私募股权投资、内部控制与会计稳健性

以2010—2017年我国创业板上市公司为样本,研究私募股权投资、内部控制和会计稳健性的关系。研究发现,有私募股权投资参与的上市公司其会计稳健性普遍高于无私募股权投资参与的上市公司,且私募股权投资持股比例越高,被投资公司的会计稳健性越好,因此私募股权投资在我国发挥了一定的公司治理作用,提高了企业会计信息质量。此外,研究发现上市公司内部控制能显著降低私募股权投资对会计稳健性的正向作用,即内控较好的上市公司,私募股权投资对会计稳健性的影响会削弱,因此私募股权投资和内部控制两者在提高会计稳健性方面存在替代效应。研究结论进一步补充了私募股权投资与内部控制公司治理作用的文献,具有重要的理论意义和参考价值。

Private Equity.Internal Control and Accounting Conservatism

This paper takes the 2010-2017 China GEM listed companies as a sample to study the relation ship between Private equity.Internal control and accounting conservatism.The study found that listed companies with private equity generally have higher accounting conservatism than listed companies without private equity,and the higher the proportion of private equity,the better the accounting conservatism of the invested company,so the private equity has played a certain role in corporate governance in China,and has improved the quality of corporate accounting information.In addition,the study found that the inter nal control of listed companies can significantly reduce the positive effect of private equity on accounting conservatism,that is,the listed companies with better internal control,the impact of private equity on ac counting conservatism will he weakened,so private equity investment and internal control both have a sub stitution effect in improving accounting conservatism.The research conclusions of this paper further sup plement the literature on the role of private equity and internal control corporate governance,which has important theoretical significance and reference value.