会计准则变革的非效率投资治理效应研究——基于逆向选择与道德风险的视角

发布时间：2018-04-21 10:54

本文选题：会计准则变革 + 企业非效率投资　；参考：《审计与经济研究》2017年03期

【摘要】：外部资本定价扭曲与监督不足是导致企业非效率投资的诱因,我国会计准则的国际趋同能否通过信息环境的改善实现对企业非效率投资的治理是亟待研究的重要课题。选取2003—2011年我国上市公司数据,通过Richardson模型和FHP模型的综合使用,将样本分成"逆向选择和投资不足"以及"道德风险和投资过度"两种情况,观察我国会计准则国际趋同对两种企业非效率投资的治理效果。研究发现我国上市公司同时存在投资不足与投资过度现象且两种现象下均存在投资现金流敏感性,会计准则趋同后投资现金流敏感性显著下降。研究证实会计准则变革可以通过改善定价扭曲和逆向选择来缓解投资不足,通过改善监督不足和道德风险来抑制投资过度。
[Abstract]:The distortion of external capital pricing and insufficient supervision are the inducements for enterprises to invest inefficiently. Whether the international convergence of accounting standards of our country can realize the governance of enterprises' inefficient investment through the improvement of information environment is an important subject to be studied urgently. According to the data of China's listed companies from 2003 to 2011, through the comprehensive use of Richardson model and FHP model, the samples are divided into two cases: "adverse selection and underinvestment" and "moral hazard and overinvestment". To observe the governance effect of the international convergence of accounting standards on the inefficient investment of two kinds of enterprises. It is found that there are both underinvestment and overinvestment in listed companies in China, and under both phenomena, there is a sensitivity to cash flow of investment, and the sensitivity of cash flow of investment decreases significantly after the convergence of accounting standards. The research proves that accounting standard reform can alleviate underinvestment by improving pricing distortion and adverse selection, and restrain overinvestment by improving supervision and moral hazard.
【作者单位】：东北财经大学会计学院;大连交通大学经管学院;江苏大学财经学院;
【基金】：国家自然基金面上项目(71372068) 教育部人文社会科学项目(13YJA790151) 辽宁省教育厅人文科学项目(W2013074) 江苏省高校哲学社会科学基金(2014SJD501) 江苏大学高层次人才基金(16JDG001)
【分类号】：F233

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