董事会治理机制、管理者过度自信和会计稳健性——基于两类会计稳健性视角
|
摘要
文章利用中国沪深A股上市公司2012—2017年数据,研究发现,管理者过度自信与企业的条件稳健性和非条件稳健性都呈负相关关系,即管理者过度自信会降低企业的条件稳健性和非条件稳健性;进一步研究发现,董事会治理机制的完善能弱化管理者过度自信对企业条件稳健性的影响,但不能弱化管理者过度自信对企业非条件稳健性的影响。文章在厘清管理者过度自信与两类会计稳健性关系的基础上,探究董事会治理机制的完善对两者关系的影响,进而提出相关建议,以期为提高上市公司会计稳健性、保护投资者利益提供新思路。
This paper conducts empirical analysis based on the data from 2012 to 2017 of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange.The research finds that a negative correlation has been established between managerial overconfidence and conditional as well as unconditional conservatism,i. e. the managerial overconfidence will reduce both conditional and unconditional conservatism of companies.By conducting further research,we find that the improved board governance mechanism can weaken the impact of managerial overconfidence on the conditional conservatism of companies,whereas it cannot weaken the impact of managerial overconfidence on unconditional conservatism. In summary,this paper clarifies the relationship between the managerial overconfidence and two types of accounting conservatism,tests the effect of the board governance mechanism on the relationship,and finally provides a new approach for both improving the accounting conservatism of listed companies and protecting the interest of investors.
This paper conducts empirical analysis based on the data from 2012 to 2017 of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange.The research finds that a negative correlation has been established between managerial overconfidence and conditional as well as unconditional conservatism,i. e. the managerial overconfidence will reduce both conditional and unconditional conservatism of companies.By conducting further research,we find that the improved board governance mechanism can weaken the impact of managerial overconfidence on the conditional conservatism of companies,whereas it cannot weaken the impact of managerial overconfidence on unconditional conservatism. In summary,this paper clarifies the relationship between the managerial overconfidence and two types of accounting conservatism,tests the effect of the board governance mechanism on the relationship,and finally provides a new approach for both improving the accounting conservatism of listed companies and protecting the interest of investors.
引文
步丹璐,文彩虹,Rajiv Banker.2016.成本粘性和盈余稳健性的衡量.会计研究(1):31-37.
陈策,吕长江.2011.上市板块差异对上市公司会计稳健性的影响---来自A股主板和中小板民营企业的实证检验.会计研究(9):32-39.
车菲.2012.所得税改革、会计-税收差异与会计稳健性.中南财经政法大学学报(6):93-99.
陈旭东,黄登仕.2006.会计盈余水平与会计稳健性---基于分量回归的探索分析.管理科学(8):52-61.
程新生.2004.公司治理、内部控制、组织结构互动关系研究.会计研究(4):14-18.
郝颖,刘星,林朝南.2005.我国上市公司管理人员过度自信与投资决策的实证研究.中国管理科学(5):142-148.
姜付秀,张敏,陆正飞.2009.陈才东.管理者过度自信、企业扩张与财务困境.经济研究(1):131-143.
李合龙,李海菲,张卫国.2018.机构投资者持股、会计稳健性与公司价值.证券市场导报(3):41-47.
李四海,唐雨晴,宋献中.2014.管理者过度自信与会计稳健性研究---来自中国上市公司的经验证据.投资研究(10):41-55.
李争光,曹丰,赵西卜,董竞宇.2016.机构投资者异质性、会计稳健性与股权融资成本---来自中国上市公司的经验证据.管理评论(7):42-52.
李争光,赵西卜,曹丰,刘向强.2015.机构投资者异质性与会计稳健性---来自中国上市公司的经验证据.南开管理评论(3):111-121.
刘玉敏.2006.我国上市公司董事会效率与公司绩效的实证研究.南开管理评论(1):84-90.
罗劲博.2014.管理者过度自信对公司业绩好事还是坏事?---基于会计稳健性视角的经验证据.财经研究(1):135-144.
曲晓辉,邱月华.2007.强制性制度变迁与盈余稳健性---来自深沪证券市场的经验证据.会计研究(7):20-28.
沈永建,梁上坤,陈冬华.2013.职工薪酬与会计稳健性---基于中国上市公司的经验证据.会计研究(4):73-80.
唐清泉,韩宏稳.2018.关联并购与公司价值:会计稳健性的治理作用.南开管理评论(6):23-34.
王冲,谢雅璐.2013.会计稳健性、信息不透明与股价暴跌.管理科学(2):68-79.
王淼,陈守东.2013.董事会治理对银行稳健性的影响.经济与管理研究(3):82-87.
肖彦,裴旭真.2017.企业股权构成特征与会计稳健性---来自A股混合所有制企业的经验证据.宏观经济研究(2):142-151.
向锐.2014.财务独立董事特征与会计稳健性.山西财经大学学报(5):102-112.
谢志华,张庆龙,袁蓉丽.2011.董事会结构与决策效率.会计研究(1):31-37.
余明桂,夏新平,邹振松.2006.管理者过度自信与企业激进负债行为.管理世界(8):104-112.
杨清香,俞麟,陈娜.2009.董事会特征与财务舞弊---来自中国上市公司的经验证据.会计研究(7):64-70.
张金鑫,王逸.2013.会计稳健性与公司融资约束---基于两类会计稳健性视角的研究.会计研究(9):44-50.
张悦玫,张芳,李延喜.2017.会计稳健性、融资约束与投资效率.会计研究(9):35-40.
张兆国,刘永丽,谈多娇.2011.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.会计研究(7):11-18.
钟宇翔,吕怀立,李婉丽.2017.管理层短视、会计稳健性与企业创新抑制.南开管理评论(12):163-177.
周玮,吴联生.2015.管理层判断对会计稳健性的替代效应.会计研究(5):3-12.
Ahmed,A.,and S.Duellman.2013.Managerial overconfidence and accounting conservatism.Journal of Accounting Research 51(1):1-30.
Alrefaei,H.,and F.Zhang.2015.CEO gender,ethical leadership,and accounting conservatism.Journal of Business Ethics 127(2):351-370.
Ball,R.,and L.Shivakumar.2005.Earnings quality in UK private firms:comparative loss recognition timeliness.Journal of Accounting&Economics 39(1):83-128.
Ball,R.,S.P.Kothari,and A.Robin.2000.The effect of international institutional factors on properties of accounting earnings.Journal of Accounting&Economics 29(1):1-51.
Basu,S.1997.The conservatism principle and the asymmetric timeliness of earnings.Journal of Accounting&Economics 24(1):3-37.
Caskey,J.,and V.Laux.2017.Corporate governance,accounting conservatism,and manipulation.Management Science 63(2):424-437.
Cooper,A.C.,W.C.Dunkelberg,and C.Y.Woo.1988.Entrepreneurs perceived chances for success.Journal of Business 3(2):97-108.
Donovan,J.,R.M.Frankel.,and X.Martin.2015.Accounting conservatism and creditor recovery rate.Accounting Review 90(6):2267-2303.
Doukas,J.A.,and D.Petmezas.2007.Acquisitions,overconfident managers and self-attribution bias.European Financial Management 13(3):531-577.
Givoly,D.,and C.Hayn.2000.The changing time-series properties of earnings,cash flows and accruals:has financial accounting become more conservative?Journal of Accounting&Economics 29(3):287-320.
Hayward,L.A.M.,and D.C.Hambrick.1997.Explaining the premiums paid for large acquisitions:evidence of CEO hubris.Administrative Science Quarterly 42(1):103-127.
Heaton,J.B.2002.Managerial optimism and corporate finance.Financial Management 31(2):33-45.
Holthausen,R.W.,and R.L.Watts.2001.The relevance of value-relevance literature for financial accounting standard setting.Journal of Accounting&Economics 31(1):3-75.
Kahneman,D.,and D.Lovallo.1993.Timid choices and bold forecasts:a cognitive perspective on risk taking.Management Science 39(1):17-31.
Khan,M.,and R.L.Watts.2009.Estimation and validation of a firm-year measure of conservatism.Journal of Accounting&Economics 48(2-3):132-150.
Khurana,I.K.,and C.Wang.2015.Debt maturity structure and accounting conservatism.Journal of Business Finance&Accounting 42(1-2):167-203.
Larwood,L.,and W.Whittaker.1977.Managerial myopia:self-serving biases in organizational planning.Journal of Applied Psychology 62(2):194-198.
Malmendler,U.,and G.Tate.2005.CEO overconfidence and corporate investment.The Journal of Finance60(6):2661-2700.
Nasr,M.A.,and C.G.Ntim.2018.Corporate governance mechanisms and accounting conservatism:evidence from Egypt.Corporate Governance:The International Journal of Business in Society 18(3):386-408.
Schrand,C.M.,and S.L.Zechman.2012.Executive overconfidence and the slippery slope to financial misreporting.Journal of Accounting and Economics 53(1-2):311-329.
Watts,R.L.2003.Conservatism in accounting part I:explanations and implications.Accounting Horizons17(3):207-221.
陈策,吕长江.2011.上市板块差异对上市公司会计稳健性的影响---来自A股主板和中小板民营企业的实证检验.会计研究(9):32-39.
车菲.2012.所得税改革、会计-税收差异与会计稳健性.中南财经政法大学学报(6):93-99.
陈旭东,黄登仕.2006.会计盈余水平与会计稳健性---基于分量回归的探索分析.管理科学(8):52-61.
程新生.2004.公司治理、内部控制、组织结构互动关系研究.会计研究(4):14-18.
郝颖,刘星,林朝南.2005.我国上市公司管理人员过度自信与投资决策的实证研究.中国管理科学(5):142-148.
姜付秀,张敏,陆正飞.2009.陈才东.管理者过度自信、企业扩张与财务困境.经济研究(1):131-143.
李合龙,李海菲,张卫国.2018.机构投资者持股、会计稳健性与公司价值.证券市场导报(3):41-47.
李四海,唐雨晴,宋献中.2014.管理者过度自信与会计稳健性研究---来自中国上市公司的经验证据.投资研究(10):41-55.
李争光,曹丰,赵西卜,董竞宇.2016.机构投资者异质性、会计稳健性与股权融资成本---来自中国上市公司的经验证据.管理评论(7):42-52.
李争光,赵西卜,曹丰,刘向强.2015.机构投资者异质性与会计稳健性---来自中国上市公司的经验证据.南开管理评论(3):111-121.
刘玉敏.2006.我国上市公司董事会效率与公司绩效的实证研究.南开管理评论(1):84-90.
罗劲博.2014.管理者过度自信对公司业绩好事还是坏事?---基于会计稳健性视角的经验证据.财经研究(1):135-144.
曲晓辉,邱月华.2007.强制性制度变迁与盈余稳健性---来自深沪证券市场的经验证据.会计研究(7):20-28.
沈永建,梁上坤,陈冬华.2013.职工薪酬与会计稳健性---基于中国上市公司的经验证据.会计研究(4):73-80.
唐清泉,韩宏稳.2018.关联并购与公司价值:会计稳健性的治理作用.南开管理评论(6):23-34.
王冲,谢雅璐.2013.会计稳健性、信息不透明与股价暴跌.管理科学(2):68-79.
王淼,陈守东.2013.董事会治理对银行稳健性的影响.经济与管理研究(3):82-87.
肖彦,裴旭真.2017.企业股权构成特征与会计稳健性---来自A股混合所有制企业的经验证据.宏观经济研究(2):142-151.
向锐.2014.财务独立董事特征与会计稳健性.山西财经大学学报(5):102-112.
谢志华,张庆龙,袁蓉丽.2011.董事会结构与决策效率.会计研究(1):31-37.
余明桂,夏新平,邹振松.2006.管理者过度自信与企业激进负债行为.管理世界(8):104-112.
杨清香,俞麟,陈娜.2009.董事会特征与财务舞弊---来自中国上市公司的经验证据.会计研究(7):64-70.
张金鑫,王逸.2013.会计稳健性与公司融资约束---基于两类会计稳健性视角的研究.会计研究(9):44-50.
张悦玫,张芳,李延喜.2017.会计稳健性、融资约束与投资效率.会计研究(9):35-40.
张兆国,刘永丽,谈多娇.2011.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.会计研究(7):11-18.
钟宇翔,吕怀立,李婉丽.2017.管理层短视、会计稳健性与企业创新抑制.南开管理评论(12):163-177.
周玮,吴联生.2015.管理层判断对会计稳健性的替代效应.会计研究(5):3-12.
Ahmed,A.,and S.Duellman.2013.Managerial overconfidence and accounting conservatism.Journal of Accounting Research 51(1):1-30.
Alrefaei,H.,and F.Zhang.2015.CEO gender,ethical leadership,and accounting conservatism.Journal of Business Ethics 127(2):351-370.
Ball,R.,and L.Shivakumar.2005.Earnings quality in UK private firms:comparative loss recognition timeliness.Journal of Accounting&Economics 39(1):83-128.
Ball,R.,S.P.Kothari,and A.Robin.2000.The effect of international institutional factors on properties of accounting earnings.Journal of Accounting&Economics 29(1):1-51.
Basu,S.1997.The conservatism principle and the asymmetric timeliness of earnings.Journal of Accounting&Economics 24(1):3-37.
Caskey,J.,and V.Laux.2017.Corporate governance,accounting conservatism,and manipulation.Management Science 63(2):424-437.
Cooper,A.C.,W.C.Dunkelberg,and C.Y.Woo.1988.Entrepreneurs perceived chances for success.Journal of Business 3(2):97-108.
Donovan,J.,R.M.Frankel.,and X.Martin.2015.Accounting conservatism and creditor recovery rate.Accounting Review 90(6):2267-2303.
Doukas,J.A.,and D.Petmezas.2007.Acquisitions,overconfident managers and self-attribution bias.European Financial Management 13(3):531-577.
Givoly,D.,and C.Hayn.2000.The changing time-series properties of earnings,cash flows and accruals:has financial accounting become more conservative?Journal of Accounting&Economics 29(3):287-320.
Hayward,L.A.M.,and D.C.Hambrick.1997.Explaining the premiums paid for large acquisitions:evidence of CEO hubris.Administrative Science Quarterly 42(1):103-127.
Heaton,J.B.2002.Managerial optimism and corporate finance.Financial Management 31(2):33-45.
Holthausen,R.W.,and R.L.Watts.2001.The relevance of value-relevance literature for financial accounting standard setting.Journal of Accounting&Economics 31(1):3-75.
Kahneman,D.,and D.Lovallo.1993.Timid choices and bold forecasts:a cognitive perspective on risk taking.Management Science 39(1):17-31.
Khan,M.,and R.L.Watts.2009.Estimation and validation of a firm-year measure of conservatism.Journal of Accounting&Economics 48(2-3):132-150.
Khurana,I.K.,and C.Wang.2015.Debt maturity structure and accounting conservatism.Journal of Business Finance&Accounting 42(1-2):167-203.
Larwood,L.,and W.Whittaker.1977.Managerial myopia:self-serving biases in organizational planning.Journal of Applied Psychology 62(2):194-198.
Malmendler,U.,and G.Tate.2005.CEO overconfidence and corporate investment.The Journal of Finance60(6):2661-2700.
Nasr,M.A.,and C.G.Ntim.2018.Corporate governance mechanisms and accounting conservatism:evidence from Egypt.Corporate Governance:The International Journal of Business in Society 18(3):386-408.
Schrand,C.M.,and S.L.Zechman.2012.Executive overconfidence and the slippery slope to financial misreporting.Journal of Accounting and Economics 53(1-2):311-329.
Watts,R.L.2003.Conservatism in accounting part I:explanations and implications.Accounting Horizons17(3):207-221.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |