关系交易、内部控制质量与公允价值的选用——基于投资性房地产视角的实证研究
|
摘要
以2009-2016年沪深A股上市房地产公司为研究样本,基于资产专用性基本理论,实证检验供应商/客户关系型交易是否以及如何影响投资性房地产公允价值的选择使用,并考察内部控制在其中的调节作用。研究发现:随着关系型交易比例的增加,公司对投资性房地产使用公允价值后续计量的动机增强,但是这种动机在内控质量高的公司会受到一定程度的抑制。同时,供应商/客户关系型交易对企业会计政策选择行为具有重要影响,而健全有效的内部控制具有对企业会计选择行为的利弊制衡与风险管控作用。
Taking the Shanghai and Shenzhen A shares listed real estate companies 2009-2016 shares as the research sample,we first investigate the relationship-specific transactions,internal control and their interaction whether and how to affect the selection of fair value from the basic theory of asset specificity.The empirical results show that corporations with larger proportion of relationship-specific transactions will have a higher motivation to use the fair value in the followup measurement of investment real properties,but such motivation will be restricted to a certain extent by high internal control quality.Our research suggests that the supply/customer relationship transactions play an important role in the choice of accounting policies,and a sound and effective internal control can balance the advantages and disadvantages,control the risk on accounting choice behavior.
Taking the Shanghai and Shenzhen A shares listed real estate companies 2009-2016 shares as the research sample,we first investigate the relationship-specific transactions,internal control and their interaction whether and how to affect the selection of fair value from the basic theory of asset specificity.The empirical results show that corporations with larger proportion of relationship-specific transactions will have a higher motivation to use the fair value in the followup measurement of investment real properties,but such motivation will be restricted to a certain extent by high internal control quality.Our research suggests that the supply/customer relationship transactions play an important role in the choice of accounting policies,and a sound and effective internal control can balance the advantages and disadvantages,control the risk on accounting choice behavior.
引文
[1]Khurana I K,Kim M S.Relative value relevance of historical cost vs.fairvalue:evidence from bank holding companies[J].Journal of accounting and Public Policy,2003,22(1):19-42.
[2]Danbolt J,Rees W.Market-to-market accounting and valuation:evidence from UK real estate and investment companies[R].Working Paper,University of Glasgow:Scotland,2007.
[3]张凤元,符建华,易晓微.分行业公允价值相关性实证研究——基于A股市场面板数据[J].南京审计学院学报,2013(1):86-93.
[4]罗婷,薛健,张海燕.解析新会计准则对会计信息价值相关性的影响[J].中国会计评论,2008(2):130-139.
[5]陈晨.投资性房地产公允价值计量动因与经济后果研究[D].中国矿业大学,2014.
[6]刘行健,刘昭.内部控制对公允价值与盈余管理的影响研究[J].审计研究,2014(2):59-65.
[7]曾雪云,徐经长.公允价值计量、金融投资行为与公司资本结构[J].金融研究,2013(3):181-193.
[8]张奇峰,张鸣,戴佳君.投资性房地产公允价值计量的财务影响与决定因素:以北辰实业为例[J].会计研究,2011(8):22-28.
[9]Allen F,Qian J,Qian M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[10]Allen F,Babus A.Networks in finance[R].Working Raper,Wharton Financial Institutions Center,University of Pennsylvania,2008.
[11]Kong X.Why are social network transactions important?evidence based on the concentration of key suppliers and customers in China[J].China Journal of Accounting Research,2011,4(3):121-133.
[12]Raman K,Shahrur H K.Relationship-specific investments and earnings management:evidence on corporate supplies and customers[J].The Accounting Review,2008,84(4):1041-1081.
[13]Joseph F,Stijn C.Corporate governance in Asia:a survey[J].International Review of Finance,2002,3(2):71-103.
[14]Williamson O E.The economic institutions of capitalism[M].New York:Free Press,1985.
[15]黄世忠.公允价值会计:面向21世纪的计量模式[J].会计研究,1997(12):1-4.
[16]葛家澍.关于在财务会计中采用公允价值的探讨[J].会计研究,2007(11):3-8.
[17]Thomas D F,Thomas Z L,Linda V.Empirical research on accounting choice[J].Journal of Accounting and Economics,2001,31(2):255-307.
[18]方红星,张勇.供应商客户关系型交易、盈余管理与审计师决策[J].会计研究,2016(1):79-86.
[19]Yiwei D,Ole-Kristian H,Wayne B T.Relationship specificity,contract enforce ability,and income smoothing[J].The Accounting Review,2013,88(5):1629-1656.
[20]Wallison P J.Fair value accounting:a critique[J].American Enterprise Institute for Public Policy Research,2008,17(7):1-8.
[21]谢成博,张海燕,何平.更多信息披露还是更高系统风险——公允价值会计对资本市场的双重影响研究[D].两岸四地会计准则研讨会论文集,2013.
[22]南召风.基于资产负债表探讨公允价值会计顺周期效应[J].财政研究,2015(10):107-111.
[23]王曙亮,陈少华.公允价值应用过程的风险分析及控制—基于投资者的视角[J].当代财经,2011(6):121-127.
[24]王守海,刘志强.公允价值、行业专长与审计费用[J].审计研究,2017(2):48-55.
[25]方瑞琪.公允价值、非理性心理与企业投资效率[J].东北财经大学学报,2015(1):89-96.
[26]林钟高,李菊姊,徐虹.关系投资、内部控制与大股东资金占用[J].会计与经济研究,2014(3):35-49.
[27]Benjamin K,Robert G C,Armen A A.Vertical integration,appropriable rents,and the competitive contracting process[J].The Journal of Law and Economics,1978,21(2):297-326.
[28]徐虹,林钟高,王鑫.关系型交易、内部控制与盈余管理——基于应计与真实盈余管理的经验证据[J].会计与经济研究,2015(3):58-62.
[29]杨雄胜.内部控制理论研究新视野[J].会计研究,2005(7):49-54.
[30]范经华,张雅曼,刘启亮.内部控制、审计师行业专长、应计与真实盈余管理[J].会计研究,2013(2):83-90.
[31]树成琳.内部控制、内部人交易与信息不对称[J].当代财经,2016(8):121-128.
[32]吴可夫,朱娜.试论公允价值会计风险[J].经济问题,2010(5):106-109.
[33]施先旺.内部控制理论的变迁及其启示[J].审计研究,2008(6):79-82.
[34]方红星,金玉娜.高质量内部控制能抑制盈余管理吗?——基于自愿性内部控制鉴证报告的经验研究[J].会计研究,2011(8):53-59.
[35]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010(5):16-24.
[36]张敏,马黎珺,张胜.供应商——客户关系与审计师选择[J].会计研究,2012(12):81-86.
[2]Danbolt J,Rees W.Market-to-market accounting and valuation:evidence from UK real estate and investment companies[R].Working Paper,University of Glasgow:Scotland,2007.
[3]张凤元,符建华,易晓微.分行业公允价值相关性实证研究——基于A股市场面板数据[J].南京审计学院学报,2013(1):86-93.
[4]罗婷,薛健,张海燕.解析新会计准则对会计信息价值相关性的影响[J].中国会计评论,2008(2):130-139.
[5]陈晨.投资性房地产公允价值计量动因与经济后果研究[D].中国矿业大学,2014.
[6]刘行健,刘昭.内部控制对公允价值与盈余管理的影响研究[J].审计研究,2014(2):59-65.
[7]曾雪云,徐经长.公允价值计量、金融投资行为与公司资本结构[J].金融研究,2013(3):181-193.
[8]张奇峰,张鸣,戴佳君.投资性房地产公允价值计量的财务影响与决定因素:以北辰实业为例[J].会计研究,2011(8):22-28.
[9]Allen F,Qian J,Qian M.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[10]Allen F,Babus A.Networks in finance[R].Working Raper,Wharton Financial Institutions Center,University of Pennsylvania,2008.
[11]Kong X.Why are social network transactions important?evidence based on the concentration of key suppliers and customers in China[J].China Journal of Accounting Research,2011,4(3):121-133.
[12]Raman K,Shahrur H K.Relationship-specific investments and earnings management:evidence on corporate supplies and customers[J].The Accounting Review,2008,84(4):1041-1081.
[13]Joseph F,Stijn C.Corporate governance in Asia:a survey[J].International Review of Finance,2002,3(2):71-103.
[14]Williamson O E.The economic institutions of capitalism[M].New York:Free Press,1985.
[15]黄世忠.公允价值会计:面向21世纪的计量模式[J].会计研究,1997(12):1-4.
[16]葛家澍.关于在财务会计中采用公允价值的探讨[J].会计研究,2007(11):3-8.
[17]Thomas D F,Thomas Z L,Linda V.Empirical research on accounting choice[J].Journal of Accounting and Economics,2001,31(2):255-307.
[18]方红星,张勇.供应商客户关系型交易、盈余管理与审计师决策[J].会计研究,2016(1):79-86.
[19]Yiwei D,Ole-Kristian H,Wayne B T.Relationship specificity,contract enforce ability,and income smoothing[J].The Accounting Review,2013,88(5):1629-1656.
[20]Wallison P J.Fair value accounting:a critique[J].American Enterprise Institute for Public Policy Research,2008,17(7):1-8.
[21]谢成博,张海燕,何平.更多信息披露还是更高系统风险——公允价值会计对资本市场的双重影响研究[D].两岸四地会计准则研讨会论文集,2013.
[22]南召风.基于资产负债表探讨公允价值会计顺周期效应[J].财政研究,2015(10):107-111.
[23]王曙亮,陈少华.公允价值应用过程的风险分析及控制—基于投资者的视角[J].当代财经,2011(6):121-127.
[24]王守海,刘志强.公允价值、行业专长与审计费用[J].审计研究,2017(2):48-55.
[25]方瑞琪.公允价值、非理性心理与企业投资效率[J].东北财经大学学报,2015(1):89-96.
[26]林钟高,李菊姊,徐虹.关系投资、内部控制与大股东资金占用[J].会计与经济研究,2014(3):35-49.
[27]Benjamin K,Robert G C,Armen A A.Vertical integration,appropriable rents,and the competitive contracting process[J].The Journal of Law and Economics,1978,21(2):297-326.
[28]徐虹,林钟高,王鑫.关系型交易、内部控制与盈余管理——基于应计与真实盈余管理的经验证据[J].会计与经济研究,2015(3):58-62.
[29]杨雄胜.内部控制理论研究新视野[J].会计研究,2005(7):49-54.
[30]范经华,张雅曼,刘启亮.内部控制、审计师行业专长、应计与真实盈余管理[J].会计研究,2013(2):83-90.
[31]树成琳.内部控制、内部人交易与信息不对称[J].当代财经,2016(8):121-128.
[32]吴可夫,朱娜.试论公允价值会计风险[J].经济问题,2010(5):106-109.
[33]施先旺.内部控制理论的变迁及其启示[J].审计研究,2008(6):79-82.
[34]方红星,金玉娜.高质量内部控制能抑制盈余管理吗?——基于自愿性内部控制鉴证报告的经验研究[J].会计研究,2011(8):53-59.
[35]王少飞,周国良,何小杨,于旭辉.关系型投资与审计行为[J].财经研究,2010(5):16-24.
[36]张敏,马黎珺,张胜.供应商——客户关系与审计师选择[J].会计研究,2012(12):81-86.