摘要
本文以财务信息透明度为研究切入点,探讨稳健性对公司信息披露行为的影响。首先,本文在回顾前人研究的基础上,对稳健性以及财务信息透明度的概念进行界定。其次,本文采用理论分析和实证检验相结合的方法,分析和检验稳健会计政策的不同应用如何影响财务信息透明度。在此基础上,论文从我国特有的资本市场淘汰制度出发,进一步分析和验证上市公司滥用稳健会计政策进行大清洗(造成“过度稳健”的表象)以及公司财务信息透明度低下的制度成因。最后,根据论文研究结果,得到一些相应的启示,同时指出论文的研究局限性,以及展望未来的研究方向。
概括起来,全文的主要研究结论如下：
在适度范围内,稳健性的增强有助于提升财务信息透明度,而由极端向下盈余管理引起的“过度稳健”则导致财务信息透明度的下降,稳健性和财务信息透明度之间呈倒U型关系。此外,当剔除了盈余管理的影响因素后,稳健性的增强有助于提高财务信息透明度。也就是说,稳健会计政策的不同应用,对公司财务信息透明度产生了不同的影响：当企业真正实施了稳健的会计政策时,其内部人更倾向于选择高透明的财务信息披露,这种透明的财务信息不仅能够降低外部投资者由于信息不足而引发市场负面反应的风险,同时能够向外部投资者传递其会计结果是稳健的和可靠的信号,有利于降低信息不对称和增强公司的正面市场效应；而当企业假借稳健会计之名实施极端向下的盈余管理时,为了掩饰其极端操纵盈余的动机,其内部人会降低财务信息的透明度,引发更严重的信息不对称。
研究还发现,在以会计数字为基础的淘汰制度(包括ST制度和退市制度)安排下,那些受到淘汰制度威胁的公司,更有可能降低其财务信息透明度以及发生“过度稳健”现象,但“过度稳健”现象仅仅与退市制度有关,而与ST制度的关系并不显著。同时,那些受到退市制度威胁的公司(主要是ST公司),更有可能通过“过度稳健”的中介作用,间接导致其财务信息透明度的降低。基于上述研究结论,本文提出了一些相应的政策建议。
This paper investigates the impact of conservatism on disclosure from the perspective of transparency of financial information. Firstly, the concept of conservatism and transparency is defined on the basis of the previous studies. Secondly, how the conservative accounting policy impacts the transparency is analyzed theoretically and tested empirically. And from the Chinese elimination system this paper further analyzes and tests the system-formation causes for which the listed companies abuse conservative accounting policy for big bath and the lower transparency. Lastly, according to the result of this research some revelations are shown, the limitation is pointed out and the future research direction is given.
To sum up, the main conclusions are as follows:with the increase of conservatism, the transparency of accounting information is also improved within a proper scope. However, when conservatism exceeds a certain degree, the transparency is falling instead of rising, which takes on an inverted-U relationship. After eliminating the disturbance of earning management, the transparency is improved with the enhancement of conservatism. These results show that the transparency of financial information will vary with the different using of the conservative accounting policy. That is, insiders are inclined to choose high transparency, which can mitigate IA when the company really implements the prudent accounting policy. The transparent financial information can not only reduce the risk that the capital market has a negative reaction due to insufficient information of the outsider but also deliver the message that the company's accounting result is conservative and reliable, which helps to mitigate information asymmetry (IA) and improve a company's positive market effect. However, when a company implements extremely downward earnings management under the guise of conservatism, its accounting information will be opaque in order to ensure the discovery of their behavior, which leads to more serious IA.
The study also finds out that those companies threatened by elimination system (ST system and delisting system), based on accounting numbers, are inclined to reduce transparency hence result in "excessive" conservatism. However,"excessive" conservatism is only related to delisting system, not to ST system. At the same time, those companies are more likely to reduce transparency through the "excessive" conservatism. This article also puts forward some policy recommendations correspondingly based on the above findings.
引文
③ 引自Brandies, L. D. Other people's money & How the bankers use it, National Home Library Foundation, 1933, pp62.
④ 转引上交所研究中心.中国公司治理报告(2008)：上市公司透明度与信息披露,2008,pp2。
① 转引深交所.阿瑟.莱维特(Arthur Levitt)谈投资者保护,深交所,2005,(3)：pp42-43。
② 这些指数主要由腐败、法律、财经政策、会计准则与实务、政府管制等五个方面构成。
③ 转引经济观察研究院.2005年近8成会计报表存在信任度问题,新京报,2005年5月20日。
④ 来自Morck等(2000)以及Jin和Myers(2006)对40个国家的研究表明,中国股价同步性程度分别位居第2和第1位。我国学者陆瑶和沈小力(2011)效仿Morck (2000)的研究,考察我国股市2008-2009年的股价同步性,发现我国股市同向波动程度在0.7～1之间,说明我国证券市场股价“同涨同跌”现象依然很严重。
⑤ 稳健性概念的产生,最初源自于人们对会计实务的简单总结。然而,随着这一原则在会计以外的其他领域的应用,稳健性的概念已经从会计领域拓展到审计(如Lu和Spara,2009:FeLdmann和Read,2010)、分析师预测(Hugon和Muslu,2010)以及债券评级等领域(Atilgan等,2012)。由于本文主要考察会计稳健性,如无特别指明,本文所说的稳健性,仅仅指会计稳健性,下同。
① 例如,Cheng等(2006)的研究表明,自愿披露与信息不对称水平之间呈现负相关关系,当增加公司的自愿披露时,就会减少逆向选择。廖秀梅(2007)使用联立方程的办法发现会计信息能够降低信息不对称程度。陈汉忠教授(2011)(转引何玉润,杨有红.信息透明度、会计责任与全球财务报告——第23届亚太地区国际会计专题研讨会综述,北京工商大学学报,2011,26(6)：pp110-115)从心理学角度认为,提高财务信息透明度有利于解决信息不对称问题,提高投资者决策效率。
③ 该例子引自周晓苏、吴锡皓.会计稳健性的概念内涵：回顾、辨析及重新界定,现代管理科学,2012,(1)：pp10-12,16.
① 财务会计可以看成是几个系统的结合(葛家澍等,2003)：一是行为系统,包括确认、计量、记录、报告和披露等程序,最后形成外部使用者所需要的会计信息；二是准则系统,它由一系列的规范准则构成,其功能是对行为系统进行约束和规范,以保证信息的真实和公正；三是概念系统,由一系列的概念及其关联组成,其主要功能是评估和修订既有的会计准则。如果把行为系统概括为“做”,准则系统和概念系统则可以概括为指导会计人员“怎么做”和“为什么这么做”。在这里,本文对财务会计系统定义时,仅仅从行为系统的视角进行。
② 报告和披露并非同一概念,尽管字面理解上相像。在这里,报告(Reporting)指的是财务报表的列报,即通过一定的会计技术,把财务会计核算信息纳入到财务报表项目的过程,而披露(Disclosure)则是对表内信息、以及其他与表内无关的财务信息的解释和说明,二者之间有严格界限。
③ 财务会计的目标实际上就是要回答人们为什么需要财务会计(葛家澍等,2003)。目前,关于财务会计目标有两种典型的观点：受托责任观和决策有用观。.委托代理的存在是受托责任观的基石,受托责任观认为,财务会计的目标是受托人向委托人报告和说明履行受托过程及其结果。决策有用观的基本观点是,财务会计的目标是向利益相关方(如授资者、债权人、税务部门等)提供对其决策有用的信息。近年来,决策有用观成为财务报告目标的主流观点,而我国会计准则(2006)基本上倾向于二者的融合。
① 根据葛家澍等(2003)的观点,财务报告由财务报表、财务报表附注和其他财务报告构成。财务报表的生成过程,只需经历确认、计量、记录和报告四个会计程序,和披露程序无关。稳健会计原则仅仅作用于会计报表的生成过程,因此,稳健原则的应用也仅仅体现在确认、计量、记录和报告四个程序中,与披露程序无关,而财务报表附注和其他财务报告属于财务信息披露环节的内容。
② 葛家澍等(2003)对确认、计量、记录和报告的关系做了精辟描述。在他们看来,从经济业务发生到会计处理,其第一步是进行初始确认。初始确认的任务是解决以下三个会计记录问题：(1)该项经济业务“应否”由会计系统来处理,即“应否”在会计系统中正式记录?(2)如果答案是肯定的,那么,“何时”进行记录?(3)记录的时间确定后,则要决定“如何”进行记录?这里涉及到按多少金额进行记录的会计判断问题,即会计计量问题。在初始确认的基础上,第二步,需要把记录的内容转化为财务报表项目的内容,这一过程称为再确认。再确认需要解决以下三个会计报告问题：(1)“应否”报告?(2)“何时”报告?(3)“如何”报告?这里涉及按多少金额进行报告的判断问题,即会计计量问题。在上述会计程序中,记录和报告主要解决的是会计技术问题,而确认和计量主要解决的是会计判断问题。
③ 关于会计确认的探讨是一个饶有价值的问题。例如,盖地和罗斌元(2011)从认知论的角度对会计确认提供了新的解释。在他们看来,会计确认是一个包含事实判断和价值判断的过程,这个过程可以细分为事实判断阶段、评价性价值判断阶段和规范性价值判断阶段。事实判断阶段决定会计信息的可靠性,评价性价值判断阶段决定会计信息的相关性,而规范性价值判断对前面的事实判断有着重要的影响。
① 在Bushman和Piotroski (2006)看来,一国的司法体系能够从以下渠道影响财务会计稳健性：(1)法律/司法体系越强的国家,会计数字在契约中的作用越强大,越强的司法体系下的公司,其对稳健报告的契约需求越多；(2)高质量的司法体系能够增加投资者诉讼的预期收益,以弥补投资者权益受到侵害的损失。如果会计稳健性能够降低诉讼压力,并且司法体系增加了公司潜在的诉讼成本,那么可以预期,在越健全的司法体系下,稳健性越强。
① 根据Beaver等(1987)以及Collins等(1994)的证据,股价领先于会计盈余,因此,会计盈余仅仅反映了当期股票价格信息中的一部分。而会计稳健性意味着会计盈余对“环消息”比对“好消息”的反映更为充分与及时,因而,如果以会计盈余对市场回报作回归时,“环消息”组的斜率应该史大一些,Basu模型实际上是Beaver等(1987)的反向回归模型的一个扩展。根据Beaver等(1987)的观点,在反向回归模型中,由于自变量领先于因变量,这样会导致OLS回归效果更好。
②在Givoly等(2007)看来,一些与稳健性不相关的企业信息环境特征也会影响DT计量,比如披露政策、回报计量期间所发生的经济事件等,在没有控制这些特征的情况下直接采用DT计量方法,实际上并不能可靠地计量会计稳健性。此外,他们还认为,在采用DT计量时,其解释变量为市场回报,而市场回报是采用全年的累计回报来计量,这种“累计效应”(Aggregation effect)会导致计量时存在下偏,对那些大公司更是如此。
③其一,Basu模型中遗漏重要变量BTM(权益市净率);其二,Basu模型采用某一期间内(如一年)总的市场回报作为解释变量,而总的市场回报足其所在期间内的经济好消息和坏消息的累计结果,它无法区分个体经济的好消息和坏消息,因此造成了“累计效应”(Aggregation effect)偏差。
① Bushman等 (2004)认为,政府干预通过以下渠道降低了公司的透明度：(1)政府对公司的直接控制,导致公司缺乏对外披露信息的需求：(2)政府可以利用其对银行的控制以及其他特权渠道,来维持政府控制企业的垄断性地位。为了弱化外界对政府与关联公司之间的不公平交易行为的了解,政府会要求上市公司减少信息披露；(3)为了避免带来更高的政治成本,获得高利润的国有上市公司,本身也有降低透明度的动机。
① 张荣武、伍中信(2010)认为,会计稳健性的基本特征表现在：(1)稳健性对利得与损失、收入与费用、资产与负债的非对称性处理；(2)系统性地造成了企业净资产账面价值远低于其市场价值和盈利低于实施中性会计原则所要汇报的盈利；(3)稳健性基础上的会计信息与其反映的经济实质之间会产生一定程度的偏差,该偏差的大小体现了稳健性的强度。
① 在LaFond和Watts (2008)看来,不确定性因素的存在产生了难以核实的(Unverifiable)信息,而对难以核实信息的稳健处理,提高了会计信息的可验证水平,因此,他们认为稳健会计信息是一种可验证性水平较高的信息,而稳健企业正是因为向资本市场提供了这种可验证性水平较高的“硬性信息”,才有助于缓解信息不对称水平。文冬冬(2010)的实证结果表明,会计制度中稳健原则应用越充分,盈余信息可靠性越强。
② 美国FASB (1980)在其《财务会计概念框架第二辑》(SFAC NO.2)中指出,可靠性是指会计信息不受错误或偏向的影响,能够真实反映其意欲反映的情况。可靠性包括可验证性(或可稽核性)、中立性以及如实表达三个方面。因此,当一项会计信息缺乏可验证性时,其可靠性将会人大减弱。
① 根据张敦力和李琳(2011)对我国会计稳健性历史的考察,在1802年至1812年山西隆顺号商铺的六份“打厚成”单据,充分显示了我国旧时商铺已然涉足稳健会计,尽管那时官方对采用怎样的会计政策并没有强制规定。所谓“打厚成”,指的是商家在年终结账时将应收款项、库存商品以及其他资产予以一定折扣,以夯实企业的实际资产,这也足我国早期稳健会计思想的具体表现。
① 2006年《证券法》规定,以下情形之一的公司将被退市：(1)公司股本总额、股权分布等发生变化不再具备上市条件,在证券交易所规定的期限内仍不能达到上市条件；(2)公司不按照规定公开其财务状况,或者对财务会计报告作虚假记载,且拒绝纠正：(3)公司最近三年连续亏损,在其后一个年度内未能恢复盈利；(4)公司解散或者被宣告破产；(5)证券交易所上市规则规定的其他情形。
② 这条规定适用于主板和中小板上市公司,对创业板不做营业收入方面的规定。
③ 具体为,最近连续120个交易日,主板公司、中小板和创业板公司累计股票成交量分别低于500万股、300万股和100万股,或连续30个交易日,每日收盘价均低于股票面值的,其股票应终止.上市。
④ 引自彭书会.基于ST板块的上市公司退市制度研究,江西财经大学硕士论文,2012,ppl2-15
① 根据我国《西部时报》2012年6月1日第007版的报道《聚焦上市公司退市制度改革》,美国纽约交易所的年均退市率约为6%,纳斯达克年均退市率约为8%,英国的AIM年均退市率更是达到12%。
① 按照Zeff (1978)的理解,会计政策不再是一种纯粹的技术手段,不同的政策将生成不同的会计信息,从而影响到不同主体的利益,包括一部分人受益,另一部分人受损。Zeff(1978)观点的一个潜在前提是,市场存在信息不对称。如果市场是有效的,那么,无论企业采用怎样的会计政策,只要关于这些政策运用的信息得以充分披露,那么,市场就会“看穿”(See through)这些政策带来的影响,不同的会计政策不会产生不同的经济后果。
② 例如,陈汉忠(2011)指出,管理层在信息的发布方式上是有选择性的,针对不同的信息,管理层会采用不同的方式予以发布——若是利好消息,则采用简单且透明的形式发布,若是利空消息,则采用晦涩而模糊的方式发布(转引何玉润,杨有红.信息透明度、会计责任与全球财务报告——第23届亚太地区国际会计专题研讨会综述,北京工商大学学报,2011,26(6)：pp110-115)
① 在LaFond和Watts (2008)看来,不确定性因素的存在产生了难以核实的信息,而对难以核实信息的稳健处理,提高了会计信息的可验证水平,因此,他们认为稳健会计信息是一种可验证性水平较高的信息,而稳健企业正是因为向资本市场提供了这种可验证性水平较高的“硬性信息”,才有助于缓解信息不对称水平。文冬冬(2010)的研究表明,会计制度中稳健原则应用越充分,盈余信息可靠性越强。
②一个典型的案例是Gateway公司在2001年计提的资产减值行为。该公司以稳健会计的名义,在2001年上半年计提了11.2亿美元的资产减值准备,这个数字比该公司前三年(1998,1999和2000年)的利润总和还要多出将近1亿美元。难怪美国商业周刊(Business Week)发出这样的评论,“毫无疑问,Gateway公司未来几年不用特别努力,其利润水平也会很高,因为11.2亿美元的未来费用已经被确认过了”。Gateway公司的做法不是个别现象,据估计,从1989到1993年,美国上市公司计提的资产减值准备达到总盈余的20%(该案例引自美国商业周刊(Business Week) 2001年11月26日刊载的文章”Confused about earnings?")。
② 为了反映负累计应计的持续性(Persistence),需要有足够长的计量期间。会计界通常选用6年左右的时间计算平均累计应计,并以平均6年累计应计来表征会计稳健性(如Givoly和Hayn,2000; Francis等,2004; Artiach和Clarkson,2011).
① 1998年,中国证监会颁布了《关于上市公司状况异常期间的股票特殊处理方式的通知》,规定财务或者其他状况异常公司的股票将会被特别处理(Special treatment,简称ST),ST制度正式被实施。2001年,中国证监会颁布了《亏损上市公司暂停上市和终止上市实施办法》,标志着我国退市制度的正式启动。该《办法》规定,最近连续三年亏损、且没能在规定时间内消除亏损的上公司应当终止上市。同年,PT水仙成为我国第一家退市的上市公司。有关我国证券市场淘汰制度的发展历程,请看本文第三章第二节。
② 例如,一些研究(如陈小悦等,2000;蒋义宏和魏刚,2001; Chen和Yuan,2004)发现,我国上市公司净资产收益率指标(Roe)普遍存在0%、6%和10%的临界现象,这种现象恰恰印证了企业的盈余管理与证券监管制度有关。蒋义宏和李树华(1998)把中国上市公司的盈余管理动机概括为：为提高IPO发行价格、为获得配股资格、为避免ST以及被摘牌等,显然,这些动机与特定的证券监管制度存在密切关联性。
① Baron和Kenny(1986)是这么定义中介效应的,如果下面两个条件成立,则中介效应显著：(i)自变量显著影响因变量；(ii)在控制自变量之后,加入中介变量仍显著影响因变量。如果进一步要求：(ⅲ)在控制了中介变量后,自变量对因变量的影响不显著,则说明自变量完全通过中介变量影响因变量,这种情况属于Judd和Kenny(1981)定义的完全中介过程。
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