衍生工具、公司治理和盈余质量

发布时间：2018-06-28 15:27

本文选题：衍生工具 + 公司治理　；参考：《会计研究》2017年03期

【摘要】：衍生工具在国内外日益受到实务界和学术界的关注。本文以我国2007年至2013年间具有潜在风险敞口的A股非金融类上市公司为样本,研究企业应用衍生工具对盈余质量的影响及公司治理在两者关系中的作用。研究结果表明,应用衍生工具企业的操纵性应计利润显著增加,并且市场做出负向反应,盈余反应系数显著下降,可能的原因包括管理层的投机行为及套期保值会计制度的影响;进一步检验公司治理的作用,发现衍生工具对盈余质量的负面作用主要表现在公司治理水平较低的企业。这一结果说明公司治理差的企业应用衍生工具更倾向于投机,或者在套保认定为无效的情况下操纵盈余,对盈余质量产生负面影响。
[Abstract]:Derivatives are attracting more and more attention from the practical and academic circles at home and abroad. This paper takes non-financial A-share listed companies with potential exposure from 2007 to 2013 as a sample to study the impact of the application of derivatives on earnings quality and the role of corporate governance in the relationship between the two. The results show that the operating accrual profits of the enterprises using derivatives increase significantly, and the negative reaction of the market results in a significant decrease in the coefficient of earnings response. The possible reasons include the speculative behavior of management and the impact of hedging accounting system, and further test the role of corporate governance, and find that the negative effect of derivative on earnings quality is mainly reflected in the low level of corporate governance. The results show that companies with poor corporate governance are more inclined to speculate on derivatives or manipulate earnings if hedging is considered ineffective, which has a negative impact on earnings quality.
【作者单位】：北京工商大学商学院/国有资产管理协同创新中心;厦门国家会计学院;
【基金】：国家自然科学基金项目(71422008、71372074、71572163、71202060) 北京工商大学国有资产管理协同创新中心的资助
【分类号】：F271;F275

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