会计盈余及时性特征与公司治理机制内生实证研究

本文通过考查深圳和上海证券交易所中的657家上市公司的治理机制代理变量,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。结果发现: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成正比;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映。研究结果为进一步对会计的其他经济影响和后果研究提供启示。

Empirical Research on 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 657 firms in the SHENZHEN and SHANGHAI stock exchange.Our results show that firstly 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..Secondly,an important determinant of the usefulness of signals from the accounting system is their ability to explain current changes in shareholder value,and finally 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.This paper have implications for future research into other economic consequences of accounting.