国内外会计异象研究动态与述评

会计异象长期以来受到学术界的高度关注,会计异象主要体现为应计异象、盈余公告后的价格漂移异象和价值-魅力异象。近10年来,学术界对会计异象问题的研究主要集中在:会计异象产生的原因、会计异象与其他市场异象之间的关系、会计异象的持续性、会计异象的普遍性等几个方面。未来学术界需要进一步对投资者行为及资产定价模型进行实证研究,需要对我国特定市场背景下的会计异象问题进行深入研究。     

应计异象、盈利质量与股票回报——中国大陆的经验研究

以中国1998-2007年全部A股上市公司数据为研究对象,探究中国市场上的应计异象.在确认中国市场上存在应计异象的同时,将会计应计进行分解,具体探究关于会计应计的三种假设在中国的适用性,确定管理层操纵可以解释大部分现象,但要解释所有细节还必须结合其他两种假设.通过将应计各项目分为可操纵和不可操纵两个部分,研究发现,市场对管理层操纵这一现象的反应存在时滞.另外,对所有A股进行分行业检验发现,主要是管理层操纵导致了应计异象.     

沪港通影响了A股市场的应计异象吗？

基于应计异象视角,以2011—2017年沪深A股上市公司为样本,利用双重差分模型实证检验沪港通交易机制对A股市场定价效率的影响,结果表明:沪港通交易机制的实施显著加剧了应计异象,利用PSM纠正样本选择偏差后,结论依然稳健。进一步研究发现,沪港通交易机制对应计异象具有双重影响:一方面,与投资/增长假说相一致,投资水平提高加剧了投资/增长导致的应计异象;另一方面,与会计扭曲假说相一致,盈余管理水平降低缓解了盈余管理导致的应计异象,但这一作用有限。整体来看,沪港通交易机制加剧了我国证券市场上的应计异象。     

机构持股、信息质量与应计异象

以2004至2008年A股盈利性上市公司为研究样本,运用非线性Minshkin检验方法以及线性多元回归方法,对我国证券市场应计异象的存在性进行了检验,并分析了机构投资者持股能否减缓应计异象.结果表明我国证券市场总体上存在显著的应计异象,并且机构投资者能够起到减缓应计异象的作用.随后,研究了会计信息质量对机构投资者减缓应计异象的影响,高质量的会计信息有助于机构投资者对应计利润更准确定价,进一步消减应计异象.     

分析师盈余预测、财务报告透明度与企业应计异象

本文以2011—2017年沪深A股市企业财务数据为研究对象,对中国市场中上市企业应计异象影响因素进行探究.通过研究发现:财务报告透明度和分析师盈余预测准确度均与企业应计异象显著负相关,即提升财务报告透明度和分析师盈余预测准确度均能有效抑制市场中企业的应计异象程度,进一步发现分析师盈余预测能显著增强财务报告透明度与应计异象之间的相关性.通过研究可以为治理市场中的应计异象、提升市场定价效率提供一定的借鉴与参考.     

资本市场“应计异象”研究述评

"应计异象"是资本市场的重要现象,也是近年来国际学界关于会计学和资本市场研究的热点问题。首先,文章基于存在性、产生原因、持续存在原因的逻辑分析框架,系统回顾资本市场"应计异象"研究现状。然后,通过对国内资本市场近期研究成果进行述评。最后,通过分析该领域2000年以后最具影响力的12篇文献,归纳分析"应计异象"领域近10年以来的研究动向,并对"应计异象"未来研究进行展望。     

内部控制缺陷披露如何影响资本市场应计异象？

基于应计异象视角，利用2012—2020年A股上市公司数据，深入研究内部控制缺陷披露对会计信息定价效率的影响。结果表明，内部控制缺陷披露能够显著缓解A股市场应计异象。进一步分解应计盈余发现，内部控制缺陷披露缓解了投资增长导致的应计异象，对盈余管理导致的应计异象加剧作用不显著，整体表现为缓解作用。机制检验发现，内部控制缺陷披露的监督治理效应发挥了主要作用，提高了治理水平，缓解了应计异象，高行业内部控制缺陷披露削弱了其缓解作用，内控监管环境的严格强化了两者的关系，缺陷整改信息披露未能引起两者关系的变化。     

中国资本市场应计异象存在性研究——基于沪深上市公司的经验证据

本文的主要目的是探究中国资本市场上应计异象的存在性。笔者以1998—2005年我国上市公司为研究对象,研究结果表明总体上我国资本市场上存在较为明显的应计异象,单变量回归结果和构建套利投资组合的结论一致。剔除亏损公司、加入风险因子、改变经营性应计的计算方法对实证结果的影响有限,但总体上不会改变本文的结论。     

创业板存在应计异象吗?——基于创业板前78家上市公司的实证研究

创业板的推出对我国经济的改革转型和结构调整具有战略意义。文章从应计异象着眼,探讨创业板公司的会计信息与其股价之间的关系。研究发现:第一,我国创业板公司并不存在明显的"应计异象",与国外资本市场不同;第二,以应计项目为依据设计的投资策略不能获得显著为正的超额收益。这说明创业板投资者能识别其盈利中不同组成部分的含义,市场有效程度有所改善。     

资产增长效应研究综述及其成因分析

尽管行为金融学派和理性资产定价学派均解释了资产增长异象,但资产增长异象的成因仍是近期公司金融研究领域最具争议的热点问题之一。文章认为,行为金融中的心理账户效应同样存在于公司投资行为中,公司外部股权融资的使用效率和公司价值可能因此而降低,这就是资产增长异象的解释,并且这种解释力还受股市状态影响。研究从公司投资行为偏差视角解释了资产增长异象,丰富了基于投资的资产定价研究和行为公司金融研究,深化了对资产定价决定因素和公司投资决定因素的理解。     

IFRS的强制趋同、盈余动机与应计及真实盈余操纵

本文运用我国2005年至2008年A股市场的数据,实证研究了新会计准则的实施、盈余动机与应计及真实盈余管理的关系。结果发现:与国际财务报告准则趋同的新准则强制实施以后,公司的应计盈余管理空间扩大了,公司的真实盈余管理也明显地增加了,其中应计盈余管理空间的扩大可能是由于会计稳健的结果;公司为满足盈余管理的各种动机需要,会灵活地同时使用应计与真实盈余管理来协调互补地达到恰当调节利润的目的;除了股票增发(Zengfa)动机以外,其余各种动机在一定程度上都利用了新会计准则的强制实施来进行应计或各种真实盈余管理,以达到操纵利润的目的。     

IFRS的强制趋同、盈余动机与应计及真实盈余操纵

本文运用我国2005年至2008年A股市场的数据,实证研究了新会计准则的实施、盈余动机与应计及真实盈余管理的关系。结果发现:与国际财务报告准则趋同的新准则强制实施以后,公司的应计盈余管理空间扩大了,公司的真实盈余管理也明显地增加了,其中应计盈余管理空间的扩大可能是由于会计稳健的结果;公司为满足盈余管理的各种动机需要,会灵活地同时使用应计与真实盈余管理来协调互补地达到恰当调节利润的目的;除了股票增发(Zengfa)动机以外,其余各种动机在一定程度上都利用了新会计准则的强制实施来进行应计或各种真实盈余管理,以达到操纵利润的目的。     

论预算会计收付实现制及其改革

客观评价我国预算会计收付实现制确认基础,探讨其局限,借鉴OECD国家预算会计权责发生制改革实践经验,结合我国实际,研究和探索我国预算会计如何运用权责发生制,是理论界和实务界面临的重要课题。     

政府会计确认基础与权责发生制预算改革的思考

我国新发布的《政府收支分类改革方案》,对现行政府会计确认与计量基础提出了挑战。尽管现行的完全收付实现制存在着诸多问题,但鉴于权责发生制改革可能诱发自由裁量权的非规范性扩张,缺乏必要的人力资源支撑体系等因素,现在实行完全的或修正的权责发生制计量原则的条件还不成熟。本文认为,采用修正的收付实现制是可行的现实选择。     

Managing implementation processes

Abstract

In order to improve financial decision making in local governments in Germany, accrual output-based budgeting is being introduced. As the dynamics of implementation processes are often neglected, we research the shift from established rules and procedures to the application of accrual accounting, especially how public managers deal with new financial management systems and how their expectations are fulfilled. Based on a dynamic capability approach, six case studies in German municipalities are conducted. In a comparative analysis we focus on the dynamics of implementation processes. The findings emphasize that the application of accrual accounting is dependent on strategic orientations of top managers, involvement of middle managers and the capability to develop new structural routines in managing change.     

Accounting Accruals and Stock Returns: Evidence from European Equity Markets

Abstract

In this paper, I show a generalisation of the negative relation of traditional accruals and percent accruals with future returns in 11 of 16 European countries. Positive abnormal returns from hedge portfolios on both accrual measures summarise the economic significance of this generalisation. The magnitude of returns obtained from traditional accruals is higher than that obtained from percent accruals, contrary to existing evidence from the U.S. capital market. The magnitude of the accrual effect on stock returns based on both accrual measures is stronger in countries with higher individualism, lower uncertainty avoidance, higher equity-market development, higher equity-market liquidity, lower transaction costs, higher analyst coverage, lower analyst optimism, and lower ownership concentration. In markets where minorities have legal protection against expropriation by corporate insiders and where accrual accounting is permitted, the accrual effect based only on percent accruals is positive. Earnings opacity does not appear to exhibit a significant influence. Overall, the evidence suggests that cross-country differences in culture, equity-market setting, analysts' research output, investor protection, and ownership structure play an important role in explaining variation on the magnitude of the accrual anomaly in Europe.     

Earnings Management and the Accrual Anomaly: Evidence from China

Using the unique Chinese setting in which the “delisting regulation” is based on accounting numbers, we separate earnings management into (1) earnings management responding to regulation and (2) earnings management prompted by market pressures and further document that earnings management responding to market pressures produces the accrual anomaly (Sloan, 1996) and earnings management responding to regulation does not. Initially unable to detect the accrual anomaly in China's stock market, we were reluctant to conclude that China's market is more efficient than that in the United States. After observing a disproportionate number of “big‐bath” loss firm‐years in the lowest decile of accruals for our sample, we estimated the apparent earnings distortion induced by the delisting regulation. When we excluded this distortion from our analysis, we documented the presence of the accrual anomaly in China's stock market. We conclude that the delisting regulation creates an artificial distribution of firm earnings in China that affects the market pricing of accruals and masks the accrual anomaly. The results have implications for policy makers and regulators in general, and those in emerging markets in particular.     

The role of accrual accounting in restricting dividends to shareholders

This paper addresses the question why net earnings and other accrual accounting numbers are frequently used to restrict dividends to shareholders. Even though this role of accrual accounting is widely accepted in the literature, a theory explaining the role of accruals in dividend restrictions is still in its early stages. Building on the principal–agent framework, I argue that basic features of the accrual process can be viewed as arising from the demand for dividend restrictions mitigating debt-related incentive problems. This explanation is consistent with the observation that, historically, debt contracting, dividend restrictions and the development of accrual accounting have been closely related. The basic idea is that the use of transactions and events in the accrual process leads to a contingent specification of the upper bound on dividends in an earnings-based constraint. Transactions and events used in the accrual process can be viewed as imperfect, but verifiable indicators for (unverifiable) determinants of debt-related incentive problems. This general idea is applied to incentive problems that regularly arise in a multi-period context. The paper demonstrates that the accrual process may mitigate distortions in shareholders' investment decisions using provisions and depreciation charges as examples.     

IMITATING ACCRUAL TAXATION ON A REALIZATION BASIS

Abstract.  While taxation of capital gains upon accrual poses problems of liquidity and valuation, taxation upon realization evokes the so-called lock-in effect that possibly induces distortions of the investors' liquidation and investment decision. The tax schemes, proposed in the literature in order to remedy simultaneously the shortcomings of both taxation methods, are mostly based on the idea of imitating accrual taxation on a realization basis. The paper surveys these proposals of so-called formulaic taxation and develops a uniform formal way of describing the suggested schemes that allows them to be easily compared and evaluated from a theoretic point of view.