会计稳健性、公司治理与社会责任报告印象管理

以2009-2014年披露社会责任报告的A股上市公司为样本,研究会计稳健性与公司治理对企业社会责任报告印象管理的交互影响.结果表明:企业会计稳健性越高,社会责任报告印象管理程度越低;公司治理水平越高,社会责任报告印象管理程度越低;公司治理水平越高,会计稳健性对社会责任报告印象管理的抑制作用越小;反之,公司治理水平越低,会计稳健性对社会责任报告印象管理的抑制作用越大.会计稳健性和公司治理均有助于抑制企业社会责任报告印象管理行为,且具有替代关系,这种替代关系在非国有企业中更为显著.     

公司治理、管理者动机与衍生金融工具使用

基于中国上市公司2007~2013年财务数据,研究公司治理对管理者使用衍生金融工具的影响,并结合中国制度背景,深入分析和检验企业产权、政策监管对公司治理效应的影响。实证结果表明,公司治理对管理者使用衍生金融工具的动机存在重要影响,公司治理水平越高,管理者越倾向于利用衍生金融工具避免财务困境风险;相反,管理者越倾向于利用衍生金融工具规避薪酬风险。研究还发现,公司治理的作用机制会受到所有权性质的影响,国有控制属性会弱化公司治理效应,对衍生金融工具交易的政策监管差异是重要原因。     

公司债特殊条款、债券评级与会计稳健性

本文基于债券持有人利益保护视角,以手工收集的2007-2016年沪深A股上市公司发行的公司债特殊条款为样本,研究公司债特殊条款对会计稳健性的影响,以及债券评级的调节作用,并基于公司治理机制和代理冲突角度,探究公司债特殊条款影响会计稳健性的作用机理。研究发现,公司债特殊条款数量越多(约束强度越大),发债主体会计稳健性水平越高;债券评级越低,公司债特殊条款对会计稳健性的正效应越大。进一步研究发现,在国有企业、公司治理水平低以及代理冲突严重的情况下,公司债特殊条款数量对债务主体会计稳健性具有正效应。本研究为不同缔约主体以及政府监管部门防范债券违约风险、治理违约事件、提高债券契约执行效率提供理论参考与经验借鉴。     

公司治理与会计稳健性——基于上市公司的实证研究

会计稳健性是财务报告的一个重要特征和惯例，已成为会计盈余的重要质量特征之一。本文运用basu（1997）模型，将会计稳健性定义为会计报告对坏消息的确认比好消息更及时，探讨了有关公司治理的几个重要因素对会计稳健性的影响。研究发现：在影响会计稳健性的治理因素中，银行借款比例与会计稳健性正相关，国家股比例与会计稳健性负相关，在国家股比例低的分组，会计稳健性较高。发行有B股的企业，会计稳健性与只有A股的企业没有显著差异。研究表明，会计稳健性作为会计报告质量的一种量度，随着会计制度和准则的国际接轨与完善，证券市场监管的加强，取得了一定成效，但是会计准则和会计制度不能保证会计报告的质量，尚需改革国内相关的制度背景，如公司治理、法律实施环境等。     

公司治理与银行借款融资

本文以中国深沪两市A股上市公司为样本,检验了公司治理在银行信贷决策中的作用。通过检验公司治理水平对企业银行借款融资能力和融资成本的影响,我们发现,企业银行借款融资能力方面,无论长期借款还是短期借款,公司治理因素对企业银行借款融资能力均没有影响,银行更看重企业的经营状况。企业银行借款融资成本方面,我们发现公司治理机制中只有监事会特征和股权集中度对企业银行借款融资成本有显著影响。具体地,监事会规模越大,融资成本越低;股权集中度越高,融资成本越高。本文结果说明公司治理因素在我国银行放贷决策中的作用有限。     

财务报告问询函对公司现金持有的影响研究

财务报告问询函作为重要的一线监管措施，从多个渠道影响着公司财务决策。本文以2015-2021年中国A股上市公司为研究样本，检验财务报告问询函对公司现金持有的影响。研究发现：公司收到财务报告问询函，现金持有水平显著降低。机制检验结果表明，财务报告问询函通过发挥治理效应降低公司的现金持有，同时通过加剧融资约束提高现金持有，且治理效应渠道效果强于融资约束渠道。治理效应具体表现为收函企业投资不足现象得到改善，研发投入以及现金股利支付增加。异质性分析表明财务报告问询函对现金持有的影响在高收函频率、低公司治理水平情形下更明显。财务报告问询函降低现金持有水平的同时，显著提高了企业价值。文章将现金持有动机理论的应用范围拓展到了一线监管领域，揭示了财务报告问询函对企业现金持有的影响机制，为监管转型背景下的企业财务决策问题研究提供了经验证据。     

公司治理模式及其对财务报告的影响

公司治理既包括内部治理结构又包括外部治理机制，既包括股东治理又包括其他利益相关者的治理。公司治理的目标是权力制衡和科学决策，而财务报告的作用在于决策和契约执行，现代财务会计和财务报告作为公司治理机制的一部分起着不可或缺的作用。不同的公司治理模式产生不同的财务报告导向。本文试就英美公司治理模式和德日公司治理模式的区别及其对财务报告的影响，以及公司治理模式的国际趋同和财务报告的国际协调等作一介绍。一、由于社会文化传统、经济发展道路和政治法律制度的不同，不同的市场经济国家经过长期的公司发展历程和企业制…     

内部控制与异质机构持股的治理效应

本文实证检验了不同内部控制水平下,异质机构持股在抑制管理层盈余操纵方面的公司治理效应。研究发现,相比外地或短期机构持股,本地或长期机构持股更有助于提升应计质量和降低盈余噪音;当公司存在实质性内部控制缺陷时,本地或长期机构持股在抑制管理层盈余操纵方面的治理效应显著降低;相比国有控股,异质机构持股治理效应的发挥在非国有控股公司中受内部控制的影响更大;当公司存在财务报告实质性内控缺陷时,异质机构持股发挥的治理效应明显更弱。这些结果表明,异质机构持股治理效应的发挥离不开公司内部控制机制,二者之间是互补而非替代关系,这种互补关系主要由财务报告内部控制缺陷驱动。本研究有助于深化理解异质机构持股影响公司治理的具体作用机理,为实务界和监管机构改善公司治理、加强投资者保护提供经验参考。     

会计稳健性的研究综述

会计稳健性作为财务报告的最重要的特征,在保证财务报告质量上发挥着重要的作用。本文系统的研究了目前对于会计稳健性的研究内容。主要分为目前对于会计稳健性的界定、会计稳健性各种不同度量方法以及优缺点和会计稳健性的治理效应研究,包括对于投资与融资两方面的影响。最后指出了未来研究的方向。     

机构投资者、公司治理与上市公司股利政策

本文实证研究了2001—2004年间中国证券市场中机构投资者持股、公司治理与上市公司股利政策之间的关系。针对我国特殊的股权结构制度背景下,现金股利政策的两种理论观点——“自由现金流假说“和“利益输送假说“以及在我国资本市场上呈现的“恶意派现“现象,实证检验了我国机构投资者是否能够发挥治理、监督作用。研究结果发现:在2001—2004年间,机构投资者持股公司的每股现金股利发放水平显著地高于非机构投资者持股的公司,发放现金股利公司的机构投资者的持股比例显著地高于不发放现金股利公司,公司现金股利发放水平成为投资者构建投资组合的重要标准;机构投资者的持股比例不会对上市公司的股利政策产生影响,对于我国上市公司近年来出现的“恶意派现“现象,机构投资者发挥了其监督治理职能,机构投资者持股比例越高,上市公司发生“恶意派现“的可能性越小。     

What affects accounting conservatism: A corporate governance perspective

This study explores the relationship between accounting conservatism and corporate governance. There are two competing perspectives about the possible relationship. One is that the demand for conservatism is greater in situations with more agency problems. Therefore, a weaker governance structure will lead to a more conservative accounting. An alternative perspective is that adequate governance results in better monitoring of management and hence will favor the implementation of conservative accounting. Using the firm-year specific C-Score developed by Khan and Watts [Khan, M., Watts, R.L., 2007. Estimation and validation of a firm-year measure of conservatism. Working Paper, Sloan School of Management, MIT, Cambridge], our empirical results indicate that firms with weaker governance structures tend to be more conservative. These findings are consistent with the view that conservatism is a substitute for other corporate governance mechanisms.     

会计稳健性对投资效率的作用机理研究——基于企业并购的研究视角

在剩余收益估值模型的基础上构造了 Basu (1997)的反函数,从而构建了可同时度量非条件稳健性和条件稳健性的实证模型,并基于企业并购的视角,探究了会计稳健性对企业投资效率的事前和事后影响。研究发现：非条件稳健性可以提升企业事前投资效率(降低并购溢价,提升累计超额收益率),阻止管理层的机会主义行为;条件稳健性会促进企业事后投资效率(并购前后绩效变化),保证项目的盈利性。进一步的研究表明：会计稳健性与企业投资效率的关系会随着上市公司代理成本的增加而越加明显。此外,国有企业和民营企业对于会计稳健性的公司治理效应存在差异。最后扩展了由 Lawrence,Sloan and Sun (2013)提出的稳健性操纵的定义。     

Accounting conservatism and corporate governance

We predict that firms with stronger corporate governance will exhibit a higher degree of accounting conservatism. Governance level is assessed using a composite measure that incorporates several internal and external characteristics. Consistent with our prediction, strong governance firms show significantly higher levels of conditional accounting conservatism. Our tests take into account the endogenous nature of corporate governance, and the results are robust to the use of several measures of conservatism (market-based and nonmarket-based). Our evidence is consistent with the direction of causality flowing from governance to conservatism, and not vice versa, indicating that governance and conservatism are not substitutes. Finally, we study the impact of earnings discretion on the sensitivity of earnings to bad news across governance structures. We find that, on average, strong-governance firms appear to use discretionary accruals to inform investors about bad news in a timelier manner.

Accounting conservatism and voluntary corporate governance mechanisms by Australian firms

This study examines the relationship between voluntary adoption of selected corporate governance mechanisms and accounting conservatism for a sample of firms listed on the Australian Securities Exchange (ASX) over the 11‐year period prior to the promulgation of the ASX Corporate Governance Council Good Governance Principles and Best Practice Recommendations in 2003. Using four accounting and market‐based accounting conservatism measures, our results provide evidence of both conditional and unconditional conservatism in accounting reporting for Australian firms. We find that voluntary audit committee formation, increasing board independence and decreasing board size are positively associated with unconditional accounting conservatism and negatively related to the degree of conditional conservatism. Our results support the contention that firms voluntarily adopting perceived best practice corporate governance mechanisms employ unconditional accounting conservatism as a complimentary agency control device and are consistent with the observed negative association between the unconditional and conditional forms of accounting conservatism practice.     

Accounting Conservatism: A Literature Review

Accounting conservatism is one of the most important properties of financial reporting. The goal of this article is to gain a better understanding of accounting conservatism. We explicate the evolution of conservatism over its long history. Accounting conservatism is indispensable because the main parties of a firm demand conservatism to mitigate agency costs. Various methods are used to measure accounting conservatism, which include balance sheet measures, income statement measures and earnings/stock return relation measures. Empirical research into accounting conservatism has flourished over the last two decades and we focus on the cross‐sectional and time‐series variations in conservatism. We conclude that accounting conservatism is important and cannot be excluded from accounting standards.     

Accounting conservatism and common ownership by dedicated institutional blockholders

We examine the peer effects of accounting conservatism in a common dedicated institutional blockholder (CDIB) setting. We find a positive correlation in accounting conservatism between focal firms and their CDIB peers. To corroborate our main findings, we document that the peer effect is stronger for firms connected through CDIBs that are activists or that have more active shares, for firms with larger CDIB ownership and for firms with weaker corporate governance mechanisms and higher information asymmetry. The results suggest that managers view following peer firms’ conservatism as a way of pleasing CDIBs. We also find that in proxy voting, firms receive less support from their investors when their conservatism deviates more from their CDIB peers. Finally, we find that the CDIB peer effect remains significant after controlling for the effect of industry and local peers. Overall, our paper presents evidence consistent with firms adapting their accounting conservatism in response to their incumbent dedicated institutional investors’ preference.     

机构持股与会计稳健性

以我国A股具有机构持股的上市公司2007～2011年的数据为样本,采用Basu(1997)的盈余-回报率模型研究了机构持股对会计稳健性的影响。结果表明:机构持股比例越高,会计稳健性越好。考虑到产权性质后,国有公司的机构持股比例与会计稳健性具有显著的正相关关系,而在非国有公司中并不显著。另外,高成长性公司中机构持股对会计稳健性的影响显著为正,但在低成长性公司这一结果不显著。     

Bank accounting conservatism and bank loan pricing

This paper studies the effects of bank accounting conservatism on the pricing of syndicated bank loans. We provide evidence that banks timelier in loss recognition charge higher spreads. We go onto consider what happens to the relationship between spreads and timeliness in loss recognition during the financial crisis. During the crisis, banks timelier in loss recognition increase their spreads to a lesser extent than banks less timely in loss recognition. These findings are broadly consistent with the argument that conditional accounting conservatism serves a governance role. The policy implication is that banks timelier in loss recognition exhibit more prudent and less pro-cyclical loan pricing behaviour.     

Valuation Weights,Linear Dynamics and Accounting Conservatism: An Empirical Analysis

Residual income models provide an important theoretical link between equity valuation and financial statement variables. While various researchers have developed models of how accounting policy impacts on the structure of these models, empirical support for these models is at best weak and frequently contradictory. In this paper, we develop an analytical model, which identifies the dependency between valuation weights in residual income models and the associated structure of earnings information dynamics and accounting conservatism. In contrast to many earlier studies, we find strong evidence of conservatism in our reformulation of the linear dynamics. We proceed to test our predictions of the dependency of the weights on two measures of conservatism, the conventional measure of price‐to‐book ratio and the recent measure of a C‐Score index developed by Khan and Watts (2009) and find that the empirical results accord well with our theoretical predictions in the case of the former but not the latter measure.