会计稳健性与上市公司投资效率的研究

发布时间：2018-08-13 14:31

【摘要】：会计稳健性是会计信息的一项重要特征,而投资效率则一直以来就是实务界和理论界关注的重点。会计稳健性对上市公司的投资效率产生的影响则是近几年来研究的热点,尤其是根据产生机制将稳健性分成条件稳健性和非条件稳健,并在此基础上讨论它们对投资效率影响的研究,理论界一直没有定论。本文在基于这种分类基础上,分别对两类稳健性采用不同的计量方法；同时采用Richardson的期望投资模型计量投资过度和投资不足；研究了两类稳健性对投资过度和投资不足的影响,同时分析论证了不同的公司治理状况和融资约束程度在会计稳健性与投资效率之间所发挥的调节效应。本文的研究结论发现,条件稳健性能抑制投资过度并且缓解投资不足,而非条件稳健性对投资过度的抑制作用不显著,对投资不足却存在显著的加剧作用;因此,条件稳健性的经济后果总体来说优于非条件稳健性。在考虑公司治理变量的调节作用之后,发现管理层持股能够促进条件稳健性对投资过度的抑制作用和对投资不足的缓解作用；而股权分散化则能够增强条件稳健性对投资不足的缓解作用,对条件稳健性抑制过度投资的作用却并没有显著的增强作用。在考虑融资约束的调节作用之后,研究发现,融资约束程度越低,条件稳健性对投资不足的缓解作用越强。本文又以股权性质作为融资约束的替代变量研究其调节作用,发现在国有企业中,条件稳健性对投资不足缓解作用也更为显著,这一结论也是对融资约束作用的另一个角度的检验。最后,在基于理论分析与实证研究的基础之上,对公司管理层和资本市场监管者以及会计制度制定者提出了相应的措施和政策建议。
[Abstract]:Accounting conservatism is an important feature of accounting information, and investment efficiency has always been the focus of attention in the field of practice and theory. The impact of accounting conservatism on the investment efficiency of listed companies is a hot topic in recent years, especially according to the generation mechanism, conservatism is divided into conditional conservatism and non-conditional conservatism. On this basis, the research on their impact on investment efficiency has not been concluded. On the basis of this classification, this paper adopts different methods to measure the two kinds of robustness; at the same time, it uses Richardson's expected investment model to measure the overinvestment and underinvestment, and studies the effects of the two kinds of robustness on the overinvestment and underinvestment. At the same time, it analyzes and demonstrates the adjustment effect between accounting conservatism and investment efficiency under different corporate governance conditions and financing constraints. The conclusion of this paper is that conditional robustness inhibits over-investment and alleviates underinvestment, while non-conditional robustness has no significant inhibitory effect on overinvestment, but has a significant aggravating effect on underinvestment. The economic consequences of conditional robustness are generally superior to that of non-conditional robustness. After considering the regulatory role of corporate governance variables, it is found that management ownership can promote conditional robustness to inhibit excessive investment and alleviate underinvestment; On the other hand, equity diversification can enhance the mitigation effect of conditional robustness on underinvestment, but it has no significant effect on conditional robustness to restrain overinvestment. After considering the regulatory role of financing constraints, it is found that the lower the degree of financial constraints, the stronger the mitigation of investment insufficiency is due to conditional robustness. In this paper, we take equity nature as the alternative variable of financing constraints to study its regulatory role. It is found that in state-owned enterprises, conditional robustness plays a more significant role in the mitigation of underinvestment. This conclusion is also a test of the role of financing constraints. Finally, on the basis of theoretical analysis and empirical research, this paper puts forward the corresponding measures and policy recommendations for the management, capital market regulators and accounting system makers.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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