounting conservatism is more pronounced in state-owned corporates. The test of conservatism has proved above conclusions. So this paper provides a new lens for stakeholders to better understand and use accounting conservatism.
As the "Up to the Mountains and Down to the Countryside Movement"(Send-down Movement)was a unique social phenomenon in China,this paper investigated whether and how Chairman's send-down experiences affect accounting conservatism.Results show that chairman's send-down experiences shaped their business style as risk-aversion,which have effectively lowered their enterprises' risk-taking ability and raised the level of accounting conservatism. Further analysis on the heterogeneity of corporate property shows that,the positive relationship between chairman's send-down experience and accounting conservatism is more pronounced in state-owned corporates. The test of conservatism has proved above conclusions. So this paper provides a new lens for stakeholders to better understand and use accounting conservatism.
引文
[1]梁平汉,李佳珈.青春无悔?——知青经历对社会信任的长期影响[J].世界经济文汇,2014(2):90-109.
[2]樊冬梅.“文革”时期知识青年上山下乡运动的历史考察[J].党的文献,2005(4):110-115.
[3]Main M,Kaplan N,Cassidy J.Security in Infancy,Childhood,and Adulthood:A Move to the Level of Representation[J].Monographs of the Society for Research in Child Development,1985,50(1/2):66-104.
[4]李婷,朱熊兆.早期经历影响个体成年后行为的表观遗传学机制[J].心理科学进展,2009,17(6):1274-1280.
[5]Malmendier Ulrike,Geoffrey Tate,Jon Yan.Overconfidence and Early-Life Experiences:The Effect of Managerial Traits on Corporate Financial Policies[J].Journal of Finance,2011,66(5):1687-1733.
[6]Graham R John,Campbell R Harvey,Manju Puri.Managerial Attitudes and Corporate Actions[J].Journal of Financial Economics,2013,109(1):103-121.
[7]Bernile G,Bhagwat V,Rau P R.What Doesn't Kill You Will Only Make You More Risk-Loving:Early-Life Disasters and CEO Behavior[J].Journal of Finance,2017,72(1):167-206.
[8]Benmelech E,Frydman C.Military CEOs[J].Journal of Financial Economics,2015,117(1):43-59.
[9]赖黎,巩亚林,马永强.管理者从军经历、融资偏好与经营业绩[J].管理世界,2016(8):126-136.
[10]赵民伟,晏艳阳.管理者早年大饥荒经历与公司财务政策[J].南方经济,2015,33(10):49-63.
[11]许年行,李哲.高管贫困经历与企业慈善捐赠[J].经济研究,2016,51(12):133-146.
[12]周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017,52(7):169-183.
[13]沈永建,梁上坤,陈冬华.职工薪酬与会计稳健性——基于中国上市公司的经验证据[J].会计研究,2013(4):73-80.
[14]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[15]李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率[J].管理世界,2011(1):135-144.
[16]张兆国,刘永丽,谈多娇.管理者背景特征与会计稳健性——来自中国上市公司的经验证据[J].会计研究,2011(7):11-18.
[17]Ahmed A S,Duellman S.Managerial Overconfidence and Accounting Conservatism[J].Journal of Accounting Research,2013,51(1):1-30.
[18]孙光国,赵健宇.产权性质差异、管理层过度自信与会计稳健性[J].会计研究,2014(5):52-58.
[19]王甫勤.“上山下乡”与知识青年的阶层分化及生活幸福感研究[J].南京社会科学,2011(2):66-74.
[20]刘愿.弥补那逝去的青春:知青对子女教育的代际补偿研究[J].世界经济,2016,39(5):168-192.
[21]Krosnick J A,Alwin D F.Aging and Susceptibility to Attitude Change[J].Journal of Personality and Social Psychology,1989,57(3):416-425.
[22]Alesina A,Fuchs-Schündeln N.Goodbye Lenin(or Not?):The Effect of Communism on People's Preferences[J].American Economic Review,2007,97(4):1507-1528.
[23]Graham J R,Narasimhan K.Corporate Survival and Managerial Experiences During the Great Depression[R].Duke University,Working Paper,2005.
[24]Schoar A,Zuo L.Shaped by Booms and Busts:How the Economy Impacts CEO Careers and Management Styles[J].The Review of Financial Studies,2011,33(5):1425-1456.
[25]Cronqvist H,Previtero A,Siegel S,et al.The Fetal Origins Hypothesis in Finance:Prenatal Environment and Financial Risk Taking[J].Review of Financial Studies,2016,29(3):739-786.
[26]Hao Y,Wang S,Chou R K,et al.Boom-Baby CEOs,Career Experience,and Risk Taking:A Natural Experiment Using Chinese CEOs’Growth Paths[J].International Review of Finance,2018.
[27]潘鸣啸.上山下乡运动再评价[J].社会学研究,2005(5):154-181.
[28]梁志全.上山下乡:20世纪席卷全国的青年运动——知青对农村岁月的感性认知和理性思考[J].中国青年研究,2015(10):48-51.
[29]Yerkes R M,Dodson J D.The Relation of Strength of Stimulus to Rapidity of Habit Formatio[J].Journal of Comparative Neurology and Psychology,1908(18):459-482.
[30]中央党校采访实录编辑室.习近平的七年知青岁月[M].北京:中共中央党校出版社,2017.
[31]王东维,高晓斌.知识青年“接受贫下中农再教育”运动的历史启示[J].当代青年研究,2013(4):13-19.
[32]Ling Lin.Institutional Ownership Composition and Accounting Conservatism[J].Review of Quantitative Finance and Accounting,2016,46(2):359-385.
[33]Hui K W,Klasa S,Yeung P E.Corporate Suppliers and Customers and Accounting Conservatism[J].Journal of Accounting and Economics,2012,53(1):115-135.
[34]Kothari S P,Shu S,Wysocki P D.Do Managers Withhold Bad News?[J].Journal of Accounting Research,2009,47(1):241-276.
[35]唐清泉,甄丽明.管理层风险偏爱、薪酬激励与企业R&D投入——基于我国上市公司的经验研究[J].经济管理,2009(5):56-64.
[36]Abdel-Khalik A R.An Empirical Analysis of CEO Risk Aversion and the Propensity to Smooth Earnings Volatility[J].Journal of Accounting,Auditing&Finance,2007,22(2):201-235.
[37]Chen Y,Fan Z Y,Gu X M,et al.Arrival of Young Talents:Send-Down Movement and Rural Education in China[R].SSRNWorking Paper,2018.
[38]何瑛,张大伟.管理者特质、负债融资与企业价值[J].会计研究,2015(8):65-72.
[39]陈平原,查建英.陈平原访谈:关于八十年代[J].社会科学论坛,2005(6):85-107.
[40]Khan M,Watts R L.Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism[J].Journal of Accounting&Economics,2007,48(2):132-150.
[41]Basu S.The Conservatism Principle and the Asymmetric Timeliness of Earnings[J].Journal of Accounting and Economics,1997,24(1):3-37.
[42]Beaver W H,Ryan S G.Conditional and Unconditional Conservatism:Concepts and Modeling[J].Review of Accounting Studies,2005,10(2/3):269-309.
[43]Ball R,Shivakumar L.Earnings Quality in UK Private Firms:Comparative Loss Recognition Timeliness[J].Journal of Accounting&Economics,2005,39(1):83-128.
[44]沈维涛,幸晓雨.CEO早期生活经历与企业投资行为--基于CEO早期经历三年困难时期的研究[J].经济管理,2014(12):72-82.
[45]国家统计局社会统计司.中国劳动工资统计资料:1949-1985[M].北京:中国统计出版社,1987:110-111.
[46]柳建辉.“知识青年上山下乡运动”兴起原因初探[J].中国青年研究,1991(4):30-32.
[47]Gong Jie,Lu Yi,Xie Huihua.Adolescent Environment and Noncognitive Skills[R].Working Papers,National University of Singapore,2015.
[48]Hu Jun,et al.CEOs’Great Chinese Famine Experience and Accounting Conservatism:Evidence from China[R].Working Paper,2017.
[49]Acharya V,Amihud Y,Litov L.Creditor Rights and Corporate Risk Taking[J].Journal of Financial Economics,2011(102):150-166.
[50]Dechow P M,Sloan R G,Sweeney A P.Detecting Earnings Management[J].Accounting Review,1995,70(2):193-225.
[51]Kim O,Verrecchia R E.The Relation among Disclosure,Returns,and Trading Volume Information[J].Accounting Review,2001,76(4):633-654.
[52]李宾,杨济华.上市公司的盈余管理必然导致会计稳健性下降吗?[J].会计研究,2017(11):45-51.
(1)转引自中央党校采访实录编辑室编著的《习近平的七年知青岁月》,中共中央党校出版社2017年出版。
[2]樊冬梅.“文革”时期知识青年上山下乡运动的历史考察[J].党的文献,2005(4):110-115.
[3]Main M,Kaplan N,Cassidy J.Security in Infancy,Childhood,and Adulthood:A Move to the Level of Representation[J].Monographs of the Society for Research in Child Development,1985,50(1/2):66-104.
[4]李婷,朱熊兆.早期经历影响个体成年后行为的表观遗传学机制[J].心理科学进展,2009,17(6):1274-1280.
[5]Malmendier Ulrike,Geoffrey Tate,Jon Yan.Overconfidence and Early-Life Experiences:The Effect of Managerial Traits on Corporate Financial Policies[J].Journal of Finance,2011,66(5):1687-1733.
[6]Graham R John,Campbell R Harvey,Manju Puri.Managerial Attitudes and Corporate Actions[J].Journal of Financial Economics,2013,109(1):103-121.
[7]Bernile G,Bhagwat V,Rau P R.What Doesn't Kill You Will Only Make You More Risk-Loving:Early-Life Disasters and CEO Behavior[J].Journal of Finance,2017,72(1):167-206.
[8]Benmelech E,Frydman C.Military CEOs[J].Journal of Financial Economics,2015,117(1):43-59.
[9]赖黎,巩亚林,马永强.管理者从军经历、融资偏好与经营业绩[J].管理世界,2016(8):126-136.
[10]赵民伟,晏艳阳.管理者早年大饥荒经历与公司财务政策[J].南方经济,2015,33(10):49-63.
[11]许年行,李哲.高管贫困经历与企业慈善捐赠[J].经济研究,2016,51(12):133-146.
[12]周楷唐,麻志明,吴联生.高管学术经历与公司债务融资成本[J].经济研究,2017,52(7):169-183.
[13]沈永建,梁上坤,陈冬华.职工薪酬与会计稳健性——基于中国上市公司的经验证据[J].会计研究,2013(4):73-80.
[14]姜付秀,伊志宏,苏飞,等.管理者背景特征与企业过度投资行为[J].管理世界,2009(1):130-139.
[15]李焰,秦义虎,张肖飞.企业产权、管理者背景特征与投资效率[J].管理世界,2011(1):135-144.
[16]张兆国,刘永丽,谈多娇.管理者背景特征与会计稳健性——来自中国上市公司的经验证据[J].会计研究,2011(7):11-18.
[17]Ahmed A S,Duellman S.Managerial Overconfidence and Accounting Conservatism[J].Journal of Accounting Research,2013,51(1):1-30.
[18]孙光国,赵健宇.产权性质差异、管理层过度自信与会计稳健性[J].会计研究,2014(5):52-58.
[19]王甫勤.“上山下乡”与知识青年的阶层分化及生活幸福感研究[J].南京社会科学,2011(2):66-74.
[20]刘愿.弥补那逝去的青春:知青对子女教育的代际补偿研究[J].世界经济,2016,39(5):168-192.
[21]Krosnick J A,Alwin D F.Aging and Susceptibility to Attitude Change[J].Journal of Personality and Social Psychology,1989,57(3):416-425.
[22]Alesina A,Fuchs-Schündeln N.Goodbye Lenin(or Not?):The Effect of Communism on People's Preferences[J].American Economic Review,2007,97(4):1507-1528.
[23]Graham J R,Narasimhan K.Corporate Survival and Managerial Experiences During the Great Depression[R].Duke University,Working Paper,2005.
[24]Schoar A,Zuo L.Shaped by Booms and Busts:How the Economy Impacts CEO Careers and Management Styles[J].The Review of Financial Studies,2011,33(5):1425-1456.
[25]Cronqvist H,Previtero A,Siegel S,et al.The Fetal Origins Hypothesis in Finance:Prenatal Environment and Financial Risk Taking[J].Review of Financial Studies,2016,29(3):739-786.
[26]Hao Y,Wang S,Chou R K,et al.Boom-Baby CEOs,Career Experience,and Risk Taking:A Natural Experiment Using Chinese CEOs’Growth Paths[J].International Review of Finance,2018.
[27]潘鸣啸.上山下乡运动再评价[J].社会学研究,2005(5):154-181.
[28]梁志全.上山下乡:20世纪席卷全国的青年运动——知青对农村岁月的感性认知和理性思考[J].中国青年研究,2015(10):48-51.
[29]Yerkes R M,Dodson J D.The Relation of Strength of Stimulus to Rapidity of Habit Formatio[J].Journal of Comparative Neurology and Psychology,1908(18):459-482.
[30]中央党校采访实录编辑室.习近平的七年知青岁月[M].北京:中共中央党校出版社,2017.
[31]王东维,高晓斌.知识青年“接受贫下中农再教育”运动的历史启示[J].当代青年研究,2013(4):13-19.
[32]Ling Lin.Institutional Ownership Composition and Accounting Conservatism[J].Review of Quantitative Finance and Accounting,2016,46(2):359-385.
[33]Hui K W,Klasa S,Yeung P E.Corporate Suppliers and Customers and Accounting Conservatism[J].Journal of Accounting and Economics,2012,53(1):115-135.
[34]Kothari S P,Shu S,Wysocki P D.Do Managers Withhold Bad News?[J].Journal of Accounting Research,2009,47(1):241-276.
[35]唐清泉,甄丽明.管理层风险偏爱、薪酬激励与企业R&D投入——基于我国上市公司的经验研究[J].经济管理,2009(5):56-64.
[36]Abdel-Khalik A R.An Empirical Analysis of CEO Risk Aversion and the Propensity to Smooth Earnings Volatility[J].Journal of Accounting,Auditing&Finance,2007,22(2):201-235.
[37]Chen Y,Fan Z Y,Gu X M,et al.Arrival of Young Talents:Send-Down Movement and Rural Education in China[R].SSRNWorking Paper,2018.
[38]何瑛,张大伟.管理者特质、负债融资与企业价值[J].会计研究,2015(8):65-72.
[39]陈平原,查建英.陈平原访谈:关于八十年代[J].社会科学论坛,2005(6):85-107.
[40]Khan M,Watts R L.Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism[J].Journal of Accounting&Economics,2007,48(2):132-150.
[41]Basu S.The Conservatism Principle and the Asymmetric Timeliness of Earnings[J].Journal of Accounting and Economics,1997,24(1):3-37.
[42]Beaver W H,Ryan S G.Conditional and Unconditional Conservatism:Concepts and Modeling[J].Review of Accounting Studies,2005,10(2/3):269-309.
[43]Ball R,Shivakumar L.Earnings Quality in UK Private Firms:Comparative Loss Recognition Timeliness[J].Journal of Accounting&Economics,2005,39(1):83-128.
[44]沈维涛,幸晓雨.CEO早期生活经历与企业投资行为--基于CEO早期经历三年困难时期的研究[J].经济管理,2014(12):72-82.
[45]国家统计局社会统计司.中国劳动工资统计资料:1949-1985[M].北京:中国统计出版社,1987:110-111.
[46]柳建辉.“知识青年上山下乡运动”兴起原因初探[J].中国青年研究,1991(4):30-32.
[47]Gong Jie,Lu Yi,Xie Huihua.Adolescent Environment and Noncognitive Skills[R].Working Papers,National University of Singapore,2015.
[48]Hu Jun,et al.CEOs’Great Chinese Famine Experience and Accounting Conservatism:Evidence from China[R].Working Paper,2017.
[49]Acharya V,Amihud Y,Litov L.Creditor Rights and Corporate Risk Taking[J].Journal of Financial Economics,2011(102):150-166.
[50]Dechow P M,Sloan R G,Sweeney A P.Detecting Earnings Management[J].Accounting Review,1995,70(2):193-225.
[51]Kim O,Verrecchia R E.The Relation among Disclosure,Returns,and Trading Volume Information[J].Accounting Review,2001,76(4):633-654.
[52]李宾,杨济华.上市公司的盈余管理必然导致会计稳健性下降吗?[J].会计研究,2017(11):45-51.
(1)转引自中央党校采访实录编辑室编著的《习近平的七年知青岁月》,中共中央党校出版社2017年出版。