会计稳健性研究述评

越来越多的研究表明,会计稳健性是财务报告最重要的特征。本文系统地评论了会计稳健性研究的最新内容。第一方面为会计稳健性的不同计量方法及各种计量方法之间存在的关系,第二方面为稳健性起因的最新研究,尤其是契约对企业会计稳健性的影响,第三方面为会计稳健性的经济后果,包括会计稳健性对资本成本的影响以及对企业真实经济活动的影响。文章最后指出了会计稳健性未来研究的方向。     

会计稳健性研究综述

越来越多的研究表明，会计稳健性是财务报告最重要的特征。本文系统地评论了会计稳健性研究的内容，第一方面为会计稳健性的不同定义，第二方面为会计稳健性的三种度量方法，第三方面为契约和诉讼对会计稳健性的影响，第四方面为会计稳健性的经济后果。文章最后指出了会计稳健性未来研究的方向。     

谁签订的薪酬契约? 签约方身份与会计信息的契约作用——来自中国地方国有上市公司的证据北大核心CSSCI

本文以地方国有上市公司为样本,研究薪酬契约签约方身份对会计信息契约作用的影响。研究发现,地方国有上市公司的管理者薪酬与会计业绩具有显著的正相关关系。并且,相对于控股股东委托董事会与总经理签约,当控股股东直接与董事长签约时,薪酬契约对会计信息的需求更大,会计信息的契约作用更强。进一步地,相对于企业性质的控股股东与董事长签约,行政性质的控股股东与董事长签约下薪酬契约对会计信息的需求更大,会计信息的契约作用更强。本文的结论表明,我国地方国有上市公司的薪酬契约是有效的,而签约方身份的不同会影响薪酬契约对会计信息的需求。     

谁签订的薪酬契约? 签约方身份与会计信息的契约作用——来自中国地方国有上市公司的证据

本文以地方国有上市公司为样本,研究薪酬契约签约方身份对会计信息契约作用的影响。研究发现,地方国有上市公司的管理者薪酬与会计业绩具有显著的正相关关系。并且,相对于控股股东委托董事会与总经理签约,当控股股东直接与董事长签约时,薪酬契约对会计信息的需求更大,会计信息的契约作用更强。进一步地,相对于企业性质的控股股东与董事长签约,行政性质的控股股东与董事长签约下薪酬契约对会计信息的需求更大,会计信息的契约作用更强。本文的结论表明,我国地方国有上市公司的薪酬契约是有效的,而签约方身份的不同会影响薪酬契约对会计信息的需求。     

货币政策、会计稳健性与企业银行贷款关系初探

<正>会计稳健性是会计实务中确认和计量的一项基本原则,也是最有影响力的原则之一,对传统会计影响历史悠久。自Watts(1933)提出相关研究框架和Basu(1997)构建出会计稳健性的模型之后,出现了大量围绕会计稳健性的度量、产生动因及其经济后果的国外研究文献。近年来国内学者采用中国资本市场数据也证明了会计稳健性的存在及债务契约等对会计稳健性的影响,目前也有少量实证研究文献研究会计稳健性的经济后果。然而,有关会计稳健性的研究,大多都只考虑了微观层面的因素,较少考     

会计稳健性与公司债务融资行为研究

本文从2001~2011年上市公司债务融资的规模、结构和类型,检验了债务契约假说的普适性,并结合中国资本市场的制度设计,对会计稳健性作用债务融资的路径进行了理论分析。研究发现:上市公司会计稳健性越高,获得债务融资越少,抵押、担保贷款与会计稳健性负相关,而信用贷款与会计稳健性正相关。本文认为,抵押担保贷款是中国上市公司债务融资的最主要类别,中国上市公司在银企关系中居于主动地位,导致会计稳健性与公司融资规模整体上负相关。     

会计稳健性、贷款抵押与银企所有权模式

会计稳健性和抵押是缓解债务契约中代理问题的替代机制,本文探讨了银行和企业的国有属性对二者替代关系的影响。研究表明,银行与企业的国有权属性减弱了债务契约中抵押条款与会计稳健性之间的替代关系,即抵押品与会计稳健性在缓解债务契约中代理问题方面的替代效应在国有企业中相对较弱,二者的替代效应会随企业向国有银行贷款比重的增加而减弱。这一结果给我们的启示是,非国有企业在向银行贷款时,可以通过提高财务报表的稳健性来降低银行对其抵押品的要求。     

会计稳健性研究的理论回顾与展望——基于契约观和信息观的视角

会计稳健性持续而普遍存在的经验证据激发了大量正式的理论研究。通过系统梳理,这些文献主要包括两个方面:一是从契约观的角度解释会计稳健性存在的经济需求,二是从信息观的角度预测会计稳健性对权益估价以及资本市场定价效率的潜在影响。本文进一步对会计稳健性理论研究的未来方向做出展望。     

契约视角下会计稳健性形成机制分析

本文基于契约视角,分析了会计稳健性的定义,回顾了契约理论和信息不对称理论。本文认为利益相关者之间的信息不对称是会计稳健性产生的根本原因,而影响契约签订和执行的内外部环境也促进了会计稳健性的形成。     

企业参与精准扶贫与高管薪酬契约有效性

本文以2016—2020年A股上市公司为样本，检验了企业参与精准扶贫对高管薪酬契约有效性的影响。研究结果显示，企业参与精准扶贫显著提高了高管薪酬-业绩敏感性，提升了薪酬契约有效性。这一结论经过一系列内生性和稳健性检验后依然成立。机制分析表明，参与精准扶贫降低了信息不对称水平并吸引了媒体关注，从而提高了高管薪酬契约有效性。异质性分析发现，参与精准扶贫对高管薪酬契约的治理效应存在于非国有企业。进一步研究发现，企业参与精准扶贫能够显著抑制高管薪酬粘性，且参与后续乡村振兴工作同样可以提高高管薪酬契约有效性。本文为全面理解参与精准扶贫对企业的治理效应提供了重要参考依据，也为进一步引导企业参与乡村振兴提供了经验证据。     

Wage rigidity and job creation

Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data.     

Financial Reporting Quality and Wage Differentials: Evidence from Worker-Level Data

We examine whether financial reporting quality affects worker wages using employer-employee matched data in the United States. We find that low financial reporting quality is associated with a compensating wage differential—that is, a risk premium—using three distinct approaches while controlling for worker characteristics by (1) regressing wages on firm-year–level and firm-level reporting quality, (2) documenting wage changes when workers switch firms, and (3) estimating a structural approach that separates reporting quality from performance-related volatility. We find evidence consistent with two channels: performance pay and turnover risk, where workers bear risks from noise in performance measurement and unemployment, respectively. To mitigate endogeneity concerns, we show that—after the accounting scandals in 2002 and after the announcements of an internal control weakness (ICW)—former Arthur Andersen clients and ICW firms pay wage premiums to employees, with magnitudes between 0.9% and 2.8% of annual wages.     

Worker replacement

Consider a labor market in which firms want to insure existing employees against income fluctuations and, simultaneously, want to recruit new employees to fill vacant jobs. Firms can commit to a wage policy, i.e. a policy that specifies the wage paid to their employees as a function of tenure, productivity and other observables. However, firms cannot commit to employ workers. In this environment, the optimal wage policy prescribes not only a rigid wage for senior workers, but also a downward rigid wage for new hires. The downward rigidity in the hiring wage magnifies the response of unemployment to negative shocks.     

Inflation Dynamics When Inflation Is Near Zero

We discuss the likely evolution of U.S. inflation in the near and medium terms on the basis of (i) past U.S. experience with very low levels of inflation, (ii) the most recent Japanese experience with negative inflation, and (iii) some preliminary U.S. micro evidence on downward nominal wage rigidity. Our findings question the view that stable long‐run inflation expectations and downward nominal wage rigidity will necessarily provide sufficient support to prices to avoid further declines in inflation. We show that an inflation model fitted on Japanese data over the past 20 years, which accounts for both short‐ and long‐run inflation expectations, matches the recent U.S. inflation experience quite well. While the model indicates that U.S. inflation might be subject to a lower bound, it does not rule out a prolonged period of low inflation or even mild deflation going forward. In addition, micro‐level data on wages suggest no obvious downward rigidity in the firm's wage bill, downward rigidity in individual wages notwithstanding. As a consequence, downward nominal wage rigidity may not be enough to offset deflationary pressures in the current situation.     

进口与企业员工收入——以中国制造业企业为例

进口企业的职工工资直接关系到企业员工的民生福祉和劳动力市场的就业稳定性。本文基于中国制造业微观企业数据,就进口贸易对企业职工收入的影响进行深入考察,结果表明:(1)进口有利于提高企业职工的平均工资水平,不过这种正向的“工资提升”效应在长期不具有持续性。(2)中介效应检验表明,进口通过竞争效应和激励效应作用于企业的工资水平。进一步使用倍差法、工具变量法等的估计结果也证实了上述结论的稳健性。(3)进口对企业工资水平的影响因企业所有制、是否出口、进口产品类型以及进口来源国的不同而具有显著的异质性。(4)引入劳动收入份额的分析表明,进口显著降低了企业的劳动收入份额。具体地,进口的“生产率提升效应”影响超过了“工资提升效应”影响。     

How strong is the macroeconomic case for downward real wage rigidity?

We explore the existence of downward real wage rigidity (DRWR) at the industry level, based on data from 19 OECD countries for the period 1973-1999. The results show that DRWR compresses the distributions of industry wage changes overall, as well as for specific geographical regions and time periods, but there are not many real wage cuts that are prevented. More important, however, DRWR attenuates larger real wage cuts, thus leading to higher real wages. There is stronger evidence for downward nominal wage rigidity than for DRWR. Real wage cuts are less prevalent in countries with strict employment protection legislation and high union density.     

进口与企业员工收入——以中国制造业企业为例

进口企业的职工工资直接关系到企业员工的民生福祉和劳动力市场的就业稳定性。本文基于中国制造业微观企业数据,就进口贸易对企业职工收入的影响进行深入考察,结果表明:(1)进口有利于提高企业职工的平均工资水平,不过这种正向的“工资提升”效应在长期不具有持续性。(2)中介效应检验表明,进口通过竞争效应和激励效应作用于企业的工资水平。进一步使用倍差法、工具变量法等的估计结果也证实了上述结论的稳健性。(3)进口对企业工资水平的影响因企业所有制、是否出口、进口产品类型以及进口来源国的不同而具有显著的异质性。(4)引入劳动收入份额的分析表明,进口显著降低了企业的劳动收入份额。具体地,进口的“生产率提升效应”影响超过了“工资提升效应”影响。     

Labour market conditions and the corporate financing decision: A European analysis

This study examines the influence of labour market conditions on corporate capital structure in a sample of 2892 firms from France, Germany, Italy, Spain, and the UK. After considering the effect of unemployment and inflation, we analyse the impact of two market imperfections: employees’ rights and downward wage rigidity. Results indicate that financial leverage responds to changes in unemployment and inflation. We also find that the influence of employees’ rights is non-linear, whereas the negative effect of downward wage rigidity is moderated by firms’ market power. Taken together, our results show that corporate financial decisions are conditioned not only by firm-level issues but also by a country’s labour market.     

Evaluating the economic significance of downward nominal wage rigidity

The existence of downward nominal wage rigidity has been abundantly documented, but what are its economic implications? This paper demonstrates that, even when wages are allocative, downward wage rigidity can be consistent with weak macroeconomic effects. Firms have an incentive to compress wage increases as well as wage cuts when downward wage rigidity binds. By neglecting compression of wage increases, previous literature may have overstated the costs of downward wage rigidity to firms. Using micro-data from the US and Great Britain, I find that the evidence for the compression of wage increases when downward wage rigidity binds. Accounting for this reduces the estimated increase in aggregate wage growth due to wage rigidity to be much closer to zero. These results suggest that downward wage rigidity may not provide a strong argument against the targeting of low inflation rates.     

秘密握手协议、生产率传递与工资的规模溢价

头部企业为什么能打破市场均衡而将生产率优势转化为工资租？理论分析表明,市场份额越大,雇主与雇员之间越易达成“秘密握手协议”,即通过联合来操纵劳动供给,以抬高人均生产率并进行分割。在这一过程中,员工分割比例虽有所下降,但不足以抵消人均生产率上升的影响,进而产生工资租。以上市公司为例,市场份额位于前10%的头部企业,人均生产率对工资的传递力度仅比市场份额位于中位值附近的企业低4%,但人均生产率却高出40%以上,直接导致了较高的工资优势。进一步借鉴Blanchard and Summers(1986)的方法进行检验,发现头部企业确实存在更明显的“合谋”迹象,程度比中位值附近的企业高出近一倍。“秘密握手协议”的本质是通过限制劳动力流动阻碍工资均等化,在扎实推进共同富裕的道路上,不仅要反产品市场垄断,也要防范不合理攫取生产率红利的行为。