会计稳健性、投资效率与外部融资方式的实证研究
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摘要
会计稳健性存在的必要性备受争议,本文以其对投资和融资行为的影响为切入点,解析并检验了会计稳健性对投资效率以及外部融资方式的影响。本文以2007-2015年沪深A股上市公司为样本的实证研究发现,会计稳健性能够促使投资效率改善,在一定程度上解决了非效率投资的治理问题;面对债务融资与权益融资的选择问题,会计稳健性促进投资不足企业选择债务融资而非权益融资方式筹资,符合优序融资理论中的外部融资顺序;进一步研究表明,会计稳健性、投资不足与债务融资方式之间的关系不受债务期限的影响而受产权性质的影响,会计稳健性在投资不足的国有企业对债务融资促进作用更显著。以上结论为会计稳健性减少非理性的投资和融资行为提供了证据和治理思路。
Accounting conservatism is a controversial accounting principle. Based on its impact on the behaviors of investment and financing,this paper selects the data of Shanghai and Shenzhen A share listed companies from 2007 to 2015 as the research sample and empirically tests the impact of accounting conservatism on investment efficiency and external financing ways. The research shows that,accounting conservatism can promote the improvement of investment efficiency,so,to some extent,it solves the problem of governance of inefficient investment. Accounting conservatism promotes the enterprises which are under-investment to choose the way of debt financing rather than the way of equity financing to raise funds. It solves the problem of conflict between debt financing and equity financing,and it is consistent with the order of external financing in the pecking order theory. Further research shows that not debt maturity but the property rights affects the relationship among accounting conservatism,investment efficiency and debt financing,and accounting conservatism plays a more significant role in state-owned enterprises. These conclusions provide new evidence and governance ideas for the accounting conservatism to reduce the irrational investment and financing behavior.
Accounting conservatism is a controversial accounting principle. Based on its impact on the behaviors of investment and financing,this paper selects the data of Shanghai and Shenzhen A share listed companies from 2007 to 2015 as the research sample and empirically tests the impact of accounting conservatism on investment efficiency and external financing ways. The research shows that,accounting conservatism can promote the improvement of investment efficiency,so,to some extent,it solves the problem of governance of inefficient investment. Accounting conservatism promotes the enterprises which are under-investment to choose the way of debt financing rather than the way of equity financing to raise funds. It solves the problem of conflict between debt financing and equity financing,and it is consistent with the order of external financing in the pecking order theory. Further research shows that not debt maturity but the property rights affects the relationship among accounting conservatism,investment efficiency and debt financing,and accounting conservatism plays a more significant role in state-owned enterprises. These conclusions provide new evidence and governance ideas for the accounting conservatism to reduce the irrational investment and financing behavior.
引文
[1]International Accounting Standards Board and Financial Accounting Standards Board.The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information[R].Financial Accounting Series,2008
[2]International Accounting Standards Board.Conceptual Framework for Financial Reporting[R].Exposure Draft,2015
[3]张敦力,李琳.会计稳健性的经济后果研究述评[J].会计研究,2011,(7):19-23
[4]杨丹,陈旭东,逯东,等.中国会计改革30年---经济和会计互动的中国路径[J].会计研究,2009,(1):43-47
[5]韩静,陈志红,杨晓星.高管团队背景特征视角下的会计稳健性与投资效率关系研究[J].会计研究,2014,(12):25-31
[6]Lara J.M.G.,Osma B.G.,Penalva F.Accounting Conservatism and Firm Investment Efficiency[J].Journal of Accounting and Economics,2016,61(1):221-238
[7]Khan M.,Watts R.L.Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism[J].Journal of Accounting and Economics,2009,48(2):132-150
[8]Ball R.,Shivakumar L.Earnings Quality in UK Private Firms:Comparative Loss Recognition Timeliness[J].Journal of Accounting and Economics,2005,39(1):83-128
[9]Bushman R.M.,Piotroski J.D.Financial Reporting Incentives for Conservative Accounting:The Influence of Legal and Political Institutions[J].Journal of Accounting and Economics,2006,42(1-2):107-148
[10]Hu J.,Li A.Y.,Zhang F.F.Does Accounting Conservatism Improve the Corporate Information Environment?[J].Journal of International Accounting,Auditing and Taxation,2014,23(1):32-43
[11]Houcine A.The Effect of Financial Reporting Quality on Corporate Investment Efficiency:Evidence from the Tunisian Stock Market[J].Research in International Business and Finance,2017,42(12):321-337
[12]Watts R.L.Conservatism in Accounting Part I:Explanations and Implications[J].Accounting Horizons,2003,17(3):207-221
[13]Watts R.L.,Zimmerman J.L.Positive Accounting Theory:A Ten Year Perspective[J].The Accounting Review,1990,65(1):131-156
[14]Zhang J.The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers[J].Journal of Accounting and Economics,2008,45(1):27-54
[15]G9x R.F.,Wagenhofer A.Optimal Impairment Rules[J].Journal of Accounting and Economics,2009,48(1):2-16
[16]Artiach T.C.,Clarkson P.M.Conservatism,Disclosure and the Cost of Equity Capital[J].Australian Journal of Management,2014,39(2):293-314
[17]李争光,曹丰,赵西卜,等.机构投资者异质性、会计稳健性与股权融资成本---来自中国上市公司的经验证据[J].管理评论,2016,28(7):42-52
[18]Francis J.,La Fond R.,Olsson P.M.,et al.Costs of Equity and Earnings Attributes[J].The Accounting Review,2004,79(4):967-1010
[19]Biddle G.C.,Hilary G.,Verdi R.S.How Does Financial Reporting Quality Relate to Investment Efficiency?[J].Journal of Accounting and Economics,2009,48(2-3):112-131
[20]Myers S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175
[21]Jensen M.C.,Meckling W.H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360
[22]张琛,刘银国.会计稳健性与自由现金流的代理成本:基于公司投资行为的考察[J].管理工程学报,2015,29(1):98-105
[23]Jensen M.C.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers[J].The American Economic Review,1986,76(2):323-329
[24]Shleifer A.,Vishny R.W.Management Entrenchment:The Case of Manager-Specific Investments[J].Journal of Financing Economics,1989,25(1):123-139
[25]白明,任若恩.中国上市公司资本结构非对称动态调整的周期性[J].系统工程,2011,29(10):24-29
[26]张悦玫,李延喜,刘晓冬.企业投融资匹配指数的构建及经济后果分析[J].东北大学学报(社会科学版),2015,17(1):25-31
[27]Richardson S.Over-Investment of Free Cash Flow[J].Review of Accounting Studies,2006,11(2):159-189
[28]Nikolaev V.Debt Covenants and Accounting Conservatism[J].Journal of Accounting Research,2010,48(1):137-175
[29]郑登津,闫天一.会计稳健性、审计质量和债务成本[J].审计研究,2016,(2):74-81
[30]刘星,魏锋,詹宇,等.我国上市公司融资顺序的实证研究[J].会计研究,2004,(6):66-72
[31]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001,(11):12-20
[32]陆正飞,何捷,窦欢.谁更过度负债:国有还是非国有企业?[J].经济研究,2015,(12):54-67
[33]倪中新,武凯文,周亚虹,等.终极所有权视角下的上市公司股权融资偏好研究---控制权私利与融资需求分离[J].财经研究,2015,41(1):132-144
[34]Basu S.The Conservatism Principle and the Asymmetric Timeliness of Earnings[J].Journal of Accounting and Economics,1997,24(1):3-37
[35]窦炜,马莉莉,刘星.控制权配置、权利制衡与公司非效率投资行为[J].管理评论,2016,28(12):101-114
[2]International Accounting Standards Board.Conceptual Framework for Financial Reporting[R].Exposure Draft,2015
[3]张敦力,李琳.会计稳健性的经济后果研究述评[J].会计研究,2011,(7):19-23
[4]杨丹,陈旭东,逯东,等.中国会计改革30年---经济和会计互动的中国路径[J].会计研究,2009,(1):43-47
[5]韩静,陈志红,杨晓星.高管团队背景特征视角下的会计稳健性与投资效率关系研究[J].会计研究,2014,(12):25-31
[6]Lara J.M.G.,Osma B.G.,Penalva F.Accounting Conservatism and Firm Investment Efficiency[J].Journal of Accounting and Economics,2016,61(1):221-238
[7]Khan M.,Watts R.L.Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism[J].Journal of Accounting and Economics,2009,48(2):132-150
[8]Ball R.,Shivakumar L.Earnings Quality in UK Private Firms:Comparative Loss Recognition Timeliness[J].Journal of Accounting and Economics,2005,39(1):83-128
[9]Bushman R.M.,Piotroski J.D.Financial Reporting Incentives for Conservative Accounting:The Influence of Legal and Political Institutions[J].Journal of Accounting and Economics,2006,42(1-2):107-148
[10]Hu J.,Li A.Y.,Zhang F.F.Does Accounting Conservatism Improve the Corporate Information Environment?[J].Journal of International Accounting,Auditing and Taxation,2014,23(1):32-43
[11]Houcine A.The Effect of Financial Reporting Quality on Corporate Investment Efficiency:Evidence from the Tunisian Stock Market[J].Research in International Business and Finance,2017,42(12):321-337
[12]Watts R.L.Conservatism in Accounting Part I:Explanations and Implications[J].Accounting Horizons,2003,17(3):207-221
[13]Watts R.L.,Zimmerman J.L.Positive Accounting Theory:A Ten Year Perspective[J].The Accounting Review,1990,65(1):131-156
[14]Zhang J.The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers[J].Journal of Accounting and Economics,2008,45(1):27-54
[15]G9x R.F.,Wagenhofer A.Optimal Impairment Rules[J].Journal of Accounting and Economics,2009,48(1):2-16
[16]Artiach T.C.,Clarkson P.M.Conservatism,Disclosure and the Cost of Equity Capital[J].Australian Journal of Management,2014,39(2):293-314
[17]李争光,曹丰,赵西卜,等.机构投资者异质性、会计稳健性与股权融资成本---来自中国上市公司的经验证据[J].管理评论,2016,28(7):42-52
[18]Francis J.,La Fond R.,Olsson P.M.,et al.Costs of Equity and Earnings Attributes[J].The Accounting Review,2004,79(4):967-1010
[19]Biddle G.C.,Hilary G.,Verdi R.S.How Does Financial Reporting Quality Relate to Investment Efficiency?[J].Journal of Accounting and Economics,2009,48(2-3):112-131
[20]Myers S.C.Determinants of Corporate Borrowing[J].Journal of Financial Economics,1977,5(2):147-175
[21]Jensen M.C.,Meckling W.H.Theory of the Firm:Managerial Behavior,Agency Costs and Ownership Structure[J].Journal of Financial Economics,1976,3(4):305-360
[22]张琛,刘银国.会计稳健性与自由现金流的代理成本:基于公司投资行为的考察[J].管理工程学报,2015,29(1):98-105
[23]Jensen M.C.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers[J].The American Economic Review,1986,76(2):323-329
[24]Shleifer A.,Vishny R.W.Management Entrenchment:The Case of Manager-Specific Investments[J].Journal of Financing Economics,1989,25(1):123-139
[25]白明,任若恩.中国上市公司资本结构非对称动态调整的周期性[J].系统工程,2011,29(10):24-29
[26]张悦玫,李延喜,刘晓冬.企业投融资匹配指数的构建及经济后果分析[J].东北大学学报(社会科学版),2015,17(1):25-31
[27]Richardson S.Over-Investment of Free Cash Flow[J].Review of Accounting Studies,2006,11(2):159-189
[28]Nikolaev V.Debt Covenants and Accounting Conservatism[J].Journal of Accounting Research,2010,48(1):137-175
[29]郑登津,闫天一.会计稳健性、审计质量和债务成本[J].审计研究,2016,(2):74-81
[30]刘星,魏锋,詹宇,等.我国上市公司融资顺序的实证研究[J].会计研究,2004,(6):66-72
[31]黄少安,张岗.中国上市公司股权融资偏好分析[J].经济研究,2001,(11):12-20
[32]陆正飞,何捷,窦欢.谁更过度负债:国有还是非国有企业?[J].经济研究,2015,(12):54-67
[33]倪中新,武凯文,周亚虹,等.终极所有权视角下的上市公司股权融资偏好研究---控制权私利与融资需求分离[J].财经研究,2015,41(1):132-144
[34]Basu S.The Conservatism Principle and the Asymmetric Timeliness of Earnings[J].Journal of Accounting and Economics,1997,24(1):3-37
[35]窦炜,马莉莉,刘星.控制权配置、权利制衡与公司非效率投资行为[J].管理评论,2016,28(12):101-114
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