压力会转化为动力吗?——同业参照落差、CEO外部压力与会计信息质量之关系研究
|
摘要
从行为经济学的理论分析视角出发,以代理理论和认知评价理论为基础,基于中国上市公司2008—2015年的样本,实证研究同业参照落差、CEO外部压力与会计信息质量三者之间的关系,其结果表明:(1)CEO同业参照落差越大,会计信息质量越低。(2)CEO面临的外部债务压力会强化同业参照落差与会计信息质量之间的关系,产生"挤出效应";CEO面临的分析师压力会抑制CEO同业参照落差与会计信息质量之间的关系,具有"治理效应"。在考虑内生性问题后,以上研究结论依然成立。进一步研究发现:CEO外部压力对同业参照落差与会计信息质量之间关系的"挤出效应"在国有企业和短期债务样本中更为显著。
From the perspective of behavioral economic theory,this paper takes agency theory and cognitive evaluation theory as the basis,selects the data of China's listed companies for 2008—2015 years as the sample,and empirically studies the relationship among the peer reference gap,CEO external pressure and the quality of accounting information.The results show that:(1)the greater peer reference gap of CEO,the lower the quality of accounting information;(2)the pressure of external debt will strengthen the relationship between the peer reference gap and the quality of accounting information,which has the crowding-out effect;the pressure of analyst coverage will inhibit it,which has the governance effect.After considering endogenous problems,the above conclusions are still true.Further studies have found that the crowding-out effect of CEO external pressure on the relationship between the reference gap and the quality of accounting information is more significant in the state-owned enterprises and the short-term debt samples.
From the perspective of behavioral economic theory,this paper takes agency theory and cognitive evaluation theory as the basis,selects the data of China's listed companies for 2008—2015 years as the sample,and empirically studies the relationship among the peer reference gap,CEO external pressure and the quality of accounting information.The results show that:(1)the greater peer reference gap of CEO,the lower the quality of accounting information;(2)the pressure of external debt will strengthen the relationship between the peer reference gap and the quality of accounting information,which has the crowding-out effect;the pressure of analyst coverage will inhibit it,which has the governance effect.After considering endogenous problems,the above conclusions are still true.Further studies have found that the crowding-out effect of CEO external pressure on the relationship between the reference gap and the quality of accounting information is more significant in the state-owned enterprises and the short-term debt samples.
引文
陈冬华、章铁生、李翔,2008,《法律环境、政府管制与隐性契约》,《经济研究》第3期。
杜兴强、谭雪,2017,《国际化董事会、分析师关注与现金股利分配》,《金融研究》第8期。
何靖,2016,《延付高管薪酬对银行风险承担的政策效应---基于银行盈余管理动机视角的PSM-DID分析》,《中国工业经济》第11期。
江伟,2011,《市场化程度、行业竞争与管理者薪酬增长》,《南开管理评论》第5期。
李世辉、雷新途,2008,《两类代理成本、债务治理及其可观测绩效的研究---来自我国中小上市公司的经验证据》,《会计研究》第5期。
罗宏、曾永良、宛玲羽,2016,《薪酬攀比、盈余管理与高管薪酬操纵》,《南开管理评论》第2期。
毛洪涛、沈鹏,2009,《我国上市公司CFO薪酬与盈余质量的相关性研究》,《南开管理评论》第5期。
潘红波、韩芳芳,2016,《纵向兼任高管、产权性质与会计信息质量》,《会计研究》第7期。
权小锋、吴世农,2010,《CEO权力强度、信息披露质量与公司业绩的波动性---基于深交所上市公司的实证研究》,《南开管理评论》第4期。
王小鲁、樊纲、余静文,2017,《中国分省份市场化指数报告(2016)》,北京:社会科学文献出版社。
徐细雄、谭瑾,2014,《高管薪酬契约、参照点效应及其治理效果:基于行为经济学的理论解释与经验证据》,《南开管理评论》第4期。
袁知柱、张小曼、于雪航,2017,《产品市场竞争与会计信息可比性》,《管理评论》第10期。
张纯、吕伟,2009,《信息环境、融资约束与现金股利》,《金融研究》第7期。
Ali A.and Zhang W.,2015,“CEO Tenure and Earnings Management”,Journal of Accounting&Economics,Vol.59,No.1.
Barth M.E.,Kasznik R.and Mcnichols M.F.,2001,“Analyst Coverage and Intangible Assets”,Journal of Accounting Research,Vol.39,No.1.
Bartov E.,Dan G.and Hayn C.,2002,“The Rewards to Meeting or Beating Earnings Expectations”,Journal of Accounting&Economics,Vol.33,No.2.
Bertelli A.M.,2006,“Motivation Crowding and the Federal Civil Servant:Evidence from the U.S.Internal Revenue Service”,International Public Management Journal,Vol.9,No.1.
Beunza D.and Garud R.,2010,“Calculators,Lemmings or Frame-Makers?The Intermediary Role of Securities Analysts”,Sociological Review,Vol.55,No.2.
Bolton M.K.,1993,“Organizational Innovation and Substandard Performance:When is Necessity the Mother of Innovation?”Organization Science,Vol.4,No.1.
Bowman E.,1982,“Risk Seeking by Troubled Firms”,Sloan Management Review,Vol.23,No.4.
Bromiley,P.,1991,“Testing a Causal Model of Corporate Risk Taking and Performance”,Academy of Management Journal,Vol.34,No.1.
Brookman,J.and Thistle,P.,2013,“Managerial Compensation:Luck,Skill or Labor Markets?”Journal of Corporate Finance,Vol.21,No.1.
Brown N.C.,Wei K.D.and Wermers R.,2013,“Analyst Recommendations,Mutual Fund Herding,and Overreaction in Stock Prices”,Management Science,Vol.60,No.1.
Chrisman J..J.and Patel P.C.,2012,“Variations in R&D Investments of Family and Nonfamily Firms:Behavioral Agency and Myopic Loss Aversion Perspectives”,Academy of Management Journal,Vol.55,No.4.
Deci E.L.and Ryan A.M.,2012,“Self-determination Theory”,in Lange P.A.M.V.,Kruglanski A.W.and Higgins E.T.(eds.),Handbook of Theories of Social Psychology,SAGE:Los Angeles.
Devers C.E.,Mc Namara Wiseman R.M.and Arrfelt M.,2008,“Moving Closer to the Action:Examining Compensation Design Effects on Firm Risk”,Organization Science,Vol.19,No.4.
Doyle,J.,Jennings,J.and Soliman,M.,2013,“Do Managers Define Non-GAAP Earnings to Meet or Beat Analyst Forecasts?”Journal of Accounting and Economics,Vol.56.
Edward L.Deci.,2005,“Self-Determination Theory and Work Motivation”,Journal of Organizational Behavior,Vol.26,No.4.
Georgellis Y.,Iossa E.and Tabvuma V.,2011,“Crowding Out Intrinsic Motivation in the Public Sector”,Journal of Public Administration Research&Theory,Vol.21,No.3.
Grinyer P.and Mckiernan P.,1990,“Generating Major Change in Stagnating Companies”,Strategic Management Journal,Vol.11,No.1.
Guest N.M.,Kothari S.P.and Pozen R.,2017,“High Non-GAAP Earnings Predict Abnormally High CEO Pay”,SSRN Working Paper.
Healy P.M.and Wahlen J.M.,1999,“A Review of the Earnings Management Literature and Its Implications for Standard Setting”,SSRNWorking Paper.
Huang S.X.,Pereira R.and Wang C.,2017,“Analyst Coverage and the Likelihood of Meeting or Beating Analyst Earnings Forecasts”,Contemporary Accounting Research,Vol.34,No.2.
James C.,1987,“Some Evidence on the Uniqueness of Bank Loans”,Journal of Financial Economics,Vol.19,No.2.
Jensen M.C.and Meckling W.H.,1976,“Theory of the Firm:Managerial Behavior,Agency Costs and Capital Structure”,Journal of Financial Economics,Vol.3,No.4.
Kahneman D.and Tversky A.,1979,“On the Interpretation of Intuitive Probability:A Reply to Jonathan Cohen”,Cognition,Vol.7,No.7.
Kothari,S.P.,A.Leone and C.Wasley,2005,“Performance Matched Discretionary Accrual Measures”,Journal of Accounting and Economics,Vol.39,No.1.
Larraza-Kintana M.,Wiseman R.M.,Gomez-Mejia L.R.and Welbourne T.M.,2007,“Disentangling Compensation and Employment Risks Using the Behavioral Agency Model”,Strategic Management Journal,Vol.28,No.10.
Lim E.N.K.,2015,“The Role of Reference Point in CEO Restricted Stock and its Impact on R&D Intensity in High-technology Firms”,Strategic Management Journal,Vol.36,No.6.
Martin G.P.,Gomez-Mejia L.R.and Wiseman R.M.,2013,“Executive Stock Options as Mixed Gambles:Revisiting the Behavioral Agency Model”,Academy of Management Journal,Vol.56,No.2.
O'Connor J.P.,Priem R.L.,Coombs J.E.and Gilley K.M.,2006,“Do CEO Stock Options Prevent or Promote Fraudulent Financial Reporting?”Academy of Management Journal,Vol.49,No.3.
Ryan R.M.and Deci E.L.,2000,“Self-determination Theory and the Facilitation of Intrinsic Motivation,Social Development,and Wellbeing”,American Psychologist,Vol.55,No.1.
Sabrina C.,Shawn X.H.and Juan M.S.,2017,“CEO Inside Debt Incentives and Corporate Tax Sheltering”,Journal of Accounting Research,Vol.55,No.4.
Shi W.,Connelly B.L.and Hoskisson R.E.,2017,“External Corporate Governance and Financial Fraud:Cognitive Evaluation Theory Insights on Agency Theory Prescriptions”,Strategic Management Journal,Vol.38,No.6.
Sun J.,2009,“Governance Role of Analyst Coverage and Investor Protection”,Financial Analysts Journal,Vol.65,No.6.
Sun J.and Liu G.,2011,“Industry Specialist Auditors,Outsider Directors,and Financial Analysts”,Journal of Accounting&Public Policy,Vol.30,No.4.
Wiseman R.M.and Gomez-Mejia L.R.,1998,“A Behavioral Agency Model of Managerial Risk Taking”,Academy of Management Review,Vol.23,No.1.
Womack K.L.,1996,“Do Brokerage Analysts'Recommendations Have Investment Value?”Journal of Finance,Vol.51,No.1.
Wright P.,Kroll M.,Krug J.A.and Pettus M.,2007,“Influences of Top Management Team Incentives on Firm Risk Taking”,Strategic Management Journal,Vol.28,No.1.
Yu,F.,2008,“Analyst Coverage and Earnings Management”,Journal of Financial Economics,Vol.88,No.2.
杜兴强、谭雪,2017,《国际化董事会、分析师关注与现金股利分配》,《金融研究》第8期。
何靖,2016,《延付高管薪酬对银行风险承担的政策效应---基于银行盈余管理动机视角的PSM-DID分析》,《中国工业经济》第11期。
江伟,2011,《市场化程度、行业竞争与管理者薪酬增长》,《南开管理评论》第5期。
李世辉、雷新途,2008,《两类代理成本、债务治理及其可观测绩效的研究---来自我国中小上市公司的经验证据》,《会计研究》第5期。
罗宏、曾永良、宛玲羽,2016,《薪酬攀比、盈余管理与高管薪酬操纵》,《南开管理评论》第2期。
毛洪涛、沈鹏,2009,《我国上市公司CFO薪酬与盈余质量的相关性研究》,《南开管理评论》第5期。
潘红波、韩芳芳,2016,《纵向兼任高管、产权性质与会计信息质量》,《会计研究》第7期。
权小锋、吴世农,2010,《CEO权力强度、信息披露质量与公司业绩的波动性---基于深交所上市公司的实证研究》,《南开管理评论》第4期。
王小鲁、樊纲、余静文,2017,《中国分省份市场化指数报告(2016)》,北京:社会科学文献出版社。
徐细雄、谭瑾,2014,《高管薪酬契约、参照点效应及其治理效果:基于行为经济学的理论解释与经验证据》,《南开管理评论》第4期。
袁知柱、张小曼、于雪航,2017,《产品市场竞争与会计信息可比性》,《管理评论》第10期。
张纯、吕伟,2009,《信息环境、融资约束与现金股利》,《金融研究》第7期。
Ali A.and Zhang W.,2015,“CEO Tenure and Earnings Management”,Journal of Accounting&Economics,Vol.59,No.1.
Barth M.E.,Kasznik R.and Mcnichols M.F.,2001,“Analyst Coverage and Intangible Assets”,Journal of Accounting Research,Vol.39,No.1.
Bartov E.,Dan G.and Hayn C.,2002,“The Rewards to Meeting or Beating Earnings Expectations”,Journal of Accounting&Economics,Vol.33,No.2.
Bertelli A.M.,2006,“Motivation Crowding and the Federal Civil Servant:Evidence from the U.S.Internal Revenue Service”,International Public Management Journal,Vol.9,No.1.
Beunza D.and Garud R.,2010,“Calculators,Lemmings or Frame-Makers?The Intermediary Role of Securities Analysts”,Sociological Review,Vol.55,No.2.
Bolton M.K.,1993,“Organizational Innovation and Substandard Performance:When is Necessity the Mother of Innovation?”Organization Science,Vol.4,No.1.
Bowman E.,1982,“Risk Seeking by Troubled Firms”,Sloan Management Review,Vol.23,No.4.
Bromiley,P.,1991,“Testing a Causal Model of Corporate Risk Taking and Performance”,Academy of Management Journal,Vol.34,No.1.
Brookman,J.and Thistle,P.,2013,“Managerial Compensation:Luck,Skill or Labor Markets?”Journal of Corporate Finance,Vol.21,No.1.
Brown N.C.,Wei K.D.and Wermers R.,2013,“Analyst Recommendations,Mutual Fund Herding,and Overreaction in Stock Prices”,Management Science,Vol.60,No.1.
Chrisman J..J.and Patel P.C.,2012,“Variations in R&D Investments of Family and Nonfamily Firms:Behavioral Agency and Myopic Loss Aversion Perspectives”,Academy of Management Journal,Vol.55,No.4.
Deci E.L.and Ryan A.M.,2012,“Self-determination Theory”,in Lange P.A.M.V.,Kruglanski A.W.and Higgins E.T.(eds.),Handbook of Theories of Social Psychology,SAGE:Los Angeles.
Devers C.E.,Mc Namara Wiseman R.M.and Arrfelt M.,2008,“Moving Closer to the Action:Examining Compensation Design Effects on Firm Risk”,Organization Science,Vol.19,No.4.
Doyle,J.,Jennings,J.and Soliman,M.,2013,“Do Managers Define Non-GAAP Earnings to Meet or Beat Analyst Forecasts?”Journal of Accounting and Economics,Vol.56.
Edward L.Deci.,2005,“Self-Determination Theory and Work Motivation”,Journal of Organizational Behavior,Vol.26,No.4.
Georgellis Y.,Iossa E.and Tabvuma V.,2011,“Crowding Out Intrinsic Motivation in the Public Sector”,Journal of Public Administration Research&Theory,Vol.21,No.3.
Grinyer P.and Mckiernan P.,1990,“Generating Major Change in Stagnating Companies”,Strategic Management Journal,Vol.11,No.1.
Guest N.M.,Kothari S.P.and Pozen R.,2017,“High Non-GAAP Earnings Predict Abnormally High CEO Pay”,SSRN Working Paper.
Healy P.M.and Wahlen J.M.,1999,“A Review of the Earnings Management Literature and Its Implications for Standard Setting”,SSRNWorking Paper.
Huang S.X.,Pereira R.and Wang C.,2017,“Analyst Coverage and the Likelihood of Meeting or Beating Analyst Earnings Forecasts”,Contemporary Accounting Research,Vol.34,No.2.
James C.,1987,“Some Evidence on the Uniqueness of Bank Loans”,Journal of Financial Economics,Vol.19,No.2.
Jensen M.C.and Meckling W.H.,1976,“Theory of the Firm:Managerial Behavior,Agency Costs and Capital Structure”,Journal of Financial Economics,Vol.3,No.4.
Kahneman D.and Tversky A.,1979,“On the Interpretation of Intuitive Probability:A Reply to Jonathan Cohen”,Cognition,Vol.7,No.7.
Kothari,S.P.,A.Leone and C.Wasley,2005,“Performance Matched Discretionary Accrual Measures”,Journal of Accounting and Economics,Vol.39,No.1.
Larraza-Kintana M.,Wiseman R.M.,Gomez-Mejia L.R.and Welbourne T.M.,2007,“Disentangling Compensation and Employment Risks Using the Behavioral Agency Model”,Strategic Management Journal,Vol.28,No.10.
Lim E.N.K.,2015,“The Role of Reference Point in CEO Restricted Stock and its Impact on R&D Intensity in High-technology Firms”,Strategic Management Journal,Vol.36,No.6.
Martin G.P.,Gomez-Mejia L.R.and Wiseman R.M.,2013,“Executive Stock Options as Mixed Gambles:Revisiting the Behavioral Agency Model”,Academy of Management Journal,Vol.56,No.2.
O'Connor J.P.,Priem R.L.,Coombs J.E.and Gilley K.M.,2006,“Do CEO Stock Options Prevent or Promote Fraudulent Financial Reporting?”Academy of Management Journal,Vol.49,No.3.
Ryan R.M.and Deci E.L.,2000,“Self-determination Theory and the Facilitation of Intrinsic Motivation,Social Development,and Wellbeing”,American Psychologist,Vol.55,No.1.
Sabrina C.,Shawn X.H.and Juan M.S.,2017,“CEO Inside Debt Incentives and Corporate Tax Sheltering”,Journal of Accounting Research,Vol.55,No.4.
Shi W.,Connelly B.L.and Hoskisson R.E.,2017,“External Corporate Governance and Financial Fraud:Cognitive Evaluation Theory Insights on Agency Theory Prescriptions”,Strategic Management Journal,Vol.38,No.6.
Sun J.,2009,“Governance Role of Analyst Coverage and Investor Protection”,Financial Analysts Journal,Vol.65,No.6.
Sun J.and Liu G.,2011,“Industry Specialist Auditors,Outsider Directors,and Financial Analysts”,Journal of Accounting&Public Policy,Vol.30,No.4.
Wiseman R.M.and Gomez-Mejia L.R.,1998,“A Behavioral Agency Model of Managerial Risk Taking”,Academy of Management Review,Vol.23,No.1.
Womack K.L.,1996,“Do Brokerage Analysts'Recommendations Have Investment Value?”Journal of Finance,Vol.51,No.1.
Wright P.,Kroll M.,Krug J.A.and Pettus M.,2007,“Influences of Top Management Team Incentives on Firm Risk Taking”,Strategic Management Journal,Vol.28,No.1.
Yu,F.,2008,“Analyst Coverage and Earnings Management”,Journal of Financial Economics,Vol.88,No.2.