稳健会计信息的信号传递作用研究

发布时间：2018-03-23 20:17

本文选题：稳健会计信息　切入点：公司治理　出处：《昆明理工大学》2013年博士论文

【摘要】：会计稳健主义作为会计信息系统确认和计量的传统原则已经存在于各国会计实务中几个世纪。一般认为,会计稳健原则在会计实务中广泛地运用对于解决现代公司机制设置中“天然”存在的信息非对称问题、保护投资者特别是债权人的利益以及提高契约的签订效率扮演了重要的角色。鉴于会计稳健原则对会计理论和会计实务持续产生着深远和重要地影响,本文首先基于现代企业的委托代理理论分析框架及信息经济学中的信号传递思想,从公司治理的角度分析了公司治理的有效程度如何影响管理者关于稳健会计政策地选择。本文分析了资本市场中高质量(预期经营前景好)的上市公司主动地引入有成本的扭曲(会计信息稳健度),以此作为媒介间接地向外部投资者发送管理者关于上市公司预期经营状况的私人信息以区分于市场中质量差(预期经营业绩不好)的公司。国内学者以我国资本市场为背景的相关研究基本一致地表明我国上市公司披露的财务报告是具有一定会计稳健性特征的。因此,本文基于中国资本市场实证地研究了中国上市公司所披露的财务报告中会计信息整体的稳健程度与预期的资产盈利水平的相关关系,会计信息稳健程度的信息含量以及会计信息稳健度与预期盈利水平相关性的影响因素等一系列问题,实证结果基本支持了本文关于公司治理的有效程度对管理者稳健会计政策选择影响的理论分析结果。具体而言,首先,本文借鉴Spence (1974)的信号传递模型的思想,在Bagnoli和watts (2005)提出的稳健会计信息信号传递的理论模型基础上进一步地拓展了关于稳健会计信息信号传递的分析,即本文考虑了公司治理机制对管理者信息披露行为的约束作用从而影响到管理者通过报告稳健地会计信息做为信号发送的行为。分析结果表明：若公司治理机制与会计稳健性间具有互补的关系,则在公司治理相对不健全时,那些预期经营业绩好的公司为降低信息非对称程度,管理者会相应地报告稳健的会计信息；但是,对于那些预期经营业绩差的公司选择模仿业绩好的公司报告过于稳健会计信息的成本巨大以至于不得不放弃模仿好公司,此时,市场存在分离均衡,即会计信息稳健度具有信息传递的作用。接着,本文实证地考察了会计信息稳健程度是否在公开披露的盈余信息的基础上向市场传递了增量的信息,研究结果显示上市公司管理者稳健地报告会计盈余并不会导致会计信息的扭曲,而是向外部投资者提供了更多关于公司当期和预期盈余的增量信息。然后,本文以2004-2011年期间在上海证券交易所和深圳证券交易所A股上市的公司作为主要研究样本。首先针对当期会计盈余信息的稳健程度与公司预期的资产收益率之间的相关关系进行了实证研究,研究结果表明,样本公司滞后一期的会计信息稳健程度与当期经营业绩间具有统计意义上显著的正相关关系。再接着,本文考察了公司治理与稳健会计信息的相关关系,研究发现在我国资本市场,管理者对于稳健会计信息、的披露的一个重要的原因来自于公司治理的约束作用,即公司治理综合水平越高的上市公司其披露的会计信息的稳健程度越高。最后,论文结合我国资本市场的法律、制度背景,主要从上市公司的产权性质、外部审计质量、高管持股等三个方面实证地检验了影响上市公司管理者通过会计信息稳健程度发送信号的因素。全文共由七章构成：第一章为绪论；包括研究背景与研究问题、研究内容、研究方法、技术路线以及论文的主要改进和创新之处：第二章为研究所涉及到的主要概念的界定、文献评述与制度背景分析；主要针对稳健会计原则的起源、定义和理论解释进行了文献回顾。同时,结合我国资本市场的法律、制度背景分析了中国上市公司管理者通过间接媒介进行信号传递的动机和可能性。这为我们进一步地理解稳健会计原则长期存在于各国会计实务提供一种可能的理论解释。第三章为基于公司治理视角的稳健会计信息信号传递的机理分析：本章基于经典的信号传递模型,参照Venugopalan (2001)、Gigler和Hemmer (2001)、 Kwon等(2001)的分析方法,进一步拓展了Bagnoli和Watts (2005)关于稳健会计信息的信号传递作用的分析。本章从公司治理的效果好、坏的角度分情况讨论了管理者的稳健会计报告均衡策略。第四章为会计信息稳健度的信息含量研究；管理者最终披露的会计盈余是受其具体财务报告策略选择的影响的,管理者主观地具体会计政策选择有可能导致报告盈余信息地扭曲；也有可能向资本市场传递信息。本章基于中国上市公司的财务数据并使用Collins、Kothari等(1994)所提出的度量股票价格对预期盈余反映程度的预期盈余反应系数实证地对稳健会计信息的信息含量问题进行了实证检验。第五章为上市公司会计信息稳健度与预期盈利能力的相关性研究；以往对稳健会计原则的研究主要关注了上市公司使用稳健的会计信息能够带给报告主体哪些潜在“收益”,而一定程度地忽略了过于稳健的财务报告策略对于公司是有“成本”(如：证券市场价格下跌的风险)的。本章认为不同上市公司的管理者在综合权衡稳健地报告会计信息可能带来的潜在“收益”与“成本”之后,理性选择最优的会计信息稳健度作为财务报告策略。本章的研究提供了会计信息稳健度与预期盈利能力相关关系的实证证据。第六章是公司治理机制对会计信息稳健度的业绩预测作用的影响的实证研究；本章主要基于公司微观层面研究具体的公司治理机制的设置对企业管理者稳健会计处理方法选择的利益动机的约束作用。首先,本章基于中国资本市场实证地检验了稳健会计信息与公司治理的相关关系,接着借鉴Spence (1974)的信号传递模型的思想,从公司治理的角度实证地检验了产权性质、外部审计质量和高管持股比例等具体的公司治理机制对管理者利用稳健会计信息信号传递行为的影响。第七章为全文的结论部分。本章总结了主要的研究结论与启示,针对研究的问题提出了相关的政策建议,最后对研究存在的不足和局限性进行了讨论。
[Abstract]:Accounting conservatism principle as the traditional accounting information system already exists in the recognition and measurement of accounting practice in many countries for centuries. Generally, the accounting conservatism principle in the accounting practice is widely used for solving the modern company mechanism set up in the "natural" existing problems of asymmetric information, the protection of investors especially the interests of creditors and improve the contract the signing of efficiency has played an important role.
In view of the accounting conservatism of accounting theory and practice continuously has a profound and important influence, based on the principal-agent theory of modern enterprise signal analysis framework and information economics in the transfer of ideas, from the perspective of corporate governance and analyzes how to influence the effectiveness of management on prudent accounting policy choice of corporate governance in this paper. Analysis of high quality in the capital market (expected good business prospects) listed companies actively introduce cost distortions (accounting information robustness), as the media management indirectly to send external investors private information about the expected operating conditions of Listed Companies in order to distinguish the poor quality of the market (the expected operating performance is not good) company. The domestic scholars on the Chinese capital market is consistent with the relevant research background that China's listed companies to disclose the financial report is out There are some characteristics of accounting conservatism. Therefore, the correlation between the empirical Chinese based on the capital market to study the soundness and expectations of accounting information disclosure of listed companies China financial report of the overall profitability of assets, a series of problems of accounting information robustness of information content and influence of accounting information robustness and the expected level of profit the correlation factors, the empirical results support the effectiveness of corporate governance analysis results on the impact of managers robust accounting policy choice theory.
Specifically, first of all, this paper uses Spence (1974) of the signal transmission model, in Bagnoli and watts (2005) model based robust accounting information signal transfer proposed on the further development of a robust accounting information signal, the paper considers the mechanism of corporate governance on the binding behavior of managers the disclosure of information which affects the managers by reporting accounting information as the steady signal transmission behavior. Analysis results show that if the complementary relationship between corporate governance and accounting conservatism, the corporate governance is not perfect, the company expected good performance in order to reduce the degree of information asymmetry, managers the report of conservative accounting information; however, for those companies expected operating performance are chosen to mimic the good performance of the company report too robust accounting information The huge cost that had to give up the imitation of good company, at this time, the market exists separate equilibrium that accounting information robustness has the effect of information transmission. Then, this paper demonstrated the soundness of accounting information based on whether public disclosure of earnings information to the market provides incremental information, research results show that managers of listed companies robust reporting accounting earnings will not lead to the distortion of accounting information, but the outside investors to provide more incremental information on current and expected earnings of the company. Then, based on the 2004-2011 years at the Shanghai stock exchange and Shenzhen stock exchange A share listed companies as the research sample. Firstly, the relationship between the current accounting earnings information the steady and firm expected asset returns for the empirical research, the results show that the Sample Firms The lag has a significant positive correlation between the issue of accounting information and the soundness of the current operating results. Then, this paper examines the relationship between corporate governance and soundness of accounting information, the study found in the capital market of our country, for the sound management of accounting information, the constraint effect is an important reason why disclosure from the corporate governance, the higher the degree that is robust with higher levels of corporate governance of Listed Companies in the disclosure of accounting information. Finally, the combination of China's capital market legal system, the background, mainly from the property rights of listed companies, the quality of external audit, managerial ownership and other three aspects of empirical tests managers of listed companies through the influence factor of the transmitted signal of accounting information robust degree.
The full text consists of seven chapters.
The first chapter is an introduction, including research background and research issues, research contents, research methods, technical routes, and the main improvements and innovations of the paper.
The second chapter is the definition of key concepts involved in the research, the literature review and analysis of the system background; the main origin in the robust accounting principles, definition and theoretical explanation of the literature review. At the same time, combined with China's capital market legal system, analyzes the background of Chinese listed company managers motivation and the possibility of signal transmission through the indirect media. It is further our understanding of accounting conservatism principle has long existed in the accounting practice in many countries to provide a possible explanation.
The third chapter is the analysis of the mechanism of sound signal of accounting information from the perspective of corporate governance based on the classic transfer: this chapter based on signal transmission model, according to Venugopalan (2001), Gigler and Hemmer (2001), Kwon (2001) analysis method, to further expand the Bagnoli and Watts (2005) analysis of accounting information about sound signal transfer function. This chapter from the corporate governance effect is good, bad point of view to discuss the steady equilibrium strategy of accounting report management.
The fourth chapter is the research on the information content of accounting information robustness; managers eventually disclosure of accounting earnings is affected by the specific financial reporting strategies affect the managers subjective specific accounting policy choice may lead to earnings information distortion; may also convey information to the capital market. The financial data of listed companies Chinese based on the use of Collins and Kothari, etc. (1994) the information content of accounting information on robust measure stock by the price to earnings reflect the empirical expected earnings response coefficient degree to conduct the empirical test.
The fifth chapter is the correlation of accounting information of listed companies and the soundness of the expected profitability of the previous research on accounting conservatism principle; the main concern of the listed companies to use conservative accounting information can bring the body of the report which potential "returns", to a certain extent, ignored too sound financial reporting strategy is "cost to the company (" for example: the stock market prices risk). In this chapter that managers of Listed Companies in the comprehensive accounting information report steady potential "profits" and "costs" after the rational choice of accounting information, the optimal robust strategy. As the financial report provides empirical evidence related to accounting information robustness with the expected profitability of this chapter.
The sixth chapter is the empirical research on the influence of corporate governance on the performance prediction of the soundness of accounting information; this chapter mainly studies the company specific micro level corporate governance mechanism based on the setting of enterprise managers prudent choice of accounting processes of interest motivation constraints. Firstly, this chapter based on the empirical China capital market test the correlation between robust accounting information and corporate governance, then from Spence (1974) of the signal transmission model, from the perspective of Corporate Governance: An Empirical Test of the nature of property rights, affect the company's external audit quality and high tube stake concrete governance mechanism robust accounting information to managers by signal transfer behavior.
The seventh chapter is the conclusion of this paper. This chapter summarizes the main findings and implications, and puts forward relevant policy recommendations for the research problems. Finally, the shortcomings and limitations of the research are discussed.

【学位授予单位】：昆明理工大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F233

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