终极所有权结构对审计定价的影响——来自中国上市公司的经验证据

本文以2005～2009年连续5年可获得相关信息的579家沪深上市非金融公司组成的平衡面板数据(共2895个观察值)为研究样本,在控制相关变量的基础上运用一系列混合最小二乘法实证检验终极所有权结构对审计定价的影响;实证结果表明,终极所有权结构是影响审计定价的重要因素,具体而言:(1)与现金流量权和控制权没有偏离的公司相比,现金流量权和控制权存在偏离的公司具有相对高的审计定价;(2)现金流量权和控制权的偏离度与审计定价显著正相关;(3)与终极控制股东是非国有的公司相比,终极控股股东是国有的公司的审计定价更高。     

终极控制股东、金字塔结构与会计稳健性

我国股权大都集中在大股东的手中,终极控制股东普遍采用金字塔股权结构的方式对底层公司实施控制并影响会计稳健性。基于Basu模型,采用2012-2017年深沪两市A股上市公司数据,对终极控制股东产权性质、金字塔股权结构对上市公司会计稳健性进行研究。结果表明：与终极控制股东为非国有的上市公司相比,终极控制股东为国有的上市公司会计稳健性更高;金字塔层级增加导致会计稳健性降低;金字塔层级的增加对于国有控股企业和非国有控股企业会计稳健性的影响存在差异,国有终极控制上市公司的会计稳健性更高。     

产权性质、债务融资与会计稳健性——来自中国上市公司的经验证据

本文以我国A股上市公司2002-2006年的数据为样本,采用Basu模型研究了债务(尤其是不同期限的银行借款)对会计稳健性的影响,研究结果表明:银行要求短期借款比例高和长期借款比例低的公司采取更加稳健的会计政策,考虑到两类产权性质时,银行对终极控制人为私有产权控股的公司有更加稳健的要求,且对短期借款比例高的私有产权控股公司会计政策要求更加稳健,而对长期借款比例高的国有产权控股公司会计稳健性的要求相对更低。     

民营公司两权分离度、内部制衡机制与经营绩效关系

以中国的投资者保护为研究出发点,本文搜集沪深两市挂牌交易的由自然人创立并拥有的民营公司研究样本,实证检验其两权分离程度、内部制衡机制与公司经营绩效之间的关系。研究发现,在民营公司内部,控制权和所有权的分离对公司的经营绩效产生了显著的负面影响,两权分离程度越大,对公司经营绩效的负面作用越大;其次,内部制衡机制与公司经营绩效显著正相关,制衡机制越强,抑制终极控股股东的侵占行为的效果越显著;最后,两权分离程度与内部制衡机制之间存在着交互作用,在两权分离程度相同的情况下,制衡机制的程度越强,对于减少终极控股股东与中小投资者之间的委托代理成本,改善公司经营绩效的效果越明显。     

终极控制人两权分离与公司绩效——以安徽省民营上市公司为例

以安徽省民营上市公司为研究样本,用样本公司2009-2011年的面板数据对终极控制股东控制权、现金流权以及两权分离情况与公司绩效之间的关系进行研究,统计结果表明:安徽省民营上市公司终极控制人两权分离度与公司绩效的显著负相关,控制权、现金流权与公司绩效显著正相关。由此得出结论,终极控制股东的控制权与现金流权两权过度偏离会导致公司绩效下降。     

控股股东股权质押与控制权转移风险

运用2010-2019年A股公司数据,本文从事前和事后系统考察了控股股东股权质押与控制权转移风险之间的关系。研究发现,从事前来看,控制权转移风险越大,控股股东股权质押的可能性越小;从事后来看,控股股东股权质押会通过削弱控股股东的“自救”能力,加剧股价下跌压力,增加其他股东减持公司股票的可能性等路径造成上市公司更容易被举牌、控制权更容易变更。国有产权性质和牛市周期会减弱上述经济后果。     

浅谈控股股东会计行为异化

股权集中是我国大部分上市公司的特点。因而控股股东在公司治理和监督经营者中具有重要的作用,但由于控制权私人收益的存在,常会出现控股股东利用控制权通过会计行为异化的方式以侵占小股东利益的现象,谋取自身利益最大化。因此,从控股股东的角度研究控股股东会计行为异化对我国经济的发展具有重要的现实意义。本文运用会计学、行为学、公司治理理论分析了控股股东会计行为异化的形成机理,依此提出了相应的治理建议。     

金字塔股权结构与终极股东利益侵占行为——来自中国上市公司控制权转移的证据

金字塔股权结构广泛存在于我国上市公司之中,并以其复杂的结构降低公司透明度,隐藏终极股东身份,发挥放大控制权的杠杆效应,加剧股东之间的利益冲突。本文以2008年至2010年我国大宗股权转让事件为样本研究金字塔结构与终极股东之间的关系,结果表明金字塔形态特征和内部权力结构对终极股东利益侵占水平存在不同程度的影响。完善公司治理结构,加强上市公司信息披露制度和对大股东的监管势在必行。     

内幕交易、利益补偿与控制权转移——来自我国证券市场的证据

本文从控股股东角度探讨内幕交易在控制权转移中所发挥的作用。利用一个模型分析表明内幕交易起到了补偿控制权转移中控股股东所付出代价的作用，扩大了控制权转移交易的达成区域，使控制权转移事件更容易发生，控制权转移事件出现频率更高。在此基础上，利用上市公司（1997—2001）样本验证了：（1）我国上市公司控制权转移过程中存在内幕交易行为。（2）控制权转移中控股股东与内幕交易行为有关：控制权转移中控股股东付出越多，内幕交易行为越严重；原控股股东控股比例越高，内幕交易行为越严重；现金方式交易时内幕交易行为比非现金方式交易时更加严重。本文研究结果表明我国上市公司控制权转移中由于控股股东可以利用内幕交易补偿所付出的代价，从而使得控制权转移易于发生，这在一定程度上推动了自1997年起的上市公司控制权转移热潮的出现。     

控股股东的两权分离、多元化经营与公司价值

本文以2004年至2008年期间的上市公司为样本,对终极股东控制权与现金流权的分离、多元化经营与公司价值的关系进行实证研究.研究结果表明,终极控制股东的两权分离对多元化经营与公司价值的关系产生负面影响,而且这种负面作用在高自由现金流公司及地方政府控制的上市公司中更严重.     

新会计准则实施后营业利润的信息质量研究

以新会计准则实施对营业利润信息质量的影响为研究对象,利用2001～2010年A股上市公司数据,从会计信息的持续性、稳健性和相关性三个方面综合评价新会计准则实施对营业利润信息质量的影响,同时分析了资产减值损失、公允价值变动收益和投资收益的并入对营业利润信息质量的影响。实证结果显示新准则对营业利润的综合影响结果是价值相关性提高,但持续性和稳健性下降。     

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

本文以1995—2004年深沪两市全部A股上市公司为研究样本,考察会计制度的强制性变迁是否显著提高我国上市公司会计盈余的稳健性。研究结果显示,1995—1997期间上市公司会计盈余不具有稳健性,意在提高上市公司稳健性水平的《股份有限公司会计制度》的实施并未实质性增强1998—2000期间会计盈余的稳健性水平,而更为积极贯彻国际通行的稳健会计政策的《企业会计制度》的实施则显著提升了2001-2004期间我国上市公司会计盈余的稳健性。然而,单独对盈利公司所作的进一步检验却表明,2001—2004期间会计盈余显示的稳健性特征主要是由于亏损公司"洗大澡"造成的。研究结果表明,单纯转变会计准则并不能改善会计信息的质量,除非附以相配套的强有力的法律和执行机制。     

Managerial Ownership and Accounting Conservatism

In this paper we examine the effect of managerial ownership on financial reporting conservatism. Separation of ownership and control gives rise to agency problems between managers and shareholders. Financial reporting conservatism is one potential mechanism to address these agency problems. We hypothesize that, as managerial ownership declines, the severity of agency problem increases, increasing the demand for conservatism. Consistent with our hypothesis, we find that conservatism as measured by the asymmetric timeliness of earnings declines with managerial ownership. The negative association between managerial ownership and asymmetric timeliness of earnings is robust to various controls, in particular, for the investment opportunity set. We thus provide evidence of a demand for conservatism from the firm's shareholders.     

Publicly traded versus privately held: implications for conditional conservatism in bank accounting

Compared with privately held banks, publicly traded banks face greater agency costs because of greater separation of ownership and control but enjoy greater benefits from access to the equity capital market. Differences in control and capital market access influence public versus private banks’ accounting. We predict and find that public banks exhibit greater degrees of conditional conservatism (asymmetric timeliness of the recognition of losses versus gains in accounting income) than private banks. We predict and find that public banks recognize more timely earnings declines, less timely earnings increases, and larger and more timely loan losses. Although public ownership gives managers greater ability and incentive to exercise income-increasing accounting, our findings show that the demand for conservatism dominates within public banks and that the demand for conservatism is greater among public banks than private banks. Our results provide insights for accounting and finance academics, bank managers, auditors, and regulators concerning the effects of ownership structure on conditional conservatism in banks’ financial reporting.

Corporate Governance and Accounting Conservatism in China

A principal-agent relationship exists among creditors, shareholders and management, and information asymmetry among them leads to asymmetric loss functions, which induces conservative accounting. This paper investigates the determinants of accounting conservatism using accrual-based measures and data from 2001 to 2006 in China. We find that a higher degree of leverage, lower level of control of ultimate shareholders and lower level of management ownership lead to more conservative financial reporting. We also find that political concerns and pressures among state-owned enterprises are greater than those among non-state owned enterprises, which leads to more conservative financial reporting among the former. However, a decrease in such concerns leads to a decrease in accounting conservatism. Overall, we find that among the determinants of conservatism in China, debt is the most important, followed by ownership, and that board has little influence.     

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.     

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。     

Accounting losses and earnings conservatism: evidence from Australian Generally Accepted Accounting Principles

We provide evidence on three important aspects of Australian financial reporting; namely, the characteristics of losses, the extent to which Australian firms’ earnings are conditionally conservative (i.e. bad news is reflected in earnings more quickly than good news) and the extent to which losses reflect incrementally greater conditional conservatism. We find evidence that loss incidence in Australia is frequent, with around 40 per cent of the sample firm‐years from 1993 to 2003 being losses. Losses are also surprisingly persistent, and the probability of loss reversal declines monotonically as the history of losses extends. Although conditional conservatism is also shown to be a pervasive aspect of Australian Generally Accepted Accounting Principles, we demonstrate that it is more evident among loss observations. This result is robust across different methods of capturing conditional conservatism, and supports the conclusion that the relatively high frequency of losses is, at least in part, a reflection of conservative reporting.     

The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition

We investigate the role of accrual accounting in the asymmetrically timely recognition (incorporation in reported earnings) of gains and losses. Timely recognition requires accruals when it precedes complete realization of the gains and losses in cash. We show that nonlinear accruals models incorporating the asymmetry in gain and loss recognition (timelier loss recognition, or conditional conservatism) offer a substantial specification improvement, explaining substantially more variation in accruals than equivalent linear specifications. Conversely, conventional linear accruals models, by omitting the loss recognition asymmetry, exhibit substantial attenuation bias and offer a comparatively poor specification of the accounting accrual process. Linear specifications also understate the ability of current earnings to predict future cash flows. These findings have implications for our understanding of accrual accounting and conservatism, as well as for researchers estimating discretionary accruals, earnings management, and earnings quality.     

国有产权、会计稳健性与权益资本成本——来自中国证券市场的证据

以2007～2008年上市公司为样本,实证检验了会计稳健性和权益资本成本的关系,以及国有所有权对二者关系的影响。结果表明:会计稳健性与权益资本成本负相关,而国有所有权则削弱了会计稳健性在降低权益资本成本方面的作用。