会计制度变迁与上市公司盈余稳健性
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摘要
稳健性原则的运用可以起到抑制各种机会主义报告行为、降低契约成本的作用。因此,会计盈余的稳健性是会计信息质量的重要表征。
自改革开放,特别是上世纪90年代以来,在国内经济转轨需求和国际趋同压力的共同推动下,我国进行了一系列会计制度改革。而会计的稳健性是会计制度改革追求的重要目标。
然而,会计制度改革的效果还受制于其执行机制所提供的支撑系统。因此在我国当前制度环境约束下,会计制度对稳健性原则的运用以及对其强调程度的变化是否能真正体现在我国上市公司的会计实务当中还需要检验。
本文以1998—2008年中国A股上市公司为研究样本,采用Ball(2005)应计项目/现金流相关性模型,考察我国上市公司会计盈余稳健性是否存在,以及稳健性水平是否随着会计制度对稳健性原则应用的强调程度的变化而变化。研究结果显示,1998—2008年期间上市公司会计盈余稳健性是存在的;《企业会计制度》(2001)的实施意在提高我国上市公司会计盈余稳健性,但2001—2006年盈余稳健性水平相较于1998—2000年却明显降低;《企业会计准则》(2006)相对弱化了稳健性原则运用,2007—2008年我国上市公司会计盈余稳健性水平相对于2001—2006年期间有小幅降低。
研究结果表明,总体来看我国会计制度中对稳健性原则的运用在我国上市公司的会计实务中得到了体现。但从变化趋势来看,二者之间仍然缺乏相对稳定的联系。
Conservatism may play the role of suppressing each kind of opportunism behavior, reducing the contract cost. Therefore, Accounting Earnings Conservatism is the important attribute of accounting information quality.
Since from the reform and open policy, specially in the 1990s, In the domestic economy switch's demand and international hastens with under the pressure common impetus, our country has carried on a series of accounting system reform. Accountant's Conservatism is the target of accounting system reform.
However, the effect of accounting system's implementation related with carrying the mechanism. Therefore , under the restraining of our system environment, Accounting system to conservatism utilization and emplacing degree change whether can manifest truly in the listed company’s accounting practice which needs to examine.
This article take studies sample as A listed company in China from1998 to 2008. Uses Ball (2005) Accruals/Cash flow relevant model, Inspects Accounting Earnings Conservatism whether to exist in listed company. As well as steady level whether to change along with the accounting system emphasis conservatism. Findings demonstration, Accounting Earnings Conservatism is the existence in listed company in 1998-2008 year period. "Business accounting System" (2001) intends to enhances Accounting Earnings Conservatism which implement in period of 2001-2006 years ,but Compares obviously reduces in 1998-2000 years. "Business accounting Criterion" (2006) which attenuate conservatism in period of 2007-2008 years, have the small scale to reduce conservatism level compare with 2001-2006 period’s in our listed company.
The findings indicated, conservatism in accounting system has manifested in listed company. But looking from the change tendency, between the two still lacked the relative stabilization the relation.
自改革开放,特别是上世纪90年代以来,在国内经济转轨需求和国际趋同压力的共同推动下,我国进行了一系列会计制度改革。而会计的稳健性是会计制度改革追求的重要目标。
然而,会计制度改革的效果还受制于其执行机制所提供的支撑系统。因此在我国当前制度环境约束下,会计制度对稳健性原则的运用以及对其强调程度的变化是否能真正体现在我国上市公司的会计实务当中还需要检验。
本文以1998—2008年中国A股上市公司为研究样本,采用Ball(2005)应计项目/现金流相关性模型,考察我国上市公司会计盈余稳健性是否存在,以及稳健性水平是否随着会计制度对稳健性原则应用的强调程度的变化而变化。研究结果显示,1998—2008年期间上市公司会计盈余稳健性是存在的;《企业会计制度》(2001)的实施意在提高我国上市公司会计盈余稳健性,但2001—2006年盈余稳健性水平相较于1998—2000年却明显降低;《企业会计准则》(2006)相对弱化了稳健性原则运用,2007—2008年我国上市公司会计盈余稳健性水平相对于2001—2006年期间有小幅降低。
研究结果表明,总体来看我国会计制度中对稳健性原则的运用在我国上市公司的会计实务中得到了体现。但从变化趋势来看,二者之间仍然缺乏相对稳定的联系。
Conservatism may play the role of suppressing each kind of opportunism behavior, reducing the contract cost. Therefore, Accounting Earnings Conservatism is the important attribute of accounting information quality.
Since from the reform and open policy, specially in the 1990s, In the domestic economy switch's demand and international hastens with under the pressure common impetus, our country has carried on a series of accounting system reform. Accountant's Conservatism is the target of accounting system reform.
However, the effect of accounting system's implementation related with carrying the mechanism. Therefore , under the restraining of our system environment, Accounting system to conservatism utilization and emplacing degree change whether can manifest truly in the listed company’s accounting practice which needs to examine.
This article take studies sample as A listed company in China from1998 to 2008. Uses Ball (2005) Accruals/Cash flow relevant model, Inspects Accounting Earnings Conservatism whether to exist in listed company. As well as steady level whether to change along with the accounting system emphasis conservatism. Findings demonstration, Accounting Earnings Conservatism is the existence in listed company in 1998-2008 year period. "Business accounting System" (2001) intends to enhances Accounting Earnings Conservatism which implement in period of 2001-2006 years ,but Compares obviously reduces in 1998-2000 years. "Business accounting Criterion" (2006) which attenuate conservatism in period of 2007-2008 years, have the small scale to reduce conservatism level compare with 2001-2006 period’s in our listed company.
The findings indicated, conservatism in accounting system has manifested in listed company. But looking from the change tendency, between the two still lacked the relative stabilization the relation.
引文
[1]曹宇,李琳,孙铮.公司控制权对会计盈余稳健性影响的实证研究.经济管理.2005,14
[2]陈旭东,黄登仕.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.2006,8.
[3]陈旭东,黄登仕.企业生命周期,应计特征与会计稳健性.中国会计与财务研究. 2008,1.
[4]陈旭东,黄登仕.上市公司会计稳健性的时序演进与行业特征研究.证券市场导报.2006, 4.
[5]陈胜蓝,魏明海.董事会独立性,盈余稳健性与投资者保护.中山大学学报(社会科学版).2007,2.
[6]刘凤委,汪扬.公司治理机制对会计稳健性影响之实证研究.上海立信会计学院学报. 2006,5.
[7]刘舒文,陈收,徐颖文.上市公司盈余反应不对称与会计稳健度.管理评论.2006,7.
[8]刘峰,吴风,钟瑞庆.会计准则能提高会计信息质量吗---来自中国股市的初步证据.会计研究.2004,5.
[9]刘玉廷.中国会计改革理论与实践.北京:民主与建设出版社.2003.
[10]李增泉,卢文彬.会计盈余的稳健性:发现与启示.会计研究.2003,2.
[11]李增泉.我国上市公司资产减值政策的实证研究.中国会计与财务研究. 2001,4.
[12]李远鹏.会计稳健性研究---基于中国上市公司的实证发现.复旦大学博士论文.2006,
[13]李东平. 2005.大股东控制、盈余管理与上市公司业绩滑坡.北京:中国财政经济出版社
[14]黎文靖.会计信息披露政府监管的经济后果——来自中国证券市场的经验证据.会计研究.2007,8.
[15]陆建桥.中国亏损公司盈余管理实证研究.会计研究.1999,9.
[16]毛新述,戴德明.会计制度变迁与盈余稳健性:一项理论分析.会计研究.2008,9.
[17]曲晓辉,邱月华.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.2007,12.
[18]孙铮,徐华新.我国股市周期与企业会计稳健性的实证研究.财经研究.2008,12.
[19]孙铮,刘凤委,汪辉.债务、公司治理与会计稳健性.中国会计与财务研究.2005,6.
[20]王志伟.会计稳健性---中国会计制度改革的重要方向.企业研究.2006.3
[21]王跃堂,孙铮,陈世敏.会计改革与会计信息质量---来自中国证券市场的经验证据.会计研究.2001,7.
[22]徐虹玉.上市公司高管更换盈余管理与会计稳健性选择.第六届实证会计国际研讨会报告论文.2007.
[23]杨华军.会计稳健性研究评述.会计研究.2007,1.
[24]袁淳.会计盈余价值相关性实证研究.北京:中国财政经济出版社,2005.
[25]赵春光.中国会计改革与谨慎性的提高.世界经济.2004,4.
[26]赵莹,韩立岩,胡伟洁.治理机制,特殊治理水平与财务报告的稳健性.会计研究.2007,11.
[27]朱茶芬,李志文.国家控股对会计稳健性的影响研究.会计研究. 2008,5.
[28]朱茶芬.会计管制与盈余质量关系的实证研究.财贸经济.2006,5.
[29]朱凯,陈信元.银企关系与会计信息稳健性:中国资本市场的经验证据.中大管理研究.2006,1.
[30]朱利.论新会计制度下的稳健性原则.辽宁行政学院学报.2004,5.
[31]周银燕.我国会计制度变迁的研究.西北大学硕士论文.2007.
[32]企业会计准则2006.北京:中国经济出版社.2006.
[33]Ahmed.A.S.,Billings.B.K.,Morton.R.M.,Stanford-Harris. The role of accounting conservatism inmitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. TheAccounting Review.2002,77 (4).
[34]Ball.R.,Kothari.S.P.,Robin.A. The Effect of International Institutional Factors on Properties of Accounting Earnings. Journal of Accounting&Economics.2000,29.
[35]Ball.R.,Robin.A.,Wu.J.S. Incentives Versus Standards: Properties of Accounting Income in FourEast Asian Countries. Journal of Accounting&Economics.2003,36.
[36]Ball.R.,Shivakumar.L. Earnings quality in UK private firm :comparative loss recognition timelines. Journal of Accounting&Economics.2005,39
[37]Ball.R.,Robin.A.,Sadka.G. Are timeliness and conservatism due to debt or equity markets?An international test of“contracting”and“value relevance”theories of accounting. Manuscript,University of Chicago.2006.
[38]Basu.S. The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting&Economics .1997,24.
[39]Beaver.W.H. Conservatism. Working paper,Stanford University. 1993.
[40]Bushman.R.M,Smith.A.J. Financial Accounting Information and corporate Governance. Journal of Accounting&Economics.2001,32.
[41]Bushman.R.,Smith.A.,Piotrosk.J. Capital Allocation and Timely Accounting Recognition of Economic Los-ses: InternationalEvidence. Working paper,University of Chicago and University of North Carolina.2005.
[42]Dechow. Accounting earnings and cash flows as measures of firm performance:The role of accounting accruals. Journal of Accounting&Economics.1994,18.
[43]Easton.P.,Pae.J. Accounting conservatism and the relation between returns and accounting data. Review of Accounting Studies.2004,9(4).
[44]Giner.B.,Rees.W. On the Asymmetric Recognition of Good and Bad News in France, Germanyand the United Kingdom. Journal of Business Finance&Accounting .2001,28.
[45]Givoly.D.,Hayn.C. The Changing Time-series Properties of Earnings, Cash Flows andAccruals: Has Financial Reporting Become More Conservatism. Journal of Accounting&Economics.2000,29.
[46]Holthausen.R.W.,Watts.R.L. The Relevance of The Value-Relevance Literature For Financial Accounting Standard Setting. Journal of Accounting&Economics .2001,31.
[47]Huijgen.C.,Lubberink.M. Earnings conservatism, litigation and contracting: the case of cross-listed firms. Working Paper,Lancaster University.2003
[48]Jia.Y. Essays on accounting conservatism. Ph.D.,Hong Kong Polytechnic University.Hong Kong,2004.
[49]Lee,C.,Cao.y. Asymmetry in earnings-returns relations:The case of China [EB/OL]. http: //ssrn.com/abstract=297277.2002.
[50]LaFond.R. The Influence of Ownership Structure on Earnings Conservatism and the Informativeness of Stock Prices: An International Comparison, Working paper.MI. 2005.
[51]Lara.G.,Osma.G,Mora. The Effect of Earnings Management on the Asymmetric Timeliness of Earnings. Journal of Business Finance&Accounting.2005,32.
[52]Moerman. The Role of Information Asymmetry and Financial Reporting Quality in Debt Contracting:Evidence from the Secondary Loan Market. Working paper,University of Chicago.2005.
[53]Peek.E.,Cuijpers.R.,Buijink.W.F.J. Creditors and Shareholders Demand for Accounting Conservatism in Public versus Private Firms: Evidence from Europe. Working paper,Maastricht University.2006.
[54]Watts.R.L. Conservatism in accounting. Accounting Horizon.2003,17.
[55]Zucca.L.J.,Campbell.D.R. A closer look at discretionary write downs of impaired assets. Accounting Horizons.1992,6(3).
[56]Zhang Jieying. The contracting benefits of accounting conservatism to lenders and borrowers. Working paper,MIT.2004.
[2]陈旭东,黄登仕.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.2006,8.
[3]陈旭东,黄登仕.企业生命周期,应计特征与会计稳健性.中国会计与财务研究. 2008,1.
[4]陈旭东,黄登仕.上市公司会计稳健性的时序演进与行业特征研究.证券市场导报.2006, 4.
[5]陈胜蓝,魏明海.董事会独立性,盈余稳健性与投资者保护.中山大学学报(社会科学版).2007,2.
[6]刘凤委,汪扬.公司治理机制对会计稳健性影响之实证研究.上海立信会计学院学报. 2006,5.
[7]刘舒文,陈收,徐颖文.上市公司盈余反应不对称与会计稳健度.管理评论.2006,7.
[8]刘峰,吴风,钟瑞庆.会计准则能提高会计信息质量吗---来自中国股市的初步证据.会计研究.2004,5.
[9]刘玉廷.中国会计改革理论与实践.北京:民主与建设出版社.2003.
[10]李增泉,卢文彬.会计盈余的稳健性:发现与启示.会计研究.2003,2.
[11]李增泉.我国上市公司资产减值政策的实证研究.中国会计与财务研究. 2001,4.
[12]李远鹏.会计稳健性研究---基于中国上市公司的实证发现.复旦大学博士论文.2006,
[13]李东平. 2005.大股东控制、盈余管理与上市公司业绩滑坡.北京:中国财政经济出版社
[14]黎文靖.会计信息披露政府监管的经济后果——来自中国证券市场的经验证据.会计研究.2007,8.
[15]陆建桥.中国亏损公司盈余管理实证研究.会计研究.1999,9.
[16]毛新述,戴德明.会计制度变迁与盈余稳健性:一项理论分析.会计研究.2008,9.
[17]曲晓辉,邱月华.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.2007,12.
[18]孙铮,徐华新.我国股市周期与企业会计稳健性的实证研究.财经研究.2008,12.
[19]孙铮,刘凤委,汪辉.债务、公司治理与会计稳健性.中国会计与财务研究.2005,6.
[20]王志伟.会计稳健性---中国会计制度改革的重要方向.企业研究.2006.3
[21]王跃堂,孙铮,陈世敏.会计改革与会计信息质量---来自中国证券市场的经验证据.会计研究.2001,7.
[22]徐虹玉.上市公司高管更换盈余管理与会计稳健性选择.第六届实证会计国际研讨会报告论文.2007.
[23]杨华军.会计稳健性研究评述.会计研究.2007,1.
[24]袁淳.会计盈余价值相关性实证研究.北京:中国财政经济出版社,2005.
[25]赵春光.中国会计改革与谨慎性的提高.世界经济.2004,4.
[26]赵莹,韩立岩,胡伟洁.治理机制,特殊治理水平与财务报告的稳健性.会计研究.2007,11.
[27]朱茶芬,李志文.国家控股对会计稳健性的影响研究.会计研究. 2008,5.
[28]朱茶芬.会计管制与盈余质量关系的实证研究.财贸经济.2006,5.
[29]朱凯,陈信元.银企关系与会计信息稳健性:中国资本市场的经验证据.中大管理研究.2006,1.
[30]朱利.论新会计制度下的稳健性原则.辽宁行政学院学报.2004,5.
[31]周银燕.我国会计制度变迁的研究.西北大学硕士论文.2007.
[32]企业会计准则2006.北京:中国经济出版社.2006.
[33]Ahmed.A.S.,Billings.B.K.,Morton.R.M.,Stanford-Harris. The role of accounting conservatism inmitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. TheAccounting Review.2002,77 (4).
[34]Ball.R.,Kothari.S.P.,Robin.A. The Effect of International Institutional Factors on Properties of Accounting Earnings. Journal of Accounting&Economics.2000,29.
[35]Ball.R.,Robin.A.,Wu.J.S. Incentives Versus Standards: Properties of Accounting Income in FourEast Asian Countries. Journal of Accounting&Economics.2003,36.
[36]Ball.R.,Shivakumar.L. Earnings quality in UK private firm :comparative loss recognition timelines. Journal of Accounting&Economics.2005,39
[37]Ball.R.,Robin.A.,Sadka.G. Are timeliness and conservatism due to debt or equity markets?An international test of“contracting”and“value relevance”theories of accounting. Manuscript,University of Chicago.2006.
[38]Basu.S. The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting&Economics .1997,24.
[39]Beaver.W.H. Conservatism. Working paper,Stanford University. 1993.
[40]Bushman.R.M,Smith.A.J. Financial Accounting Information and corporate Governance. Journal of Accounting&Economics.2001,32.
[41]Bushman.R.,Smith.A.,Piotrosk.J. Capital Allocation and Timely Accounting Recognition of Economic Los-ses: InternationalEvidence. Working paper,University of Chicago and University of North Carolina.2005.
[42]Dechow. Accounting earnings and cash flows as measures of firm performance:The role of accounting accruals. Journal of Accounting&Economics.1994,18.
[43]Easton.P.,Pae.J. Accounting conservatism and the relation between returns and accounting data. Review of Accounting Studies.2004,9(4).
[44]Giner.B.,Rees.W. On the Asymmetric Recognition of Good and Bad News in France, Germanyand the United Kingdom. Journal of Business Finance&Accounting .2001,28.
[45]Givoly.D.,Hayn.C. The Changing Time-series Properties of Earnings, Cash Flows andAccruals: Has Financial Reporting Become More Conservatism. Journal of Accounting&Economics.2000,29.
[46]Holthausen.R.W.,Watts.R.L. The Relevance of The Value-Relevance Literature For Financial Accounting Standard Setting. Journal of Accounting&Economics .2001,31.
[47]Huijgen.C.,Lubberink.M. Earnings conservatism, litigation and contracting: the case of cross-listed firms. Working Paper,Lancaster University.2003
[48]Jia.Y. Essays on accounting conservatism. Ph.D.,Hong Kong Polytechnic University.Hong Kong,2004.
[49]Lee,C.,Cao.y. Asymmetry in earnings-returns relations:The case of China [EB/OL]. http: //ssrn.com/abstract=297277.2002.
[50]LaFond.R. The Influence of Ownership Structure on Earnings Conservatism and the Informativeness of Stock Prices: An International Comparison, Working paper.MI. 2005.
[51]Lara.G.,Osma.G,Mora. The Effect of Earnings Management on the Asymmetric Timeliness of Earnings. Journal of Business Finance&Accounting.2005,32.
[52]Moerman. The Role of Information Asymmetry and Financial Reporting Quality in Debt Contracting:Evidence from the Secondary Loan Market. Working paper,University of Chicago.2005.
[53]Peek.E.,Cuijpers.R.,Buijink.W.F.J. Creditors and Shareholders Demand for Accounting Conservatism in Public versus Private Firms: Evidence from Europe. Working paper,Maastricht University.2006.
[54]Watts.R.L. Conservatism in accounting. Accounting Horizon.2003,17.
[55]Zucca.L.J.,Campbell.D.R. A closer look at discretionary write downs of impaired assets. Accounting Horizons.1992,6(3).
[56]Zhang Jieying. The contracting benefits of accounting conservatism to lenders and borrowers. Working paper,MIT.2004.