股权特征影响下会计稳健性与非效率投资关系研究

发布时间：2018-01-10 13:00

本文关键词：股权特征影响下会计稳健性与非效率投资关系研究　出处：《浙江理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：会计稳健性作为重要的会计信息质量特征之一,要求企业在处理不确定性经济业务时,保持谨慎的态度,对不确定性收入和收益的确认应当比对不确定性损失和费用的确认更加谨慎。投资活动作为企业重要的活动之一,对企业的生存发展有着至关重要的影响,在现代企业管理中,非效率投资现象比较常见。而会计稳健性作为有效的会计信息,可以降低信息不对称的程度,减少代理成本,从而有助于企业投资效率的提高。而在企业股权特征的影响下,由于代理成本及信息不对称的存在,会计稳健性对非效率投资的作用也各不相同。本文基于委托代理理论框架,研究了会计稳健性对非效率投资的影响,再进一步分析了公司股权特征对两者关系的调节作用。本文采用理论与实证研究相结合的方式,首先梳理文献,总结会计稳健性、非效率投资、股权特征等方面研究,为下文理论和实证奠定基础;然后进行理论分析和假设推理,推理出会计稳健性与非效率投资的关系,以及公司股权特征对两者的调节作用;最后进行实证研究与分析,按照2012年中国证监会行业分类标准,选取2012年-2015年上证A股上市公司数据,以Richadson(2006)残差模型来计量非效率投资,以Basu(1997)盈余股票收益改良模型计量会计稳健性,以自由现金流量、总资产周转率、管理费用率、高管薪酬、年度虚拟变量作为控制变量,检验会计稳健性对非效率投资的影响。再将公司股权特征分为股权性质和股权结构,再将股权结构分为控股股东比例、股权制衡度、机构投资者比例、管理层持股比例,分别作为调节变量,研究对会计稳健性与非效率投资关系的具体影响。实证结果显示,会计稳健性会抑制非效率投资行为。国有性质、控股股东比例会减弱这种抑制作用,而股权制衡度、机构投资者比例会加强这种作用,管理层持股调节作用并不显著。根据实证结果,本文分别从公司会计稳健性、股权性质和股权结构三大方面给出具体建议:提高对会计稳健性的认识,实施高效率的国有企业改制计划,加强内外部股权监督机制,以期对上市公司减少非效率投资有所裨益。
[Abstract]:Accounting conservatism as one of the important characteristics of accounting information quality requires enterprises to maintain a cautious attitude when dealing with uncertain economic business. The recognition of uncertain income and income should be more cautious than the recognition of uncertain losses and expenses. As one of the important activities of enterprises, investment activities have a vital impact on the survival and development of enterprises. In modern enterprise management, the phenomenon of inefficient investment is more common, and accounting conservatism, as an effective accounting information, can reduce the degree of information asymmetry and agency costs. This will help to improve the efficiency of enterprise investment. But under the influence of the ownership characteristics of the enterprise, due to the existence of agency costs and information asymmetry. The effect of accounting conservatism on inefficient investment is also different. Based on the principal-agent theory, this paper studies the impact of accounting conservatism on non-efficient investment. Further analysis of the regulatory role of corporate equity characteristics on the relationship between the two. This paper uses the combination of theoretical and empirical research, first combing the literature, summed up accounting conservatism, inefficient investment. The research on the characteristics of equity rights lays the foundation for the following theoretical and empirical studies; Then it makes theoretical analysis and hypothetical reasoning, deduces the relationship between accounting conservatism and inefficient investment, and the regulating effect of corporate equity characteristics on both. Finally, the empirical research and analysis, according to the 2012 China Securities Regulatory Commission industry classification standards, selected from 2012 to 2015 A shares listed company data. This paper uses Richadsonian 2006) residual model to measure inefficient investment, Basu 1997) earnings improvement model to measure accounting conservatism and free cash flow. Total assets turnover rate, overhead rate, executive compensation, annual fictitious variables as control variables, to test the impact of accounting conservatism on inefficient investment. Then the equity characteristics of the company are divided into equity nature and equity structure. Then the ownership structure is divided into controlling shareholder proportion, equity balance degree, institutional investor ratio, management shareholding ratio, respectively, as adjustment variables. The empirical results show that accounting conservatism will inhibit the behavior of non-efficient investment. The state-owned nature of the controlling shareholder proportion will weaken this inhibition. The equity balance, institutional investor ratio will strengthen this role, the regulatory role of management shareholding is not significant. According to the empirical results, this paper respectively from the company accounting conservatism. Three major aspects of the nature of equity and equity structure give specific suggestions: to improve the understanding of accounting conservatism, to implement an efficient reform plan of state-owned enterprises, and to strengthen the internal and external stock rights supervision mechanism. With a view to the listed companies to reduce inefficient investment benefits.
【学位授予单位】：浙江理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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