發(fā)布時間：2018-03-23 20:17

  本文選題：穩(wěn)健會計信息　切入點：公司治理　出處：《昆明理工大學(xué)》2013年博士論文

【摘要】：會計穩(wěn)健主義作為會計信息系統(tǒng)確認和計量的傳統(tǒng)原則已經(jīng)存在于各國會計實務(wù)中幾個世紀。一般認為,會計穩(wěn)健原則在會計實務(wù)中廣泛地運用對于解決現(xiàn)代公司機制設(shè)置中“天然”存在的信息非對稱問題、保護投資者特別是債權(quán)人的利益以及提高契約的簽訂效率扮演了重要的角色。 鑒于會計穩(wěn)健原則對會計理論和會計實務(wù)持續(xù)產(chǎn)生著深遠和重要地影響,本文首先基于現(xiàn)代企業(yè)的委托代理理論分析框架及信息經(jīng)濟學(xué)中的信號傳遞思想,從公司治理的角度分析了公司治理的有效程度如何影響管理者關(guān)于穩(wěn)健會計政策地選擇。本文分析了資本市場中高質(zhì)量(預(yù)期經(jīng)營前景好)的上市公司主動地引入有成本的扭曲(會計信息穩(wěn)健度),以此作為媒介間接地向外部投資者發(fā)送管理者關(guān)于上市公司預(yù)期經(jīng)營狀況的私人信息以區(qū)分于市場中質(zhì)量差(預(yù)期經(jīng)營業(yè)績不好)的公司。國內(nèi)學(xué)者以我國資本市場為背景的相關(guān)研究基本一致地表明我國上市公司披露的財務(wù)報告是具有一定會計穩(wěn)健性特征的。因此,本文基于中國資本市場實證地研究了中國上市公司所披露的財務(wù)報告中會計信息整體的穩(wěn)健程度與預(yù)期的資產(chǎn)盈利水平的相關(guān)關(guān)系,會計信息穩(wěn)健程度的信息含量以及會計信息穩(wěn)健度與預(yù)期盈利水平相關(guān)性的影響因素等一系列問題,實證結(jié)果基本支持了本文關(guān)于公司治理的有效程度對管理者穩(wěn)健會計政策選擇影響的理論分析結(jié)果。 具體而言,首先,本文借鑒Spence (1974)的信號傳遞模型的思想,在Bagnoli和watts (2005)提出的穩(wěn)健會計信息信號傳遞的理論模型基礎(chǔ)上進一步地拓展了關(guān)于穩(wěn)健會計信息信號傳遞的分析,即本文考慮了公司治理機制對管理者信息披露行為的約束作用從而影響到管理者通過報告穩(wěn)健地會計信息做為信號發(fā)送的行為。分析結(jié)果表明：若公司治理機制與會計穩(wěn)健性間具有互補的關(guān)系,則在公司治理相對不健全時,那些預(yù)期經(jīng)營業(yè)績好的公司為降低信息非對稱程度,管理者會相應(yīng)地報告穩(wěn)健的會計信息；但是,對于那些預(yù)期經(jīng)營業(yè)績差的公司選擇模仿業(yè)績好的公司報告過于穩(wěn)健會計信息的成本巨大以至于不得不放棄模仿好公司,此時,市場存在分離均衡,即會計信息穩(wěn)健度具有信息傳遞的作用。接著,本文實證地考察了會計信息穩(wěn)健程度是否在公開披露的盈余信息的基礎(chǔ)上向市場傳遞了增量的信息,研究結(jié)果顯示上市公司管理者穩(wěn)健地報告會計盈余并不會導(dǎo)致會計信息的扭曲,而是向外部投資者提供了更多關(guān)于公司當期和預(yù)期盈余的增量信息。然后,本文以2004-2011年期間在上海證券交易所和深圳證券交易所A股上市的公司作為主要研究樣本。首先針對當期會計盈余信息的穩(wěn)健程度與公司預(yù)期的資產(chǎn)收益率之間的相關(guān)關(guān)系進行了實證研究,研究結(jié)果表明,樣本公司滯后一期的會計信息穩(wěn)健程度與當期經(jīng)營業(yè)績間具有統(tǒng)計意義上顯著的正相關(guān)關(guān)系。再接著,本文考察了公司治理與穩(wěn)健會計信息的相關(guān)關(guān)系,研究發(fā)現(xiàn)在我國資本市場,管理者對于穩(wěn)健會計信息、的披露的一個重要的原因來自于公司治理的約束作用,即公司治理綜合水平越高的上市公司其披露的會計信息的穩(wěn)健程度越高。最后,論文結(jié)合我國資本市場的法律、制度背景,主要從上市公司的產(chǎn)權(quán)性質(zhì)、外部審計質(zhì)量、高管持股等三個方面實證地檢驗了影響上市公司管理者通過會計信息穩(wěn)健程度發(fā)送信號的因素。 全文共由七章構(gòu)成： 第一章為緒論；包括研究背景與研究問題、研究內(nèi)容、研究方法、技術(shù)路線以及論文的主要改進和創(chuàng)新之處： 第二章為研究所涉及到的主要概念的界定、文獻評述與制度背景分析；主要針對穩(wěn)健會計原則的起源、定義和理論解釋進行了文獻回顧。同時,結(jié)合我國資本市場的法律、制度背景分析了中國上市公司管理者通過間接媒介進行信號傳遞的動機和可能性。這為我們進一步地理解穩(wěn)健會計原則長期存在于各國會計實務(wù)提供一種可能的理論解釋。 第三章為基于公司治理視角的穩(wěn)健會計信息信號傳遞的機理分析：本章基于經(jīng)典的信號傳遞模型,參照Venugopalan (2001)、Gigler和Hemmer (2001)、 Kwon等(2001)的分析方法,進一步拓展了Bagnoli和Watts (2005)關(guān)于穩(wěn)健會計信息的信號傳遞作用的分析。本章從公司治理的效果好、壞的角度分情況討論了管理者的穩(wěn)健會計報告均衡策略。 第四章為會計信息穩(wěn)健度的信息含量研究；管理者最終披露的會計盈余是受其具體財務(wù)報告策略選擇的影響的,管理者主觀地具體會計政策選擇有可能導(dǎo)致報告盈余信息地扭曲；也有可能向資本市場傳遞信息。本章基于中國上市公司的財務(wù)數(shù)據(jù)并使用Collins、Kothari等(1994)所提出的度量股票價格對預(yù)期盈余反映程度的預(yù)期盈余反應(yīng)系數(shù)實證地對穩(wěn)健會計信息的信息含量問題進行了實證檢驗。 第五章為上市公司會計信息穩(wěn)健度與預(yù)期盈利能力的相關(guān)性研究；以往對穩(wěn)健會計原則的研究主要關(guān)注了上市公司使用穩(wěn)健的會計信息能夠帶給報告主體哪些潛在“收益”,而一定程度地忽略了過于穩(wěn)健的財務(wù)報告策略對于公司是有“成本”(如：證券市場價格下跌的風險)的。本章認為不同上市公司的管理者在綜合權(quán)衡穩(wěn)健地報告會計信息可能帶來的潛在“收益”與“成本”之后,理性選擇最優(yōu)的會計信息穩(wěn)健度作為財務(wù)報告策略。本章的研究提供了會計信息穩(wěn)健度與預(yù)期盈利能力相關(guān)關(guān)系的實證證據(jù)。 第六章是公司治理機制對會計信息穩(wěn)健度的業(yè)績預(yù)測作用的影響的實證研究；本章主要基于公司微觀層面研究具體的公司治理機制的設(shè)置對企業(yè)管理者穩(wěn)健會計處理方法選擇的利益動機的約束作用。首先,本章基于中國資本市場實證地檢驗了穩(wěn)健會計信息與公司治理的相關(guān)關(guān)系,接著借鑒Spence (1974)的信號傳遞模型的思想,從公司治理的角度實證地檢驗了產(chǎn)權(quán)性質(zhì)、外部審計質(zhì)量和高管持股比例等具體的公司治理機制對管理者利用穩(wěn)健會計信息信號傳遞行為的影響。 第七章為全文的結(jié)論部分。本章總結(jié)了主要的研究結(jié)論與啟示,針對研究的問題提出了相關(guān)的政策建議,最后對研究存在的不足和局限性進行了討論。
[Abstract]:Accounting conservatism principle as the traditional accounting information system already exists in the recognition and measurement of accounting practice in many countries for centuries. Generally, the accounting conservatism principle in the accounting practice is widely used for solving the modern company mechanism set up in the "natural" existing problems of asymmetric information, the protection of investors especially the interests of creditors and improve the contract the signing of efficiency has played an important role.
In view of the accounting conservatism of accounting theory and practice continuously has a profound and important influence, based on the principal-agent theory of modern enterprise signal analysis framework and information economics in the transfer of ideas, from the perspective of corporate governance and analyzes how to influence the effectiveness of management on prudent accounting policy choice of corporate governance in this paper. Analysis of high quality in the capital market (expected good business prospects) listed companies actively introduce cost distortions (accounting information robustness), as the media management indirectly to send external investors private information about the expected operating conditions of Listed Companies in order to distinguish the poor quality of the market (the expected operating performance is not good) company. The domestic scholars on the Chinese capital market is consistent with the relevant research background that China's listed companies to disclose the financial report is out There are some characteristics of accounting conservatism. Therefore, the correlation between the empirical Chinese based on the capital market to study the soundness and expectations of accounting information disclosure of listed companies China financial report of the overall profitability of assets, a series of problems of accounting information robustness of information content and influence of accounting information robustness and the expected level of profit the correlation factors, the empirical results support the effectiveness of corporate governance analysis results on the impact of managers robust accounting policy choice theory.
Specifically, first of all, this paper uses Spence (1974) of the signal transmission model, in Bagnoli and watts (2005) model based robust accounting information signal transfer proposed on the further development of a robust accounting information signal, the paper considers the mechanism of corporate governance on the binding behavior of managers the disclosure of information which affects the managers by reporting accounting information as the steady signal transmission behavior. Analysis results show that if the complementary relationship between corporate governance and accounting conservatism, the corporate governance is not perfect, the company expected good performance in order to reduce the degree of information asymmetry, managers the report of conservative accounting information; however, for those companies expected operating performance are chosen to mimic the good performance of the company report too robust accounting information The huge cost that had to give up the imitation of good company, at this time, the market exists separate equilibrium that accounting information robustness has the effect of information transmission. Then, this paper demonstrated the soundness of accounting information based on whether public disclosure of earnings information to the market provides incremental information, research results show that managers of listed companies robust reporting accounting earnings will not lead to the distortion of accounting information, but the outside investors to provide more incremental information on current and expected earnings of the company. Then, based on the 2004-2011 years at the Shanghai stock exchange and Shenzhen stock exchange A share listed companies as the research sample. Firstly, the relationship between the current accounting earnings information the steady and firm expected asset returns for the empirical research, the results show that the Sample Firms The lag has a significant positive correlation between the issue of accounting information and the soundness of the current operating results. Then, this paper examines the relationship between corporate governance and soundness of accounting information, the study found in the capital market of our country, for the sound management of accounting information, the constraint effect is an important reason why disclosure from the corporate governance, the higher the degree that is robust with higher levels of corporate governance of Listed Companies in the disclosure of accounting information. Finally, the combination of China's capital market legal system, the background, mainly from the property rights of listed companies, the quality of external audit, managerial ownership and other three aspects of empirical tests managers of listed companies through the influence factor of the transmitted signal of accounting information robust degree.
The full text consists of seven chapters.
The first chapter is an introduction, including research background and research issues, research contents, research methods, technical routes, and the main improvements and innovations of the paper.
The second chapter is the definition of key concepts involved in the research, the literature review and analysis of the system background; the main origin in the robust accounting principles, definition and theoretical explanation of the literature review. At the same time, combined with China's capital market legal system, analyzes the background of Chinese listed company managers motivation and the possibility of signal transmission through the indirect media. It is further our understanding of accounting conservatism principle has long existed in the accounting practice in many countries to provide a possible explanation.
The third chapter is the analysis of the mechanism of sound signal of accounting information from the perspective of corporate governance based on the classic transfer: this chapter based on signal transmission model, according to Venugopalan (2001), Gigler and Hemmer (2001), Kwon (2001) analysis method, to further expand the Bagnoli and Watts (2005) analysis of accounting information about sound signal transfer function. This chapter from the corporate governance effect is good, bad point of view to discuss the steady equilibrium strategy of accounting report management.
The fourth chapter is the research on the information content of accounting information robustness; managers eventually disclosure of accounting earnings is affected by the specific financial reporting strategies affect the managers subjective specific accounting policy choice may lead to earnings information distortion; may also convey information to the capital market. The financial data of listed companies Chinese based on the use of Collins and Kothari, etc. (1994) the information content of accounting information on robust measure stock by the price to earnings reflect the empirical expected earnings response coefficient degree to conduct the empirical test.
The fifth chapter is the correlation of accounting information of listed companies and the soundness of the expected profitability of the previous research on accounting conservatism principle; the main concern of the listed companies to use conservative accounting information can bring the body of the report which potential "returns", to a certain extent, ignored too sound financial reporting strategy is "cost to the company (" for example: the stock market prices risk). In this chapter that managers of Listed Companies in the comprehensive accounting information report steady potential "profits" and "costs" after the rational choice of accounting information, the optimal robust strategy. As the financial report provides empirical evidence related to accounting information robustness with the expected profitability of this chapter.
The sixth chapter is the empirical research on the influence of corporate governance on the performance prediction of the soundness of accounting information; this chapter mainly studies the company specific micro level corporate governance mechanism based on the setting of enterprise managers prudent choice of accounting processes of interest motivation constraints. Firstly, this chapter based on the empirical China capital market test the correlation between robust accounting information and corporate governance, then from Spence (1974) of the signal transmission model, from the perspective of Corporate Governance: An Empirical Test of the nature of property rights, affect the company's external audit quality and high tube stake concrete governance mechanism robust accounting information to managers by signal transfer behavior.
The seventh chapter is the conclusion of this paper. This chapter summarizes the main findings and implications, and puts forward relevant policy recommendations for the research problems. Finally, the shortcomings and limitations of the research are discussed.

【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F233

【參考文獻】

相關(guān)期刊論文 前10條

1 王軍;;行業(yè)財務(wù)信息的業(yè)績預(yù)測能力研究[J];北京航空航天大學(xué)學(xué)報(社會科學(xué)版);2007年04期

2 張雁翎,彭浩然;盈利預(yù)測誤差的契約性與上市公司盈余管理研究[J];財經(jīng)研究;2004年11期

3 朱茶芬;;會計管制和盈余質(zhì)量關(guān)系的實證研究[J];財貿(mào)經(jīng)濟;2006年05期

4 王毅春;孫林巖;;銀企關(guān)系、股權(quán)特征與會計穩(wěn)健性——來自中國上市公司的經(jīng)驗證據(jù)[J];財政研究;2006年07期

5 王建新;;債務(wù)約束與自由現(xiàn)金流的過度投資問題研究[J];財政研究;2008年11期

6 蔣義宏;陳高才;;會計信息相關(guān)性研究——來自年報的證據(jù)[J];當代財經(jīng);2006年04期

7 陳共榮;李琳;;IPO前盈余管理與抑價現(xiàn)象的實證研究[J];系統(tǒng)工程;2006年09期

8 王克敏,陳井勇;股權(quán)結(jié)構(gòu)、投資者保護與公司績效[J];管理世界;2004年07期

9 王培欣,喬蕓;我國IPO公司盈利預(yù)測可靠性實證分析[J];管理科學(xué);2003年06期

10 王志強;劉星;;上市公司IPO盈余管理與其后期市場表現(xiàn)的實證分析[J];經(jīng)濟管理;2003年18期

，

本文編號：1655020