公司治理因素对会计稳健性影响研究

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论文中文摘要:现代企业制度下,所有权和控制权的分离引发了公司治理中的问题。公司经理层相对于公司外部利益相关者拥有信息优势,由于利益的不一致与契约本身的不完备性,经理层有夸大盈余数字的动机,以此获得奖金、福利或职位的升迁。为了使自身利益最大化,经理层将这种意愿反映在会计信息中、,并最终通过操纵会计盈余来实现,表现为只报告对自己有利的信息而隐瞒不利信息,也即损害财务报表的稳健性。这使得公司的外部利益相关者无法了解公司真实的经营及财务状况,甚至是隐藏的危机,他们的权益将受到损害。因此,保护公司以中小股东为代表的外部公司利益相关者的利益,抑制公司内部人的报表操纵行为便成为会计工作的一项重要任务。提高公司会计报表的稳健性,非对称地确认公司经营的好消息和坏消息,已成为有效缓解问题的工具。会计稳健性尤其是条件稳健性对经济损失的确认比对经济收益的确认更及时且要求更为严格,这种不对称及时性的特点有助于遏制经理层虚估盈余和净资产的机会主义倾向,保护中小股东及公司外部利益相关者的利益。在影响公司财务报表稳健性的诸多因素中,公司治理结构是一个关键。根据契约论观点,股东与股东之间以及股东与高管人员之间是在既定的契约下追求各自的利益最大化,在追求这种利益最大化的过程中,契约各方必然要把这种意愿反映在会计信息中,并最终通过会计盈余信息的披露来实现利益的分配。而根据张维迎教授的观点,公司治理是一种解决股份公司内部各种问题的机制,它规定着企业内部不同要素所有者的关系,特别是通过显性和隐性的合同对剩余索取权和控制权进行分配,从而影响企业家和资本家的关系。因此,会计盈余信息受到公司治理结构的影响,即财务会计信息是公司治理过程中的产品,是公司治理各方力量制衡的结果。会计盈余稳健性是财务报告的重要质量特征,其不可避免地要受到公司治理因素的影响。本文从公司治理的角度出发,探讨了公司治理各因素对我国上市公司会计稳健性的影响。根据南开大学李维安教授的研究,公司治理结构包括内部治理和外部治理两大方面,依循这一思路,本文在首先验证中国上市公司财务报表存在会计稳健性的基础上,选取了终极控制人类型、股权集中度、董事会独立性、内部人控制程度及外部债务契约力量等内外部公司治理因素,考察了公司治理结构对公司报表会计稳健性的影响,以期通过改进公司治理结构提高会计稳健性,保护公司外部利益相关者的利益不被损害。本文在研究过程中,综合运用了契约理论、委托理论和信息不对称理论,首先从理论上分析了各公司治理因素对会计稳健性的影响;并采用数理统计的方法对所选公司治理因素的现状进行初步分析;最后采用实证分析的方法,通过建立计量模型,考察公司治理因素对会计稳健性的影响,最后得出结论及政策建议。本文结构安排如下:第一章,绪论。主要阐述本文的写作背景、写作目的、论文的创新点,并简要介绍本文的基本章节。第二章,会计稳健性的发展与研究。本章分为三个部分,首先通过介绍会计稳健性原则在国外国内的发展轨迹、会计稳健性的内涵和会计稳健性的价值,阐述了会计稳健性原则的发展及其价值;然后回顾了会计稳健性的四种计量方法,分别是会计盈余/股票收益率的相关性测量法、净资产测量法、会计盈余与应计利润关系测量法和事件研究法;最后,介绍了国内外在会计稳健性存在性方面的研究成果,其中着重回顾了以中国上市公司为研究对象的存在性研究。本章中还特别指出本文所研究的会计稳健性限定为条件稳健性,对稳健性的计量方法采用会计盈余/股票收益率的相关性测量法。第三章,文献回顾及评述。本章从公司治理的角度出发,首先介绍了公司治理的内涵与结构,然后对历年来,国内外有关公司治理各因素对会计稳健性影响的研究文献进行了回顾,并在此基础上进行评述,指出目前会计稳健性研究的薄弱环节和该领域未来研究的方向。第四章,理论分析与研究假说。本章首先简要介绍了理解本文逻辑所需要的契约理论、委托理论和信息不对称理论,然后在此基础上,分别从理论上分析了各公司治理因素对会计稳健性的影响,提出本文的7个研究假设,分别是:H1:我国上市公司财务报表具有稳健性特征;H2:政府终极控制将损害公司会计盈余稳健性;H3:相对于高层级政府控制,低层级政府控制将更大程度损害公司会计稳健性;H4:股权集中度越高,盈余稳健性越低;H5:独立董事比例高的公司较之独立董事低的公司,其盈余稳健性要高;H6:经理层持股比例高的公司较之经理层持股比例低的公司,其盈余稳健性要低;H7:债务比重高的公司相对债务比重低的公司,其稳健性要高。第五章,研究设计。本章主要对后文实证检验中用到的样本数据的选择、来源及检验模型和变量进行介绍,并进行简单描述性统计,为后文实证检验奠定基础。本文数据主要来源自CAR数据库,部分终极控制人数据手工收集。选取2003-2007年非金融类A股上市公司,并剔除首次公开发行、发行B股或H股及异常值的公司,最后得到样本5986个,采用BASU经典模型进行回归分析,选取总资产、市净率和年度作为控制变量,最后对使用的变量进行简单的描述性统计。第六章,实证检验结果及分析。使用EVIEWS统计软件,对前文提出的七个建设逐一进行回归检验并进行简要分析,结果显示:(1)我国上市公司财务报表具有会计稳健性特征;(2)政府控制显著损害上市公司报表的盈余稳健性;(3)政府控制对会计稳健性的损害与其层级无关;(4)股权集中度越高,会计稳健性越低;(5)独立董事比例高的公司较之独立董事低的公司,其盈余稳健性要高;(6)经理层持股比例高的公司较之经理层持股比例低的公司,其盈余稳健性要低;(7)债务比重高的公司相对债务比重低的公司,其稳健性要高。第七章,结论及研究局限。本章对全文的研究结果进行总结,提出如下政策建议:(1)除少数行业外,国有股权应该合理退出;(2)分散股权,加强股权之间的制约和监督,削弱公司内部人控制程度;(3)加强公司独立董事和外部债权人的监督力量。以此提高报表会计稳健性程度,保护外部利益相关者的利益。最后检视了本文的研究局限,指出了未来的研究方向。本文在以下几个方面有所贡献:第一,本文系统地研究公司治理因素对会计稳健性的影响。首先,我们验证了会计稳健性在我国的存在性,从而为研究各公司治理因素对会计稳健性的影响奠定基础。然后从上市公司控股股东行为、董事会治理、经理层治理和公司外部治理等方面出发,相继检验了所有者身份、股权集中度、经理层持股比例、独立董事比例和债务比例对会计稳健性的影响。基本涵盖了公司治理的各主要方面,可以让清晰、全面地认识公司治理对会计盈余稳健性的影响。第二,本文在研究股东身份类型对会计稳健性的影响时,采用公司终极控制人的身份,并经手工整理得到其性质类型,这区别于国内以往文献基本采用的是公司直接控股股东性质的做法。根据La Porta等(1999)的研究,发现大多数国家的上市公司都存在控制性大股东,大股东治理机制普遍发挥着作用,并进而提出了“终极控制股东”的概念。在国内,刘芍佳、孙霈和刘乃全(2003)的研究,终极控制人才是对公司生产经营管理发挥绝对影响的幕后推手,采用直接控股股东类型进行研究会不可避免地导致对上市公司终极控制人身份的掩盖,从而使得许多从事股权结构方面的研究走入歧途。因此,本文采用终极控制人身份进行的研究,结论更具可信性。第三,本文首次检验了不同层级政府终极控制对会计稳健性的影响。根据夏立军、方轶强(2005)的研究,不同层级政府控制会显著影响公司价值,因此启发我们研究不同层级政府对会计信息质量影响。结合我国的行政体制,我们将政府控制的公司进一步划分为政府控制、省级政府控制、市级政府控制和县级政府控制,并分别进行不同分组,试图检验出不同层级政府对会计稳健性的影响。结果表明,从系数看低层级政府终极控制确实更损害公司会计稳健性,但是并不具有统计显著性,即不同层级政府终极控制对会计稳健性的影响差别并不显著
Abstract(英文摘要): In modern enterprise system, the separation of ownership and control of the corporate governance caused agency problems. Company managers relative to company external stakeholders with information superiority, due to the different interests and contract incompleteness, they he motives to exaggerate earning number. In order to maximize self interest, they will reflected their intention in the accounting information, and eventually to achieve it through the accounting earning manipulation, their don’t disclosure bad accounting information but just give good news, namely damaged the accounting conservati. This makes the company’s external stakeholders cannot understand the company’s true operational and financial situation, or even a hidden crisis, their interests will be undermined. Therefore, in order to protect all shareholders’interest, to curb insider reporting manipulation has become an important task of accounting.To improve the conservati of corporate accounting statement has become an effective tool to alleviate the agency problem. Accounting Conservati, especially the condition Conservati recognize the losses more timely than the benefits, this asymmetry would help contain the managers’opportuni of virtual estimated earnings and net assets, intended to protect the all shareholders’ interest.The corporate governance is a key factor which affects the conservati of the company’s financial statements. In the view of Contract Theory, as well as between the shareholders and the shareholders, between shareholders and executives is to pursue their own maximize interests under the established contract. In this process, the parties of the contract make such will be reflected in the accounting information. According to Professor Zhang, corporate governance is a solution mechani to a variety of agency problems within the company, which provides the relationship among different elements’owner, especially through the explicit and implicit contracts on the residual claim and control distributed, thus affecting the relationship between entrepreneurs and capitalists. Therefore, the accounting earnings information is affected by corporate governance structure. Accounting Earnings conservati is an important quality characteristic of financial report, which will inevitably be subject to corporate governance factors.This Thesis from the perspective of corporate governance, researched the impact of corporate governance to the accounting conservati of listed companies in China. According to the research of Professor Li, corporate governance structure includes internal governance and external governance aspects. Follow this line of thought, this Thesis first verify the existence of the accounting conservati in Chinese list corporation’s financial report, select internal and external company governance factors such as the ultimate controller’s type, equity concentration, board independence and insider control extent and strength of the external debt covenants, studied the impact which company governance structure affect the accounting conservati, with a view to improve corporate governance to improve the accounting conservati, to protect the company interests of external stakeholders will not be damaged.This Thesis integrated use of contract theory, principal-agent theory and asymmetric information theory. Firstly, we analysis the impact which corporate governance factors affect the accounting conservati from the theoretical, then using mathematical statistical methods to analysis the status quo of selected corporate governance factors, lastly, resort method of empirical analysis through the creation of econometric models to study the impact corporate governance factors on the accounting conservati, and finally draw conclusions and policy recommendations.This Thesis is organized as follows:Chapter 1, Introduction. the background, the purpose and the innovation point of writing this Thesis, and a brief description of the basic sections.Chapter 2, The development and research of the accounting conservati. Mainly expounds the origins and development path of the accounting conservati, given the definition of accounting conservati from both normative and empirical research, and limit the related concept in this Thesis, it also introduced the value of accounting conservati to enhance protection of the interests of stakeholders, lastly from measure models, measure methods, and existence, introduced the of measurement and the existence of the accounting conservati.Chapter 3, Literature Review and Commentary. This chapter from a corporate governance perspective, first introduced the content and structure of corporate governance, then I reviewed domestic and foreign thesis which research the impact of corporate governance factors on the accounting conservati, lastly I commented it and pointed out future research directions.Chapter 4, Theoretical analysis and research hypothesis. This chapter first introduces the contract theory; principal-agent theory and asymmetric information theory, and then I make theoretical analysis on this basis and proposed 7 hypotheses.Chapter 5, Research design. This chapter introduced the sample data screening and. source, test model and variables, and make simple descriptive statistics, in order to lay the foundation for the empirical test.Chapter 6, Results and analysis of the empirical test. This chapter uses the data and models to test the 7 hypotheses in multiple regressions, demonstrate or deny the original hypothesis, and analysis the results.Chapter7, Conclusion and research limitations. This chapter summarizes the research findings and put forward policy recommendations, and pointed out the research limitations and the future research direction.This has some contribution as follows:Firstly, this thesis systematic studied the impact corporate governance factors on the accounting conservati, the Selected corporate governance factors in this paper covers all the basic major aspects of corporate governance elements, it will a clear and comprehensive understanding the impact of corporate governance on the accounting conservati.Secondly, this thesis uses the identity type of company’s ultimate control, which is collected by hand, it is different from the used literatures which use direct controlling shareholder’s identity type.Thirdly, this thesis examines the impact of different levels of government ultimate control on the accounting conservati for the first time.
论文关键词: 会计稳健性;公司治理因素;条件稳健性;
Key words(英文摘要): Accounting Conservati;Corporate Governance Factor;conditional Conservati;