会计制度改革、盈余稳健性与盈余管理分析

在进行会计确认、会计计量和会计报告的过程,会计稳健性原则发挥的作用是非常重要的,其对我国会计准则的制定造成的影响是非常大的。在进行会计准则制定的过程中,经常会产生忽略盈余管理交叉作用的现象,文章就会计制度改革、盈余稳健性与盈余管理进行分析,希望能够在一定程度上完善我国的会计制度。     

会计稳健性运行机制研究

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。研究发现,单纯强调会计准则中会计稳健性的变革并不能改善会计信息的质量,会计稳健性治理机制的有效运行还需要配套的法律和执行机制。本文通过对会计稳健性内涵和影响因素的分析,进一步提出了完善会计稳健性的对策建议。     

盈余反应非对称性：会计稳健性，抑或费用粘性

文章运用2008-2011年我国A股主板上市公司数据,首次将会计稳健性和费用粘性纳入同一研究框架来探究盈余反应非对称反应的根源。实证研究结果表明,基于会计稳健性根源的盈余反应非对称性系数不显著,基于费用粘性根源的盈余反应非对称性系数显著为正。这一结果表明,我国公司盈余反应非对称性的根源主要在于费用粘性,而非会计稳健性。     

基于会计稳健性的董事会治理结构与盈余质量研究

本文在市场有效的假设前提下,基于决策有用的信息观,选择会计稳健性作为计量指标,通过实证研究分析了董事会治理结构对盈余质量的影响。研究证实董事会治理结构的确影响稳健性的程度,会促进会计盈余更加“稳健”或更加“激进”。其中,董事会规模对盈余质量的影响主要是通过影响独立董事的作用发挥得以体现,独立董事与盈余质量的关系存在状态依存性,专业委员会对盈余质量的提升作用非常有限。     

成本粘性和盈余稳健性问题研究

在我国会计领域中,会计信息质量至关重要,要确保会计信息的真实性、完整性、合理性,是提升会计工作质量和效率的基础和保障。"成本粘性"指出了销售收入变动与成本变动的非对称性关系,让人们重新审视的成本粘性对企业所带来的影响。"盈余稳健性"主要反应的是债权人与股东的非对称关系。并且在新颁布的会计准则当中,会计政策变更又对盈余稳健性产生了怎样的影响?文章在相关研究从学者的分析进行成本粘性和盈余稳健性产生的原因,会对企业造成什么样的影响,以及如何处理和控制进行了系统的总结。     

会计准则变迁与会计盈余稳健性——基于沪市A股上市公司的实证分析

会计稳健性作为一项重要的会计信息质量要求,一直受到会计准则制定者和会计信息需求者的重视。文章以2005-2008年沪市A股上市公司为研究样本,采用了改进后的Basu模型,对会计盈余及时性,反转性以及新会计准则实施对会计盈余稳健性的影响进行了实证分析。研究结果表明,新会计准则实施后,我国上司公司盈余稳健性有所提升,但提升的幅度有限,因此,单纯依靠会计准则的变革并不能实质性的改善会计信息的质量,只有进一步完善与准则相配套的法律法规和执行机制,才能使会计准则变革提高上市公司会计准则的质量。     

国际分工新形态、金融市场发展与全球失衡

本文从国际分工的角度考察了全球失衡问题,通过构造一个金融市场-制造业比较优势指标,利用1990～2005年45个国家的数据进行了系统的计量研究,证实金融-制造业比较优势对于经常账户赤字(盈余)的重要性,一系列稳健性检验支持了我们的主要结论。特别地,我们发现,中国的贸易失衡在很大程度上可以由国际分工新格局加以解释。这一发现对于理解全球失衡和中国的经济增长模式具有重要意义。     

宏观经济政策、会计信息可比性与分析师预测

基于2008-2020年中国A股上市公司数据,分析了会计信息可比性在宏观经济政策紧缩时期对分析师预测行为的影响。研究结果表明：上市公司的会计信息越可比,跟踪该公司的分析师数量越多,分析师对该公司的盈余预测偏差越小,分歧度越低;宏观经济政策紧缩时期,上市公司的会计信息越可比,跟踪该公司的分析师数量越多,分析师对该公司的盈余预测偏差越小,分歧度越低。结论在使用替换变量的稳健性检验后依然成立。丰富了会计信息可比性的经济后果与分析师预测行为影响因素的研究,同时为改善企业信息环境提供了一定的建议。     

业绩预告的类型会影响其准确性吗?——基于盈余管理动机视角

业绩预告的经验品属性使得资本市场如何预判业绩预告的准确性显得尤为重要,但已有研究难以为资本市场提供简单直接且便于观测的预判标准.本文通过挖掘业绩预告类型可能隐藏的盈余管理动机,以2010-2018年度在资产负债表日后披露业绩预告的A股上市公司为研究对象,实证考察盈余管理动机是否以及如何影响业绩预告准确性.实证研究发现,盈余管理动机越强,业绩预告的准确性越低;作用机制检验发现,审计师对盈余管理动机较强的公司进行了更多的审计调整,使得定期报告中的盈余水平偏离了业绩预告中的盈余水平,从而导致了业绩预告准确性的降低;在控制内生性问题和稳健性测试后实证结果保持不变.研究表明业绩预告类型隐藏的盈余管理动机信息,可以帮助资本市场预判业绩预告的准确性.     

盈余管理、非年报效应与大股东减持

本文利用2007-2010年间沪深A股532家上市公司的2191个减持事件样本,实证检验了盈余管理、非年报效应与大股东减持间的关系。研究发现,上市公司盈余管理程度越高,则大股东减持力度越高;而且大股东减持行为具有明显的非年报效应,选择在中期报告或季度报告期间减持的大股东的减持力度更大;而考虑盈余管理对非年报效应的依赖性后,盈余管理与大股东减持之间同样存在显著地正相关关系,而且盈余管理的影响程度被明显放大了。而进一步研究后发现,大股东减持存在明显的"三季报效应",大股东会主动通过第三季度的盈余管理行为达到减持目的。     

Conditional Conservatism and Debt versus Equity Financing

Extant research suggests that conditional conservatism reduces information asymmetry between a firm and its shareholders as well as its debtholders. However, there is little evidence on whether conditional conservatism reduces information asymmetry differentially for shareholders and debtholders. We use the setting of a firm's choice between equity versus debt when it seeks a significant amount of external financing to examine this research question. We find that when firms raise a significant amount of external financing, the use of equity (versus debt) increases with the level of conservatism. We also find that the reduction in cost of equity associated with conservatism is greater for equity issuers than for debt issuers, but find no such difference when we examine cost of debt. In addition, we find that the positive effect of conservatism on the choice of equity issuance (versus debt issuance) is accentuated when the information asymmetry between the firm and its shareholders is more severe. Overall, our results suggest that conservatism reduces information asymmetry more between firms and shareholders than between firms and debtholders.     

公司治理与稳健性会计信息——一个互动框架

公司治理与会计稳健性之间是一种互动的关系,首先,稳健的会计信息可以缓解契约中委托人与代理人之间的代理冲突,降低代理成本,因此被视为一项重要的公司治理机制。同时,其他公司治理机制对会计信息稳健性也具有重要影响。     

Does Accounting Conservatism Discipline Qualitative Disclosure? Evidence From Tone Management in the MD&A*

We investigate whether accounting conservatism, which has been found to be effective in constraining management opportunism in other settings, constrains upward tone management (UTM) in the Management's Discussion and Analysis (MD&A) portion of the 10-K filing. We hypothesize that conservatism makes it harder for managers to opportunistically downplay bad news and magnify good news when discussing current performance. Consistent with this hypothesis, we find that UTM is negatively associated with several accounting conservatism proxies. Additionally, we hypothesize and find that this association is stronger for firms where managers have higher incentives to manipulate tone. In supplemental analyses, we find evidence to suggest that our results are not due to an endogenous relationship between conservatism and UTM. We also find that conservatism neither encourages downward tone management (DTM) nor constrains managers from conveying real information about future good news. Together, our results suggest that accounting conservatism improves disclosure narratives.     

Accounting Conservatism and Performance Covenants: A Signaling Approach

This study examines the relation between performance covenants in private debt contracting and conservative accounting under adverse selection. We find that under severe adverse selection (i.e., high information asymmetry), accounting conservatism and performance covenants act as complements to signal that the borrower is unlikely to appropriate wealth from the lender. No such relation obtains in a low information asymmetry regime. We further show that in the high information asymmetry regime, borrowers with high levels of conservatism and tight performance covenants generally enjoy lower interest rate spreads than borrowers with low levels of conservatism and loose performance covenants. Consistent with our signaling theory, in the high information asymmetry regime, borrowers with high levels of conservatism and tight performance covenants are less likely to make abnormal payouts to shareholders. Our empirical results are robust to alternative measures of conservatism and covenant restrictiveness.     

制度变迁、投资者保护与会计稳健性

文章试图揭示伴随资本市场制度变迁以及投资者保护力度的加大,一种重要的会计信息质量特征———会计稳健性历史演变的内在逻辑。研究发现,在2007年之前,随着我国资本市场制度变迁及投资者法律保护力度的加大,我国上市公司会计稳健性相应呈现出阶段递增的特征;但是随着新的企业会计准则在上市公司施行,自2007年开始会计稳健性不再显著,公允价值应用范围的扩大可能对会计稳健性起到了消极作用。因此,提出的政策建议是,在修订会计准则内容,提高会计信息相关性的同时,会计信息的其他质量特征也是需要关注的问题;提高会计信息质量不但有赖于会计制度改革,法律、公司治理等基础制度设施的建设也是不可缺少的。     

中国互联网三巨头竞争互动研究

随着互联网信息服务企业的不断壮大,附随扩散等跨领域竞争行为使得企业间的竞争互动更加复杂多样。能否在纷繁的竞争中探寻出互动规律,从而为企业制定合理的战略,直接关系着企业的竞争力水平与未来市场地位。文章以BAT企业为样本企业,根据竞争互动理论,运用结构内容分析法,从市场行为和非市场行为角度研究互联网信息服务业的竞争互动特点和规律。通过研究发现,互联网信息服务企业通常采取"附随扩散"的行为来进行跨领域竞争,并且这种现象与日俱增;互联网信息服务企业对于竞争对手的非市场进攻行为更为敏感,对非市场行为的回应速度更快;在相同业务领域中,企业之间更加倾向于采取战术性竞争互动,对于竞争对手的进攻,企业会采取相同类型的竞争行为予以回应,相关研究可为互联网信息服务企业战略的制定提供一定参考。     

Targets' Accounting Conservatism and the Gains from Acquisition*

We present evidence on the effects of target firms' accounting conservatism in a merger and acquisition transaction. Conservatism is distinct from other accounting or accrual quality constructs examined in prior work. Its unique features can lead to potential benefits for both the targets and the acquirers. The use of conservatism by targets reduces acquirers' risks of acquiring underperforming assets or overpaying for well-performing assets. In addition, targets' conservatism results in greater production of verifiable information that can help the acquirers better estimate and realize synergies of the combined firm. Consistent with these arguments, we find that firms with greater accounting conservatism are more likely to receive a bid. We also find that targets' conservatism increases the deal premium and the announcement returns of both the targets and the acquirers, respectively. Overall, these results indicate that conservatism provides benefits to both sellers and buyers of equity in an acquisition transaction.     

CPA职业声誉损害经济后果性研究——来自银广夏事件的初步发现和启示

独立审计是提高会计信息可信性和缓解委托代理成本的有效机制,其作用的发挥取决于审计质量,而职业声誉是市场衡量审计质量的便捷标准,CPA职业声誉的损害是否会削弱社会公众对审计质量的评价,进而影响市场对公司价值的判断？本文以银广夏事件作为研究切入点,发现银广夏造假公开日和中注协宣布将对中天勤进行严肃查处日其审计的其他上市公司异常报酬率显著为负,异常交易量显著不等于0。职业声誉损害的负面作用在中国得到了验证。     

Accounting Conservatism and Stock Price Crash Risk: Firm‐level Evidence

Using a large sample of U.S. firms during 1964–2007, we find that conditional conservatism is associated with a lower likelihood of a firm's future stock price crashes. This finding holds for multiple measures of conditional conservatism and crash risk and is robust to controlling for other known determinants of crash risk and firm‐fixed effects. Moreover, we find that the relation between conservatism and crash risk is more pronounced for firms with higher information asymmetry. Overall, our results are consistent with the notion that conditional conservatism limits managers’ incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk.