会计稳健性的影响因素及其经济后果研究
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摘要
会计稳健性作为会计信息质量要求之一,已由来已久,然而对其存在性原因的探索及其对企业的影响的研究却始于上个世纪90年代。本文首先对国内外有关会计稳健性的文献进行了系统的梳理,对会计稳健性做出了基于契约理论、代理理论及信号理论的解释,并结合我国的实际情况,分析了会计稳健性的影响因素及其经济后果在我国存在的特殊性。在用两种方法度量会计稳健性的情况下,实证分析了基于中国市场的会计稳健性的影响因素及其经济后果,并得出了一些有益的结论。
在影响因素方面,本文发现:资产负债率与会计稳健性水平显著正相关,这一情况在在国有企业中更为明显;第一大股东持股比例与会计稳健性水平显著负相关,这一情况在非国有企业中更为明显;总经理持股的企业,表现出低水平的会计稳健性;我国企业会计准则改革能提高企业的会计稳健性,但在综合考虑时,会计准则变更对会计稳健性的影响不具有显著性。在经济后果方面,本文发现:会计稳健性水平与企业的投资支出显著负相关,这一情况在非国企业中更为明显;会计稳健性水平与债务成本显著为负,这一情况在在国有企业中更为明显;会计稳健性水平与每股现金股利显著为负,这一情况在非国有企业中更为明显;会计稳健性水平与企业价值显著为正,这一情况在国有企业中更为明显。
总的来说,本文结合我国的实际情况,较全面的研究了会计稳健性的影响因素及其经济后果,尤其在会计稳健性的经济后果部分,实证得出一些有意义的结论,提供了会计稳健性有利于公司治理的中国证据。
Accounting conservatism, as one of the requirements of accounting information quality has been a long time, however, the reasons for its existence and its impact on the business research has started in the last century 90s. In this paper, we first overview the domestic and foreign literature about conservatism ,and given some explanations based on contract theory, agency theory and signaling theory ,and also analysis the special nature about determinants and economic consequences of accounting conservatism in the Chinese market. Measured using two methods of accounting conservatism,empirical analysis the determinants and economic consequences of accounting conservatism Based on the Chinese market, and draw some useful conclusions.
In the determinants, this paper found that: asset-liability ratio and accounting conservatism level was significantly positively correlated, this situation that is more evident in state-owned enterprises; the first largest shareholder equity ratio and accounting conservatism level was significantly negatively correlated , this situation that is more evident in Non-state enterprises; the corporate of CEO shareholding, showing low levels of accounting conservatism; The reform of accounting standards, has improve accounting conservatism level, but a comprehensive consideration, the effect of accounting standards’reform on accounting conservatism does not have a significant. In the economic consequences, this paper found that: the level of accounting conservatism and business investment spending has significant negative correlation, the situation is more obvious in the Non-state enterprises; The level of accounting conservatism and the cost of debt have a significantly negative relation, the situation is more pronounced in state-owned enterprises; the level of accounting conservatism and cash dividend have a significantly negative relation, the situation is more obvious in the Non-state enterprises; the level of accounting conservatism and the vale of enterprise have a significantly positive relation, the situation more pronounced in state-owned enterprises.
Overall, considering China's actual conditions, a more comprehensive study about determinants and economic consequences of accounting conservatism, especially about its economic consequences, our evidence to draw some meaningful conclusions and provide evidence about accounting conservatism in favor of corporate governance in the Chinese market.
在影响因素方面,本文发现:资产负债率与会计稳健性水平显著正相关,这一情况在在国有企业中更为明显;第一大股东持股比例与会计稳健性水平显著负相关,这一情况在非国有企业中更为明显;总经理持股的企业,表现出低水平的会计稳健性;我国企业会计准则改革能提高企业的会计稳健性,但在综合考虑时,会计准则变更对会计稳健性的影响不具有显著性。在经济后果方面,本文发现:会计稳健性水平与企业的投资支出显著负相关,这一情况在非国企业中更为明显;会计稳健性水平与债务成本显著为负,这一情况在在国有企业中更为明显;会计稳健性水平与每股现金股利显著为负,这一情况在非国有企业中更为明显;会计稳健性水平与企业价值显著为正,这一情况在国有企业中更为明显。
总的来说,本文结合我国的实际情况,较全面的研究了会计稳健性的影响因素及其经济后果,尤其在会计稳健性的经济后果部分,实证得出一些有意义的结论,提供了会计稳健性有利于公司治理的中国证据。
Accounting conservatism, as one of the requirements of accounting information quality has been a long time, however, the reasons for its existence and its impact on the business research has started in the last century 90s. In this paper, we first overview the domestic and foreign literature about conservatism ,and given some explanations based on contract theory, agency theory and signaling theory ,and also analysis the special nature about determinants and economic consequences of accounting conservatism in the Chinese market. Measured using two methods of accounting conservatism,empirical analysis the determinants and economic consequences of accounting conservatism Based on the Chinese market, and draw some useful conclusions.
In the determinants, this paper found that: asset-liability ratio and accounting conservatism level was significantly positively correlated, this situation that is more evident in state-owned enterprises; the first largest shareholder equity ratio and accounting conservatism level was significantly negatively correlated , this situation that is more evident in Non-state enterprises; the corporate of CEO shareholding, showing low levels of accounting conservatism; The reform of accounting standards, has improve accounting conservatism level, but a comprehensive consideration, the effect of accounting standards’reform on accounting conservatism does not have a significant. In the economic consequences, this paper found that: the level of accounting conservatism and business investment spending has significant negative correlation, the situation is more obvious in the Non-state enterprises; The level of accounting conservatism and the cost of debt have a significantly negative relation, the situation is more pronounced in state-owned enterprises; the level of accounting conservatism and cash dividend have a significantly negative relation, the situation is more obvious in the Non-state enterprises; the level of accounting conservatism and the vale of enterprise have a significantly positive relation, the situation more pronounced in state-owned enterprises.
Overall, considering China's actual conditions, a more comprehensive study about determinants and economic consequences of accounting conservatism, especially about its economic consequences, our evidence to draw some meaningful conclusions and provide evidence about accounting conservatism in favor of corporate governance in the Chinese market.
引文
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[2]Watts,R L.A proposal for research on conservatism. Working paper. University of Rochester.1993:12-13
[3]Basu,S. The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, 1997,(24):3-38
[4]JR Dietrich,KA Muller,EJ.Riedl.Asymmetric timeliness tests of accounting conserva- tism. Review of Accounting Studies, 2007:95-124
[5]Dan Givoly,Carla K. Hayn,Ashok Natarajan.Measuring Reporting Conservatism.The Accounting Review,2007 ,82(1) :65–106
[6]Ball,R.,and L.Shivakumar.Earnings Quality in U.K.Private Firms,Journal of Accounting and Economics, 2005,39:83-128
[7]Givoly,D.,C.Hayn.The Changing Time-Series Properties of Earnings,Cash Flows and Accruals:Has Financial Reporting Become More Conservative? Journal of Accounting and Economics,2000,29(3):287-320
[8]Ahmed,A.S.Morton,R.M.and T.F.Schaefer.Accounting Conservatism and the Valuation of Accounting Numbers:Evidence of the Fehham—Ohlson(1996) Mode1. Journal of Accounting,Auditing&Finance,2000,15 (3):271-292
[9]Beaver,W.H.,and S.G.Ryan. Biases and Lags in Book Value and their Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on Equity . Journal of Accounting Research, 2000,38:127-148
[10]A.S.Ahmed,B.K.Billings, M.Morton,Mary Stanford-Harris. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs.The Accounting Review,2002,77(4):867-891
[11]Peek, E., Cuijpers, R. and Buijink, W. F.J., Creditors' and Shareholders'Reporting Demands in Public VS Private Firms: Evidence from Europe. Financial Accouting & Reporting Section (FARS) Meeting Papers. Available at SSRN: DOI:10.2139/ ssrn.511822, 2007:1-35
[12]Ray Ball, Ashok Robin ,Gil Sadka. Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 2008,13:168–207
[13]YK,Kwon, DP Newman, YS Suh . The demand for accounting conservatism for management control. Review of Accounting Studies, 2001, (6):29–51
[14]R LaFond, S Roychowdhury. Managerial Ownership and Accounting Conservatism Journal of Accounting Research. 2008, 46 (1) :101-134
[15]Beaver,W.H.Conservatism.Working paper(presented at the American Accounting Association national meeting,San Francisco,CA),1993:1-25
[16]C Huijgen,M Lubberink. Earnings Conservatism, Litigation and Contracting: The Case of Cross-Listed Firms. Journal of Business Finance & Accounting, 2005,32 :1275-1309
[17]RM Bushman, JD Piotroski. Financial reporting incentives for conservative accounting:the influence of legal and political institutions. Journal of Accounting and Economics. 2007, 42:107–148
[18]J Zhou, GJ Lobo.2006. Did Conservatism in Financial Reporting Increase after the Sarbanes Oxley Act? Initial Evidence. Accounting Horizons, 2006, 20(1): 57-73
[19]HH Chung, JP Wynn.Managerial legal liability coverage and earnings conservatism. Journal of Accounting and Economics, 2008,46:135–153
[20]Xinrong Qiang.The Effects of Contracting, Litigation, Regulation, and Tax Costs on Conditional and Unconditional Conservatism: Cross-Sectional Evidence at the Firm Level.The Accounting Review,2007, 82(3): 759–796
[21]Walke r,R.G. The SEC's Ban on Upward Asset Revaluations and the Disclosure of Current Values. Abacus, 1992,28(1): 3-35
[22]Ball,R.,A.Robin an J.Wu. Incentives versus Standards:Properties of accounting income in four East Asian countries.Journal of Accounting and Economics 2003, 36:235-270
[23]Shackelford,D.A.,and T.Shevlin.Empirical tax research in accounting.Journal of Accounting & Economics,2001,31:321-387
[24]JPH Fan, TJ Wong.Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics,2002,33: 401–425
[25]Ahmed, Duellman.Accounting conservatism and board of director characteristics: An empirical analysis.Journal of Accounting and Economics,2007,43:411–437
[26]JMG Lara, BG Osma, F Penalva.Accounting conservatism and corporate governance. Review of Accounting Studies. 2009,14:161–201
[27]Jieying Zhang. The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics , 2008, 45: 27–54.
[28]Wittenberg-Moerman.The role of information asymmetry and financial reporting quality in debt trading:Evidence from the secondary loan market. Journal ofAccounting and Economics,2008,46:240–260
[29]F Gigler, C Kanodia, H Sapra, R Venugopalan. Accounting conservatism and the efficiency of debt contracts. Journal of Accounting Research,2009,47(3): 767-797
[30]Francis,J., Fond,R,Olsson,P.,Schipper,K.Costs of Equity and Earnings Attributes. The Accounting Review, 2004,79:967—1010
[31]Chan.,S. W.J. Lin and N.Strong. Accounting conservatism and the cost of equity capital: UK evidence. Managerial Finance,2009 ,35(4):325-345
[32]Li, Xi. Accounting Conservatism and Cost of Capital: International Analysis Available at SSRN: http://ssrn.com/abstract=1261971:1-25,2009:1-46
[33]Bushman ,R.,A.Smith, and J. Piotroski.Capital Allocation and Timely Accounting Recognition of Economic losses:International Evidence,Working paper, University of Chicago and University of North Carolina. 2005:12-14
[34]MV Rajan, S Reichelstein, MT Soliman. Conservatism,growth,and return on Investment. Review of Accounting Studies,2007,(12):325-370
[35]Ahmed, A.S., and S. Duellman Evidence on the role of accounting conservatism incorporate governance. NBER Working Paper,2007:1-23
[36]M.G,Lara,B.García Osma,F.Penalva. Conditional conservatism and firm investment efficiency. Available at: http://ssrn.com/abstract=1383642, 2009:1-19
[37]Ball, A Robin, JS Wu. Accounting standards,the institutional environment and issuer incentives:Effect on timely loss recognition in China. Asia Pacific Journal of Accounting and Economics, 2000,7(2):71-96
[38]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):19-27
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