会计稳健性与上市公司投资行为——基于资产减值角度的实证分析

本文从资产减值角度考察会计稳健性对公司投资行为的影响。稳健性要求公司推迟确认不完全确定的收入,但是尽快确认可能发生的损失。在本文中,我们发现,由于及时确认损失有助于促使公司及早停止低效率的投资,因此资产减值准备计提会对公司的过度投资产生制约作用。由于及时确认损失也会促使厌恶风险的经理人放弃对风险较大但却可能盈利的项目进行投资,因此资产减值准备计提也会导致公司投资不足。我们的研究为公司过度投资问题的解决提供了一个新视角,同时也说明会计稳健性具有一定的两面性,该原则的运用应当权衡其利弊。

Accounting Conservatism and Investment Behavior of Listed Firms

In this paper,we study the impact of accounting conservatism on investment behavior of listed firms from the perspective of asset write-off.We find that because timely recognition of losses forces firms to cut down investments that are low efficiency,asset write-off can curb overinvestment.We also find that because timely recognition of losses may force managers to give up investment that is of risk but profitable,asset write-off may lead to underinvestment.These results offer a new approach to tackle overinvestment problem through accounting methods and show that accounting conservatism should be implemented with caution.