制度环境、管理层权力与会计稳健性

发布时间：2018-03-30 08:32

本文选题：会计稳健性　切入点：管理层权力　出处：《浙江工商大学》2017年硕士论文

【摘要】：2008年全球金融危机爆发,一直推崇公允价值计量的雷曼兄弟因为提前确认收益虚增资产,最终走上了宣告破产的不归路。与之相反,坚持采用稳健性会计政策的阳狮集团,在金融危机初露端倪时做出谨慎的决定,不盲目确认收益、过度投资,经受住金融危机的洗礼,屹立到最后,成为广告界的巨人。由此可见会计稳健性对于公司的长期发展起到了不可忽视的作用。在此背景下,关于稳健性根源的探讨以及会计稳健性的影响因素研究得到学者们越来越多的关注。对于影响会计稳健性因素的深入了解,有利于改善公司治理,促进资本市场的发展。在众多影响会计稳健性的因素当中,管理层权力是其中重要而不可忽略的因素。在公司治理的框架下,由于第一类代理问题的存在,管理层有动机并有机会利用所掌握的权力,对公司的财务信息施加影响,以达到利己的目的,从而影响会计稳健性。除了微观层面管理层权力的影响,会计报告的稳健性水平很大程度上基于不健全的制度安排,制度环境越好,则法制对于公司的威慑和管理层的行为约束能力越强,对于投资者的保护水平随之越高,增强了公司对于稳健性会计的需求。而在我国现实国情中,国有企业和民营企业差异巨大,在两大类型企业阵营中,会计稳健性的表现也是值得探究之处。基于上述这些问题,本文运用理论分析和实证检验相结合的方法进行后续研究。在理论分析中,本文从会计稳健性、管理层权力和制度环境三个方面回顾了国内外相关的研究成果。总结与研究有关的经济人假说、信息不对称理论和委托代理理论,在这些理论的指导下,深入分析制度环境、管理层权力与会计稳健性之间的作用机理,并提出两大主要假设,即上市公司中管理层权力越大、会计稳健性水平越低;其他条件相同的情况下,制度环境越差,管理层权力对会计稳健性的负面影响越明显。同时,结合我国特殊背景,研究不同产权性质下,制度环境、管理层权力与会计稳健性之间的影响是否相同。在实证研究中,本文利用主成分分析法构建管理层权力综合指标。以A股上市公司2009-2014年间的财务数据为研究样本,构建相关模型,对假设进行实证研究,得出以下结论:(1)管理层权力与会计稳健性负相关,管理层权力越大的公司会计稳健性水平越低,且在国有企业中表现更加明显;(2)制度环境对管理层权力影响会计稳健性有着正向调节作用,且在国有企业中作用更加明显。最后,在上述研究的基础上,本文提出了完善公司治理和信息披露机制,加强法律制度建设和对国有企业管理层的监督等政策建议。并对本文研究的不足之处进行总结以及对未来继续研究的展望。
[Abstract]:In 2008, when the global financial crisis erupted, Lehman Brothers, which has been a champion of fair value measures, ended up on the path of bankruptcy because of its early recognition of earnings as a bullish asset.On the contrary, the sun lion group, which insists on adopting prudent accounting policies, made a prudent decision when the financial crisis emerged, did not blindly recognize returns, overinvested, withstood the baptism of the financial crisis, and stood firm until the end.Become a giant in advertising.It can be seen that accounting conservatism plays an important role in the long-term development of the company.Under this background, scholars pay more and more attention to the research on the origin of conservatism and the influencing factors of accounting conservatism.Understanding the factors influencing accounting conservatism is helpful to improve corporate governance and promote the development of capital market.Among the many factors affecting accounting conservatism, management power is an important factor that can not be ignored.Under the framework of corporate governance, because of the existence of the first kind of agency problem, the management has the motive and the opportunity to exert influence on the financial information of the company, so as to achieve the purpose of self-interest and thus affect the accounting conservatism.In addition to the influence of management power at the micro level, the level of conservatism of accounting reports is largely based on imperfect institutional arrangements. The better the institutional environment, the stronger the legal system can deter the company and restrain the behavior of the management.The higher the level of protection for investors, the stronger the company's demand for conservatism accounting.In the reality of our country, there are great differences between state-owned enterprises and private enterprises, and the performance of accounting conservatism is also worth exploring in the camp of two types of enterprises.Based on these problems, this paper uses the method of theoretical analysis and empirical test to carry out follow-up research.In the theoretical analysis, this paper reviews the domestic and foreign related research results from three aspects of accounting conservatism, management power and institutional environment.This paper summarizes the economic man hypothesis, information asymmetry theory and principal-agent theory related to the research. Under the guidance of these theories, it deeply analyzes the system environment, the mechanism between management power and accounting conservatism, and puts forward two major hypotheses.That is, the greater the power of management in listed companies, the lower the level of accounting conservatism; under the same conditions, the worse the institutional environment, the more obvious the negative impact of management power on accounting conservatism.At the same time, according to the special background of our country, this paper studies whether the influence of system environment, management power and accounting conservatism is the same under different property rights.In the empirical study, this paper uses principal component analysis to construct the comprehensive index of management power.Taking the financial data of A-share listed companies from 2009-2014 as the research sample, this paper constructs a relevant model and makes an empirical study of the hypotheses, and draws the following conclusions: (1) the negative correlation between management power and accounting conservatism.The higher the power of management, the lower the level of accounting conservatism, and the more obvious it is in state-owned enterprises.) the institutional environment has a positive regulating effect on the influence of management power on accounting conservatism, and it plays a more obvious role in state-owned enterprises.Finally, on the basis of the above research, this paper puts forward some policy suggestions, such as perfecting the mechanism of corporate governance and information disclosure, strengthening the construction of legal system and supervising the management of state-owned enterprises.And the shortcomings of this study and future research prospects.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D630;F275;F272.91

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