管理者权力、会计稳健性与企业价值

发布时间：2018-04-09 14:12

本文选题：管理者权力　切入点：会计稳健性　出处：《集美大学》2017年硕士论文

【摘要】：会计稳健性存在了将近500多年,其从产生以来就备受瞩目,在公司治理机制和会计准则中扮演着十分重要的角色。会计稳健性产生的原因主要在于契约,契约的本质是缓解管理者和股东之间的代理冲突。同时,契约关系赋予了管理者对企业进行经营管理的权力,但是管理者可能为了自身因素,利用权力进行寻租,操纵会计信息,对会计稳健性产生不良的影响,所以管理者所持有的权力是企业会计稳健性的重要影响因素。另一方面,会计稳健性可以保护股东权益,减少不确定性,使企业能够得到良性的发展,对企业价值有正面的促进作用。已有研究表明,会计稳健性的经济后果基本都是正面的,比如会计稳健性会提升企业的业绩。然而,企业的会计稳健性很大程度上会受到代理问题的影响。不可否认的是,会计稳健性良好的企业能提供质量较优的会计信息,利于企业经营决策的民主化与科学化,限制非效率行为,降低企业进行各项经济活动的交易成本,从而提高企业的价值。但从另一个角度来看,在企业或公司内部,管理者所拥有的权力越大,所能掌握的资源就越多,其机会主义倾向就愈可能,他们出于私利而进行“权力寻租”,就会计信息的披露予以干涉,影响会计信息质量,可能表现出表面上的会计稳健性以满足监管要求。在这种情况下,权力越来越大的管理者对于会计稳健性是正面影响,是否会起到抑制作用?本文以会计稳健性为切入点,探讨管理者权力、会计稳健性与企业价值三者的关系,研究遵循“权力-稳健性-企业”的思路进行。写作的逻辑顺序是:首先进行规范分析,明确基本概念与度量方法,回顾与企业价值、会计稳健性、管理者权力相关的研究结果;其次,站在国内制度大环境的角度,讨论三者相互作用的机理,为实证研究奠定基础,然后通过实证分析验证假设,归纳得出以下结论:(1)企业的会计稳健性越强,企业价值越高。实证结果得出会计稳健性指标与企业价值指标呈显著正相关关系;(2)管理者权力抑制会计稳健性对企业价值的改善作用。研究结果表明,管理者权力的扩大对会计稳健性促进企业价值的作用有一定的约束作用,即企业管理者权力越大,会计稳健性的正面影响受到的约束越多,企业价值会随之降低。最后给出相关的政策建议,提出本文研究存在的局限性及研究展望。
[Abstract]:Accounting conservatism, which has existed for nearly 500 years, has attracted much attention since its emergence and plays a very important role in the corporate governance mechanism and accounting standards.The reason of accounting conservatism lies in the contract, the essence of which is to alleviate the agency conflict between managers and shareholders.At the same time, the contract relationship gives managers the power to manage the enterprises, but the managers may make use of their power to seek rent for their own reasons, manipulate accounting information, and have a negative impact on accounting conservatism.Therefore, the authority held by managers is an important factor of accounting conservatism.On the other hand, accounting conservatism can protect shareholders' rights and interests, reduce uncertainty, make enterprises get benign development, and promote the value of enterprises.However, the accounting conservatism of enterprises will be greatly affected by agency problems.It is undeniable that enterprises with good accounting conservatism can provide accounting information of better quality, which is conducive to the democratization and scientization of business decisions, limits inefficient behavior, and reduces the transaction costs of enterprises in various economic activities.In order to improve the value of the enterprise.But from another perspective, the more power managers have within an enterprise or company, the more resources they have, and the more opportunistic tendencies they have, the more likely they are to engage in "power rent-seeking" for their own gain.To interfere with the disclosure of accounting information and affect the quality of accounting information may show the apparent accounting conservatism in order to meet the regulatory requirements.In this case, more and more powerful managers on the accounting conservatism is a positive impact, will it play a restraining role?Taking accounting conservatism as the starting point, this paper discusses the relationship among manager power, accounting conservatism and enterprise value, and follows the train of thought of "power-conservatism-enterprise".The logical order of writing is as follows: first, normative analysis, clear basic concepts and measurement methods, review of research results related to enterprise value, accounting conservatism, managers' power; second, standing in the perspective of domestic institutional environment,This paper discusses the mechanism of the interaction of the three factors and establishes the foundation for the empirical research. Then through empirical analysis to verify the hypothesis, we conclude that the stronger the accounting conservatism of the firm is, the higher the enterprise value is.The empirical results show that there is a significant positive correlation between accounting conservatism and enterprise value.The results show that the expansion of managerial power has a certain constraint on the role of accounting conservatism in promoting the value of enterprises, that is, the greater the power of managers, the more the positive impact of accounting conservatism is constrained.The value of the enterprise will decrease with it.Finally, some policy suggestions are given, and the limitations and prospects of this study are put forward.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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