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论文编号：	13147
作者编号：	2120202810
上传时间：	2022/6/6 21:54:25
中文题目：	投服中心持股行权对会计稳健性的影响
英文题目：	The Influence of the ISC Shareholding Exercise on Accounting Conservatism
指导老师：	刘志远
中文关键字：	投服中心；会计稳健性；投资者保护
英文关键字：	China Securities Investor Service Center; accounting conservatism; investor protection
中文摘要：	维护中小投资者的合法权益对我国资本市场的健康发展至关重要。2014 年12 月，证监会成立中证中小投资者服务中心（简称“投服中心”），示范引领中小投资者积极参与公司治理。投服中心成立以来，积极行使股东权利，通过事前、事中、事后监管全面保护中小投资者，如今在资本市场中已具备一定的影响力，但是关于其监管效果的实证研究较少。会计稳健性是重要的会计信息质量特征，有预警和化解风险的作用，也是保护投资者利益的有效治理机制，投服中心行权使企业有了披露更多信息或更正错误信息的机会，可能会提高上市公司会计稳健性，本文对此进行验证。 本文以 2013-2017 年 A 股上市公司为研究对象，使用双重差分模型研究投服中心持股行权对上市公司会计稳健性的影响。研究发现：（1）试点地区的上市公司在投服中心开展试点之后，其会计稳健性显著提高，并且通过了安慰剂检验、稳健性检验。（2）对收集的投服中心实际行权数据进行研究，结果表明，投服中心行权确实提高了公司的会计稳健性，其中参加股东大会和媒体说明会的影响更为显著。（3）投服中心与会计稳健性的正向关系在外部治理环境差、内部控制质量低、非国有企业的上市公司中更强。研究结果表明，投服中心行权可以提高公司的会计稳健性，具有较好的监管效果。本文研究结果为投服中心行权的有效性提供了实证证据，丰富了投资者保护机制的相关文献，也拓宽了会计稳健性影响因素的研究视角。
英文摘要：	Protecting the interests of minority investors is of great practical significance tothe development of China's capital market. The China Securities Regulatory Commission established the China Securities Investor Services Center (ISC for abbreviation below) in 2014 to lead and guide minority investors to actively participate in corporate governance. Since its establishment, the ISC has actively exercised shareholders' rights and comprehensively protected minority investors. Accounting conservatism is one of important standards to measure the quality of accounting information. It is an effective governance mechanism to protect the interests of investors. The exercise of shareholder rights gives related listed companies an opportunity to disclose more information or correct wrong information, which may improve the accounting conservatism of listed companies. This paper takes the A-share listed companies from 2013 to 2017 as the research sample and uses the difference in differences model for regression. The study finds that: (1) The accounting conservatism of the listed companies in the pilot area is significantly improved after the pilot is carried out, and this conclusion is still valid after passing the placebo test and robustness test. (2) Based on the manually collected exercise data, it also found that the exercise of the ISC can improve the accounting conservatism, among which the impact of participating in the general meeting of shareholders and media briefing is more significant, and has played a demonstration effect.(3) The impact of the ISC shareholding exercise on accounting conservatism is more significant in the companies with poor external governance environment, weak internal control and non-state-owned enterprises. The results show that the exercise of the ISC can improve the accounting conservatism of the company and has a good regulatory effect. This paper provide preliminary empirical evidence for the effectiveness of shareholding exercise of the ISC, enrich the relevant literature of the investor protection mechanism, and broaden the research perspective of the influencing factors of accounting conservatism.
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