基于公司治理会计信息供求研究
本站原创 论文中文摘要：大力发展资本市场是我国当前金融体制改革的重要任务之一。资本市场的健康发展有赖于金融监管体制的完善,上市公司质量的提高以及高质量会计信息的披露。本文旨在研究会计信息质量问题。会计信息内生于公司治理机制,会计信息的供求受公司治理结构的影响。基于公司治理与会计信息的相互作用机理,本文旨在分析公司治理相关因素在会计信息供求过程中的地位和作用,探讨当前我国公司治理结构的现状对会计信息供求的负面影响,寻求通过完善公司治理结构及相关制度因素的途径来协调会计信息供求失衡问题,提高会计信息的披露质量。此项研究对进一步推进我国证券市场改革,维护证券市场的健康稳定发展有着重要的现实意义。除绪论外,本文主要分为四部分,内容安排如下:第一部分公司治理与会计信息相关理论。本文的核心问题是会计信息,旨在提高会计信息质量,因此,首先需要对会计信息做一些必要的探讨,为后文的进一步论述打下理论基础。本文对会计信息的探讨省略了我们所熟知的一些基本概念,着重从经济学角度对会计信息的性质进行讨论。首先,笔者研究讨论了会计信息的交易成本问题。无论是会计信息的供给方、需求方还是信息产出监督方都发生了一定程度的交易成本,但这些交易成本的发生正是为了更大程度的节约其他诸如委托、决策损失等更大规模的交易成本。然后,笔者讨论了会计信息的外部性和会计信息的产权问题。会计信息的外部性的产生归因于会计信息供给者与需求者身份相重或者产权界定不明晰,表现为会计信息不能满足大多数投资者的使用需求,甚至一些错误信息造成他们的决策失误和投资损失。基于分析,笔者得出结论:会计信息外部性的缓解在于会计信息产权的明晰。会计信息供求双方有着各自不同的目的和动机,分析会计信息供给动因和会计信息的需求使用动机显得十分重要。会计信息的公共产品属性和“信息对称”目标客观要求强制性的信息披露,而委托理论、信号理论与融资竞争原理、个人契约论原理使得会计信息提供方有自愿性披露的动机。强制性信息披露与自愿性信息披露相互配合,各自承担具有相应特征的信息披露职能的最佳组合至关重要。供给源于需求,只有有了充分有效的需求才能推进供给质量的提高。包括经理层、董事会、监事会、员工在内的内部需求主体以及包括现有股东、潜在投资者、债权人、供应商、税务机关、证券监管部门在内的外部需求主体有着各自不同的需求动机。而投资者投资理念及投资分析方法的选择、机构投资者数量、规模、结构和质量、会计信息的质量、会计信息较其它信息的相对优势等因素都将影响到需求主体对会计信息的有效需求。最后,对会计信息需求者所要求的信息质量特征的分析,为有效的供给指明了方向。会计信息的一些问题研究完成后,笔者开始探讨公司治理相关理论。这一章节对从公司治理问题的产生和发展到公司治理的基本框架和公司治理的设计原则都做了较为详细的论述。第二部分公司治理对会计信息供求的影响分析。在前一部分的理论阐述基础之上,这一部分重点分析公司治理相关因素是如何影响会计信息供求的。笔者首先分析公司治理与会计信息的相互关系。一方面,会计信息披露是公司治理机制良性运行的决定因素之一;另一方面,公司治理架构又影响着信息披露的内容、质量和时效性。公司治理机制的完善和有效运行需要高质量的会计信息,公司治理涉及的主要问题需要依据会计信息解决,而与此同时公司治理问题的出现和变化发展是会计信息披露发展变化的动因。接着,展开对公司治理的具体要素分析。资本结构和股本结构是公司治理的特征要素之一。资本结构中,笔者着重分析合理的债权融资对公司治理结构的改善和会计信息供给质量的正面影响;在股本结构治理问题上,笔者分析认为,在相对集中的股权结构中,大股东对于会计信息供给的垄断和控制有损于会计信息质量,而相对分散的股权结构能够形成有效会计信息需求力量,有利于会计信息供给质量的提高。经理人作为受托经营者,拥有会计信息供给和需求使用的双重身份,由此导致其在会计信息供给过程中的机会主义行为,即利用其信息提供者的地位损害利益相关者利益,增加自身利益。这样,经理人成为了会计信息供求关系治理的主要客体。目前相关法律规定,董事会对披露的会计信息负责,那么,会计信息的供给主体究竟是经理人还是董事会呢?通过论述笔者得出结论:在CEO兼任董事长治理结构下,由于CEO实际控制了董事会,因此会计信息供给主体是经理人;在董事长与CEO两职分离的治理安排下,会计信息提供主体是董事会。注册会计师审计也是影响会计信息质量的重要因素。对于上市公司的信息需求者来说,由于会计信息及注册会计师出具的审计报告是同时对外披露的,因此,信息需求者也将注册会计师视同信息供给者。注册会计师的独立性是保证审计质量的关键,经过分析论证,笔者得出的初步结论是会计信息使用者直接授权并支付费用给注册会计师是保证会计信息供给质量的理想制度安排。监事会有审核董事会提交股东会财务报告的真实性和完整性,并聘请外部审计机构审核的责任和权利。而监事会的独立性及职权的有效行使对会计信息供给质量产生重要影响。作为会计信息供给的另一个影响因素是外部监管,而会计准则、信息披露制度以及证券市场的制度安排是否科学、合理都将影响会计信息的供给质量。第三部分现行影响模式下会计信息供求的失衡表现。通过搜集分析相关数据资料和借鉴已有的一些实证检验结果,笔者得出如下供求现状:股权集中度仍然较高;董事会独立性较差,独立董事没有真正履行其对中小股东保护的责任,董事会对虚假会计信息的供给起主要作用;监事会没有起到对管理当局呈报会计信息监督的作用,监事会的内控监督流于形式,无法有效发挥作用;目前证券市场的制度安排对真实会计信息的供给有负面影响;从我国目前上市公司会计信息独立审计委托关系来看,独立性大受影响,注册会计师审计对中小投资者的利益保护受到怀疑;供求双方对会计信息的质量特征认定差异明显。第四部分现行失衡表现下的政策建议。上述分析的现实问题导致了会计信息供求的失衡。这一部分尝试给出一些改善公司治理结构、完善制度安排以及增强注册会计师独立性的政策建议。改进建议包括:调整股权结构;增强董事会的独立性,加强对信息弱势群体利益的保护;完善监事会的人员组成和增强其财务监督的独立性;改革目前的审计委托关系,增强注册会计师的独立性;全面发展机构投资者,培育会计信息有效需求力量;完善经理人的激励约束机制,发展和完善职业经理人市场;协调好强制性信息披露与自愿性信息披露的关系;变革排斥真实会计信息的制度安排,提高上市公司提供虚假会计信息的法律风险。本文的主要贡献在于从公司治理的角度分析会计信息供求关系,探讨公司治理相关要素在会计信息供求过程当中的影响,分析当前我国公司治理影响要素的缺陷在会计信息供求过程当中的负面效应。基于公司治理和会计信息相互作用的原理,笔者力求通过完善公司治理结构及相关制度,提高公司治理质量,进而提高会计信息披露质量,实现公司治理和会计信息质量相互促进的良性循环
Abstract（英文摘要）： Accounting information is produced internally from the mechani of corporate governance. The demand and supply of accounting information is influenced by corporate governance. On the basis of the interaction between corporate governance and accounting information, the objective of this article is to study the position and effect of related elements in the process of accounting information demand and supply, and analyze the fact of current corporate governance and its negative impact to accounting information demand and supply.The author tried to find a new way to improve corporate governance and balance accounting information demand and supply, and to improve the quality of accounting information. This study helped to further advance the reform of security market in our country and improve the healthy development of security market. This article mainly contains four parts, contents are arranged below: The first part: related theories of corporate governance and accounting information. This part omitted some basic and familiar concepts of accounting information but focused on the economical angle. First, it analyzed transaction cost. The rise of traction cost is to se bigger scale of agency cost or to oid loss. Then it analyzed the external of accounting information and property right of accounting information and finally drew a conclusion that the ease of the external lay in the perspicuity of accounting information of property rights. It also analyzed demand and supply principle of accounting information. This paper also analyzed the motivation of supply. The nature of public product and the objective of information symmetry lead to compulsory disclosure, and principle and agent problem, signal theory, competitive finance principle and individual contract theory lead to voluntary disclosure. The purpose of the analysis is to improve the quality of accounting information, it is very important that compulsory disclosure and voluntary disclosure take their respective responsibility to disclose certain information characters. Insiders and outsiders he different motivations for accounting information. The investment idea of investors and their choices of investment analysis, the number, scale, structure and quality of institute investors, the quality of accounting information and accounting information advantages over other ways of information affect the demand of information to some extent. Finally, the analysis of accounting information characteristics which demanders ask for points out a bright future for the suppliers. At the end of this part, it is for the corporate governance theory which includes the rise and development of corporate governance problems, basic framework of corporate governance and design principle.The second part: The analysis of corporate governance influence to the demand and supply of accounting information. First, it analyzed the relationship of corporate governance and accounting information. On one hand, the disclosure of accounting information is one of the elements which determine the corporate governance operation; on the other hand, corporate governance influences the content, quality and timeliness of accounting information. Then, the author started to analyze the specific elements influence to accounting information demand and supply. The elements are as below: capital structure and equity structure, agent, board, the auditing of CPA and board of supervisors.The third part: The unbalance performance of accounting information demand and supply under current circumstance. Based on the analysis of data material and the results of some empirical study, this paper has formed the conclusions of the reality of demand and supply below: the equity concentration is still high; the dependence of the boards is still weak, independent directors he not taken their responsibility to protect all shareholders, the boards helped to the supply of false accounting information; Board of Supervisors he not supervised the accounting information supplied by management effectively; the regulation arrangement of the current security market has a negative effect on the supply of genuine accounting information; CPA auditing has been doubted if they can protect the interests of all investors; the supply and demand of accounting information quality characteristics differs obviously.The fourth part: Related policies and suggestions under the unbalance of demand and supply. The problems above lead to the unbalance of accounting information demand and supply. In this part, the author tried to put up with some suggestions to improve Corporate Governance and regulation arrangement and strengthen the independence of CPA. Possible policies are as bellows: the adjustment of ownership structure; strengthen the dependence of boards and protect the interests of vulnerable groups; improve the membership of board of supervisors and strengthen the independence of financial supervise; reform the current clientage of auditing and strengthen the independence of CPA; develop institute investors and cultivate the effective demand of accounting information; perfect the encouragement and restriction of managers, develop professional managers markets; coordinate the relationship of compulsory and voluntary accounting disclosure; reform the regulation arrangement which exclude genuine accounting information and raise the risk of listed companies those supply false accounting information.The contribution of this article is that it focused on the study of governance elements those influence the demand and supply of accounting information. This paper also pointed out the disadvantages of current governance elements and bad effects to the demand and supply of accounting information. Based on the Interaction principle of governance and accounting information, this paper tried to improve accounting information quality.
论文关键词： 公司治理；会计信息披露；会计信息供给；会计信息需求；
Key words（英文摘要）： corporate governance；accounting information disclosure；accounting information supply；accounting information demand；
Abstract（英文摘要）： Accounting information is produced internally from the mechani of corporate governance. The demand and supply of accounting information is influenced by corporate governance. On the basis of the interaction between corporate governance and accounting information, the objective of this article is to study the position and effect of related elements in the process of accounting information demand and supply, and analyze the fact of current corporate governance and its negative impact to accounting information demand and supply.The author tried to find a new way to improve corporate governance and balance accounting information demand and supply, and to improve the quality of accounting information. This study helped to further advance the reform of security market in our country and improve the healthy development of security market. This article mainly contains four parts, contents are arranged below: The first part: related theories of corporate governance and accounting information. This part omitted some basic and familiar concepts of accounting information but focused on the economical angle. First, it analyzed transaction cost. The rise of traction cost is to se bigger scale of agency cost or to oid loss. Then it analyzed the external of accounting information and property right of accounting information and finally drew a conclusion that the ease of the external lay in the perspicuity of accounting information of property rights. It also analyzed demand and supply principle of accounting information. This paper also analyzed the motivation of supply. The nature of public product and the objective of information symmetry lead to compulsory disclosure, and principle and agent problem, signal theory, competitive finance principle and individual contract theory lead to voluntary disclosure. The purpose of the analysis is to improve the quality of accounting information, it is very important that compulsory disclosure and voluntary disclosure take their respective responsibility to disclose certain information characters. Insiders and outsiders he different motivations for accounting information. The investment idea of investors and their choices of investment analysis, the number, scale, structure and quality of institute investors, the quality of accounting information and accounting information advantages over other ways of information affect the demand of information to some extent. Finally, the analysis of accounting information characteristics which demanders ask for points out a bright future for the suppliers. At the end of this part, it is for the corporate governance theory which includes the rise and development of corporate governance problems, basic framework of corporate governance and design principle.The second part: The analysis of corporate governance influence to the demand and supply of accounting information. First, it analyzed the relationship of corporate governance and accounting information. On one hand, the disclosure of accounting information is one of the elements which determine the corporate governance operation; on the other hand, corporate governance influences the content, quality and timeliness of accounting information. Then, the author started to analyze the specific elements influence to accounting information demand and supply. The elements are as below: capital structure and equity structure, agent, board, the auditing of CPA and board of supervisors.The third part: The unbalance performance of accounting information demand and supply under current circumstance. Based on the analysis of data material and the results of some empirical study, this paper has formed the conclusions of the reality of demand and supply below: the equity concentration is still high; the dependence of the boards is still weak, independent directors he not taken their responsibility to protect all shareholders, the boards helped to the supply of false accounting information; Board of Supervisors he not supervised the accounting information supplied by management effectively; the regulation arrangement of the current security market has a negative effect on the supply of genuine accounting information; CPA auditing has been doubted if they can protect the interests of all investors; the supply and demand of accounting information quality characteristics differs obviously.The fourth part: Related policies and suggestions under the unbalance of demand and supply. The problems above lead to the unbalance of accounting information demand and supply. In this part, the author tried to put up with some suggestions to improve Corporate Governance and regulation arrangement and strengthen the independence of CPA. Possible policies are as bellows: the adjustment of ownership structure; strengthen the dependence of boards and protect the interests of vulnerable groups; improve the membership of board of supervisors and strengthen the independence of financial supervise; reform the current clientage of auditing and strengthen the independence of CPA; develop institute investors and cultivate the effective demand of accounting information; perfect the encouragement and restriction of managers, develop professional managers markets; coordinate the relationship of compulsory and voluntary accounting disclosure; reform the regulation arrangement which exclude genuine accounting information and raise the risk of listed companies those supply false accounting information.The contribution of this article is that it focused on the study of governance elements those influence the demand and supply of accounting information. This paper also pointed out the disadvantages of current governance elements and bad effects to the demand and supply of accounting information. Based on the Interaction principle of governance and accounting information, this paper tried to improve accounting information quality.
论文关键词： 公司治理；会计信息披露；会计信息供给；会计信息需求；
Key words（英文摘要）： corporate governance；accounting information disclosure；accounting information supply；accounting information demand；