会计盈余及时性对公司治理机制影响的实证研究

本文通过考查1997年到2004年间上市公司治理机制代理变量与会计盈余及时性指标之间截面数据相关关系,探讨治理机制是否随会计盈余及时性而变化。结果基本支持了本文的假设:董事对高成本信息收集和整理的需求与会计系统信息的有用性是倒数关系,外部股东对高成本信息收集和整理的需求与会计系统信息的有用性是正相关关系;会计系统信息有用性的重要决定因素是解释股权价值现时变化的程度;以高成本的监督活动为特点的特殊治理结构是股东和董事对高成本信息收集和整理需求的反应。

Empirical Study on Impacts of the Timeliness of Accounting Earnings and Corporate Governance Mechanism

We explore whether governance systems vary with the timeliness of earnings by examining the cross-sectional relation between proxies for earnings timeliness and subsequent corporate governance systems of listed companies during 1997 and 2004. Our results largely support our predictions. (1 The demand for costly information collection and processing by shareholders and directors is an inverse function of the usefulness of signals from the accounting system. that an important determinant of the usefulness of signals from the accounting system is their a-bility to explain current changes in shareholder value, and specified governance structures characterized by costly oversight activities are a response to the strength of the demand for costly information collection and processing by shareholders and directors. Our paper may have implications for future research into other economic consequences of accounting.