会计稳健性对非效率投资的影响研究

发布时间：2018-04-04 12:21

本文选题：会计稳健性　切入点：非效率投资　出处：《青岛大学》2016年硕士论文

【摘要】：投资作为三大财务管理决策之一,对企业的价值产生了深远的影响,有效的投资决策能够合理运用资金,为企业创造更多的财富。但我国上市公司普遍存在投资效率低下的问题,该问题导致资源配置不再平衡,损害了企业价值最大化的根本目标。而从宏观层面来看,单个企业投资效率不高必然反映了整个资本市场发展的不完善。会计稳健性有着悠久的历史,并且是会计核算的一项重要准则,一直受到学术界和实务界的广泛关注。然而,随着资本市场的发展,美国财务会计准则委员会等准则制定机构在制定准则时不再充分强调会计稳健性。于是,不同的准则制定机构纷纷减少会计稳健性,转而加大对公允价值计量原则的运用。但是,在金融危机爆发后,人们开始反思是否应继续加强公允价值计量,同时思考会计稳健性本身所具备的治理效应。本文首先回顾了国内外学者对会计稳健性和非效率投资的相关研究,对已有理论成果做出评述,并对二者的相关概念进行了界定。同时,依托委托代理理论、信息不对称理论以及管理者行为理论,深入分析了会计稳健性对投资过度以及投资不足的特殊影响路径,做出理论分析,并据此提出了本文的三个假设。为检验已提出的假设,本文选取了2010年至2014年A股1365家上市公司的财务数据,通过Richardson模型所得残差来度量非效率投资,通过修改后的Basu来度量会计稳健性,以多元线性回归模型建立起二者之间的联系。本文深入分析了会计稳健性对投资过度和投资不足的影响,进一步得出如何抑制企业非效率投资的政策建议。通过相关回归结果可以发现,我国上市公司在总体上偏向更谨慎的会计处理,会计稳健性与投资过度显著负相关,与投资不足显著正相关。会计稳健性能够抑制企业的投资过度,但是会加剧企业的投资不足,因此会计稳健性的强度需在合适的水平。本文的相关理论成果加强了会计稳健性相关治理效应的认识,建立起会计稳健性与非效率投资的经济联系,同时为减少企业的非效率投资提供了理论依据和政策建议。
[Abstract]:As one of the three major financial management decisions, investment has a profound impact on the value of enterprises. Effective investment decisions can make rational use of funds and create more wealth for enterprises.However, the investment efficiency of listed companies in China is generally low, which leads to the disequilibrium of resource allocation and damages the fundamental goal of maximizing the value of enterprises.From the macro level, the investment efficiency of a single enterprise must reflect the imperfect development of the whole capital market.Accounting conservatism has a long history and is an important standard of accounting.However, with the development of the capital market, the accounting conservatism is no longer emphasized by the FASB and other standard-setters.As a result, different standard-setting agencies reduce accounting conservatism and increase the use of fair value measurement principles.However, after the financial crisis broke out, people began to reflect on whether we should continue to strengthen fair value measurement, and consider the governance effect of accounting conservatism itself.Firstly, this paper reviews the relevant research on accounting conservatism and inefficient investment, reviews the existing theoretical achievements, and defines the related concepts of accounting conservatism and non-efficiency investment at home and abroad.At the same time, relying on principal-agent theory, information asymmetry theory and manager behavior theory, this paper deeply analyzes the special influence of accounting conservatism on overinvestment and underinvestment, and makes theoretical analysis.Based on this, three hypotheses are put forward.In order to test the proposed assumptions, this paper selects the financial data of 1365 A-share listed companies from 2010 to 2014, measures the inefficient investment through the residual of Richardson model, and measures the accounting conservatism through the modified Basu.A multivariate linear regression model is used to establish the relationship between the two.This paper deeply analyzes the influence of accounting conservatism on overinvestment and underinvestment, and then puts forward some policy suggestions on how to restrain the inefficient investment of enterprises.Through the correlation regression results, we can find that the listed companies in our country tend to be more cautious accounting treatment in general, accounting conservatism and investment excessive negative correlation, and investment insufficient significantly positive correlation.Accounting conservatism can restrain the overinvestment of enterprises, but it will aggravate the underinvestment of enterprises, so the intensity of accounting conservatism should be at the appropriate level.The related theoretical results of this paper strengthen the understanding of the governance effect of accounting conservatism, establish the economic relationship between accounting conservatism and inefficient investment, and provide theoretical basis and policy recommendations for reducing the non-efficient investment of enterprises.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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