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

本文选取会计稳健性作为衡量会计信息质量指标,运用股票收益模型和盈余持续性模型来考察深沪证券交易所设立的诚信档案制度对上市公司会计信息质量的改善程度,籍此评价政府有关机构对我国证券市场会计监管措施的效果。研究结果表明:诚信档案制度对我国上市公司的会计信息质量提高具有一定的促进作用,但作用效果并不十分显著。这说明,我国政府部门对证券市场实施的一系列会计监管措施,在一定程度上能够发挥作用,从而达到缓解会计信息失真,完善市场机制的目的。     

Earnings components and the asymmetric timeliness of earnings: the case of FRS 3 in the UK

We exploit a unique setting to examine how an accounting regulation change affects the asymmetric timeliness of earnings. Financial Reporting Standard No. 3: Reporting Financial Performance (FRS 3) changed the way listed UK companies recognised bad news through ordinary or extraordinary items. FRS 3 tightened the definition of extraordinary items but gave wider discretion in classifying exceptional items. The results were that, after FRS 3, the asymmetric timeliness of earnings before extraordinary items increased and the association of earnings conservatism with discretionary accruals was weaker.     

Have IFRS Affected Earnings Management in the European Union?

There has recently been considerable discussion of those features of IFRS that are likely to help improve financial reporting in the European Union. However, certain issues may also have a negative impact on the quality of information. This paper focuses on the effect of IFRS on earnings management. Its main purpose is to examine whether the adoption of IFRS in the European Union has increased or decreased the scope for discretionary accounting practices by comparing discretionary accruals in the periods preceding and immediately after the regulatory change. Another objective is to determine which firms' features and country factors may explain the accounting discretion observed before and after IFRS. We consider a sample of non-financial firms listed on 11 EU stock markets. The results obtained show that earnings management has intensified since the adoption of IFRS in Europe, as discretionary accruals have increased in the period following implementation. The variables explaining accounting discretion are the same before and after IFRS (business size, leverage, investor protection and legal enforcement). These results suggest that variations in earnings management might be due to some room for manipulation under international standards when compared with local standards.     

Asymmetric timeliness tests of accounting conservatism

Recent accounting research employs an asymmetric timeliness measure to test the hypothesis that reported accounting earnings are “conservative.” This research design regresses earnings on stock returns to examine whether “bad” news is incorporated into earnings on a more timely basis than “good” news. We identify properties of the asymmetric timeliness estimation procedure that will result in biases in the test statistics except under very restrictive conditions that are rarely met in typical empirical settings. Using data series that are devoid of asymmetric timeliness in reported earnings, we show how these biases result in evidence consistent with conservatism. We conclude that the biased test statistics inherent in the asymmetric timeliness research design preclude using this method to measure conservatism; that these biases are irresolvable as they originate in the test’s specification; and that studies employing asymmetric timeliness tests cannot be interpreted as providing evidence of conservatism.

Earnings quality and firm valuation: international evidence*

This study uses a sample of over 7000 firms in 38 countries to investigate the relation between firm valuation and earnings quality. We find a positive and significant relation between firm valuation and an aggregate earnings quality measure based on seven earnings attributes (accruals quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism). This relation is particularly strong for firms with greater investment opportunities and more need for external finance, and for firms in low investor protection countries. Thus, firms are able to compensate for a weak legal environment by adopting higher earnings quality standards, particularly when they need to gain access to global capital markets. Overall, our findings suggest that firms with higher earnings quality are valued more highly in stock markets, supporting the idea that investors require a premium for the information risk associated with lower‐quality earnings.     

股权质押对审计定价的影响及影响机制研究

本文以2010-2018年我国沪深上市公司为样本,探讨了股权质押对审计定价的影响,研究结果表明:是否有股权质押与公司审计费用显著正相关;股权质押比例与审计费用显著正相关。而股权质押影响审计定价的机制分析结果显示:有股权质押、股权质押比例越多时,公司的盈余管理风险和违规风险越大,表明股权质押主要通过提高公司盈余管理风险和违规风险,进而提高了公司的审计费用。结论丰富了审计费用的影响因素、股权质押经济后果的相关文献,为上市公司、会计师事务所、监管部门决策提供了科学借鉴。     

我国上市公司盈余管理对股价影响的实证分析

盈余管理在西方被称为“市场参与者的游戏”，近年来日益受到我国会计学界的关注。证券市场的迅速发展要求上市公司提供高质量的会计信息，由于盈余管理与会计信息质量关系密切，使得对上市公司盈余管理问题的研究成为投资者、债权人、政府主管部门以及会计准则制定机构关注的重点。另一方面，证券市场经验数据证明，股价的波动也同盈余管理密切相关，而利益相关者很可能利用盈余管理手段来影响股价从而获取利益。因此，加强我国上市公司盈余管理和股价相关性的研究，对提高上市公司会计信息质量和改善证券市场资源优化配置功能有着重要意义。本文运用实证分析方法，选取了竞争性强的家电行业和竞争性弱的石油行业的上市公司，从盈余管理度量着手，研究竞争性不同行业的上市公司盈余管理对股价的影响大小，并对投资者的行为提出相关建议。     

会计稳健性对盈余价值相关性的影响研究——基于公允价值计量的视角

以2001～2008年我国A股上市公司为研究样本,基于公允价值计量全面引入的视角,考察了会计稳健性对盈余价值相关性的影响,实证发现:会计稳健性显著降低了会计盈余的价值相关性,而公允价值计量显著弱化了会计稳健性对于盈余价值相关性的负向影响.研究结果表明,对于我国上市公司而言,稳健的会计政策并不意味着高质量的财务报告信息.公允价值与会计稳健性适度藕合,可以弥补会计稳健性的不足,有利于提高会计信息质量.     

The effect of differential accounting conservatism on the “over-valuation” of high-tech firms relative to low-tech firms

This paper examines systematic differences in the level of accounting conservatism between high-tech and low-tech firms. Relying on the recent development in theoretical models and empirical measures of conservatism, we investigate conservative accounting practices and earnings management behavior in high-tech and low-tech firms. The results based on comparisons of cumulative nonoperating accruals, regression coefficients from the income timeliness models in Basu (1997), the distribution of earnings, and discretionary accruals between the two groups are consistent with a higher level of accounting conservatism in high-tech firms vis-à-vis low-tech firms. Additional analyses show that the effect of conservatism cannot be used as a defense for the over-valuation of high-tech firms.     

会计制度改革、盈余稳健性与盈余管理

本文以1994-2007我国会计制度改革为研究背景,分析了盈余稳健性和盈余管理之间的内在关系和相互影响,并以此为基础检验了我国会计准则的执行质量。研究得出,扣除操控性应计利润后,上市公司的盈余稳健性同会计制度中稳健性原则的运用程度仍紧密相关。并且,强化稳健性原则和限制公允价值的运用显著降低了公司高估盈余的水平,而弱化稳健性原则和扩大公允价值的运用,则导致了公司盈余管理水平的显著提高。总体而言,没有证据表明盈余稳健性的提高导致了上市公司的大清洗行为。     

The effects of harmonization and convergence with IFRS on the timeliness of earnings reported under Chinese GAAP

This study examines the effects of a series of harmonization and convergence with IFRS on the timeliness of recognition of earnings in emerging Chinese markets. We find that earnings reported under Chinese GAAP have a lower earnings response coefficient, but a higher future earnings response coefficient, than earnings reported under IFRS before Chinese GAAP converged with IFRS in 2007. This indicates that earnings reported under Chinese GAAP are generally less timely than earnings reported under IFRS before convergence. We also find that the future earnings response coefficient of earnings reported under Chinese GAAP continues to increase, indicating that the timeliness of recognition of earnings reported under Chinese GAAP worsened after a series of harmonization and convergence with IFRS in China. Taken together, this study provides evidence indicating that harmonizing and converging national accounting standards with IFRS in emerging capital markets may not necessarily increase accounting quality.     

Earnings conservatism and audit committee financial expertise

Using an Australian sample of 494 firm‐year observations, this study finds that accounting financial expertise is the primary type of expertise that influences earnings conservatism, rather than nonaccounting financial expertise. The association between accounting financial expertise and conservatism holds only when the accounting financial expert(s) on audit committees is (are) independent. Overall, results suggest that audit committee accounting financial expertise is important in recognising the asymmetrical timeliness of losses. Findings provide a better understanding of the dynamics between audit committee financial expertise and earnings conservatism and demonstrate the importance of accounting financial expertise in improving financial reporting quality.     

The accrual anomaly in Europe: The role of accounting distortions

Numerous studies claim that the accrual anomaly in the U.S. stock market is due mostly to temporary accounting distortions arising from accrual accounting. We examine the validity of this explanation in an international setting. Across the 15 developed European equity markets we examine, accounting distortions contribute to the negative relation between accruals and future earnings performance in 14 equity markets. Further, we show that the negative relation between accruals and stock returns could be at least attributable to accounting distortions. In particular, accruals related to accounting distortions predict returns in 7 out of the 9 markets where the accrual anomaly occurs in Europe. Finally, we show that the impact of accounting distortions on the pricing of the accrual component of earnings is stronger in markets with a higher level of trust and a lower level of secrecy.     

内部控制、独立审计与上市公司分类转移问题研究

分类转移是利用非经常性损益具体项目的确认和归类变更来进行盈余管理的行为,它能在不改变净利润的情况下调整公司的盈余结构。本文考虑上市公司分类转移盈余管理,以2017年沪深两市A股上市公司作为研究对象,实证检验内部控制、独立审计对上市公司分类转移的影响。研究发现,良好的内部控制促进了上市公司转而使用分类转移进行盈余管理,而高质量的独立审计一定程度上能抑制上市公司盈余管理问题。本研究表明,在目前大力推行的内部控制制度建设的过程中,应当进一步完善内部控制管理体系,加强内控机制对分类转移盈余管理的识别能力。     

Do analysts who understand accounting conservatism exhibit better forecasting performance?

This study investigates the performance of analysts when they match the asymmetric timeliness of their earnings forecast revisions (i.e., asymmetric forecast timeliness) with the asymmetric timeliness of firms’ reported earnings (i.e., asymmetric earnings timeliness). We find that better timeliness‐matching analysts produce more accurate earnings forecasts and elicit stronger market reactions to their forecast revisions. Further, better timeliness‐matching analysts issue less biased earnings forecasts, more profitable stock recommendations and have more favorable career outcomes. Overall, our results indicate that analysts’ ability to incorporate conditional conservatism into their earnings forecasts is an important reflection of analyst expertise and professional success.     

利润操纵行为影响会计稳健性吗?——基于季度盈余不同汇总方法的经验证据

本文使用季度盈余的方法研究会计稳健性。以往文献主要使用会计年度(即公历年度)盈余分析我国上市公司的会计稳健性,相对无法有效地分离或控制利润操纵行为对会计稳健性的影响。本文使用不同的方法对季度盈余进行汇总,得到会计年度盈余及其他三种受利润操纵行为影响较弱的年度盈余。研究发现,我国上市公司的会计年度盈余和其他三种年度盈余都表现出了稳健性特征。这一经验证据表明,我国上市公司的报告盈余具有实质意义上的稳健性,利润操纵行为并未影响会计盈余的稳健性。     

Developing countries converging with developed-country accounting standards: Evidence from South Africa and Mexico

I examine the usefulness (relevance and timeliness) of earnings announcements in two emerging markets, the Johannesburg Stock Exchange (JSE) and the Bolsa Mexicana de Valores Stock Exchange (BMV). A weighted least-squares regression is used to test the association of book values of earnings and equity with firm market value. I find that, on JSE and BMV, earnings and/or book value of equity are value relevant in explaining stock prices. I also find that this association is greater in 2000 as compared to 1998 on the BMV. Regarding timeliness, I find that earnings announcements are accompanied by unusually different returns on JSE, but not on BMV. Market infrastructure, specifically insider-trading rules, may explain BMV results. I suggest that accounting and market infrastructure interact and that such interaction is valuable input to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) in their deliberations regarding one set of accounting regulations for all countries.     

会计盈余、现金流量的价值相关性实证研究基于沪深股市的实证证据

已有的研究结果说明会计盈余具有价值相关性。从盈余等于经营现金流量与应计利润之和这一新的视角切入，以实证的方法对沪深两地上市的A股公司进行三大样本检验。并通过建立股票报酬与应计利润和现金流量的回归方程，利用应计利润回归系数的显著性对会计盈余与现金流量的价值相关性做比较，结果表明，会计盈余的价值相关性要大于现金流量的价值相关性。     

CFO tenure,CFO board membership and accounting conservatism

We examine the influence of chief financial officer (CFO) tenure and CFO board membership on accounting conservatism among Australian listed companies. The study uses market-based (i.e., timeliness of earnings to news) and accounting-based (i.e., accrual-based loss recognition) measures of conservative accounting. The results show that while longer CFO tenure and CFO board membership increases accounting conservativism, this is not the case when CFOs become entrenched through long board-membership tenure. This entrenchment appears to lead to the use of aggressive accounting practices. Overall, the results indicate that CFO tenure and CFO board membership improve financial-reporting quality by increasing accounting conservatism in organizations, providing evidence of the importance of recognizing these two governance characteristics in policymaking and in regulation.     

Asymmetry in earnings timeliness and persistence: a simultaneous equations approach

This study addresses simultaneity bias in piecewise linear forms of the earnings-return relation. We specify an overidentified system of simultaneous equations that incorporates both asymmetric earnings timeliness and asymmetric earnings persistence specifications and implement two-stage least squares for this piecewise linear system. Estimation of a system that is piecewise linear in endogenous variables presents several issues that are unprecedented in the accounting literature. Findings provide evidence that the asymmetric timeliness specification is particularly affected by simultaneity and that failing to correct for simultaneity results in coefficient estimates that potentially understate the degree of asymmetric earnings timeliness. Moreover, inferences regarding how conditional conservatism has evolved over time are sensitive to whether OLS or 2SLS coefficients are used as the basis of comparison.