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论文编号：	379
作者编号：	043082
上传时间：	2008/1/7 15:15:39
中文题目：	公司治理对会计稳健性的影响研究
英文题目：	The Study on the Effects of Co
指导老师：	周晓苏
中文关键字：	稳健性 公司治理 预算软约束
英文关键字：	conservatism corporate govern
中文摘要：	会计信息质量问题一直是困扰各国政府的一个难题。我国自证券市场成立后，财务丑闻屡屡曝光，会计信息质量令人堪忧。近年来，会计稳健性逐渐成为国内外学术界研究的热点问题。 本文以所有权结构理论、法和金融学理论、董事会结构理论等相关理论为基础，结合我国国有企业改革、金融体制改革及会计制度改革的相关制度背景，就公司治理对会计稳健性的影响进行实证研究。在评述会计稳健性概念的起源、演变的基础上，系统探讨了会计稳健性与会计目标，会计信息质量特征，以及与会计环境的关系；围绕会计稳健性建立了一个以会计目标为中心，以会计质量信息特征为纽带，以制度环境为约束条件的概念框架，明晰了稳健性在财务会计概念框架中的地位，丰富了对稳健性存在根源的解释。 然后，本文的实证研究主要从股权结构、董事会独立性以及企业负债三个方面展开，通过构造一个比较完整的检验体系，以我国A股上市公司为样本，研究发现： 1．以1994-2005为时间区间，对我国证券市场会计稳健性的时序演进特征进行分析的结果表明，随着我国对投资者法律保护的不断加强，上市公司的会计稳健性呈现出逐步提高的趋势。 2．关于股权结构与会计稳健性的关系，研究结果显示，随着第一大股东持股比例的增加，会计稳健性下降，二者呈显著的负相关关系，说明大股东控制的“壕沟防御效应”（ Entrenchment Effects.）对会计稳健性产生了不利影响。关于控股股东性质对稳健性的影响，本文没有得到一个稳定的结论。尽管在初步验证时，三个稳健性计量模型的结果都支持国有控股降低了稳健性，但是通过敏感性分析发现，上述结论对边界值较为敏感，剔除边界值后结论变得不稳定。 3．在利用总应计（total accrual）对经营现金流（cash flow）进行回归时发现，独立董事对稳健性的促进作用显著，意味着独立董事可能主要从经营现金流的角度来关注上市公司经济状况的变化。利用每股盈余对当期股票报酬进行回归的结果，显示出董事长与总经理两职兼任对稳健性有显著的积极作用。尽管如此，我们认为，仍然需要谨慎地看待独立董事和两权设置的作用，因为二者都没有从三个模型中得到一致性的结果。 4．企业负债融资是公司治理的一个重要机制，研究发现，在整体上，我国上市公司体现出了显著的负债治理效应，公司借款比例与会计稳健性正相关，但是，在不同控股权下，通过分析各种治理机制对稳健性的影响，发现债权人对国有控股公司所发挥的监督作用比对非国有上市公司有明显差距，说明国有上市公司仍然存在预算软约束问题。然而，除了企业负债，没有证据显示其余变量与会计稳健性的关系受到控股股东性质的影响。 由于我国上市公司所处的制度环境不同于西方发达国家，因此，本文的研究有利于积累新的证据，以便从新的视角理解会计稳健性存在的制度根源。同时，本文的实证结论对于我国国有企业产权改革，董事会制度设计，以及金融系统改革也具有一定的参考价值。
英文摘要：	The quality of accounting information is a problem which the governments of many countries are faced with. With the establishment of China's securities market, financial scandals have repeatedly been exposed, and the quality of accounting information is worried about. In recent years, accounting conservatism is becoming a hot issue in the domestic and international academic cycles. Based on ownership structure theory, law and finance theory and directors board structure theory , this paper focuses on the impact of corporate governance on accounting conservatism on the background of China's state-owned enterprise reform, financial system reform and accounting system reform. Commenting on the origin and evolution of the accounting conservatism concept, this paper discusses the relationship between accounting objectives and accounting conservatism, between qualitative characteristics of accounting information and accounting conservatism, and between accounting environment and accounting conservatism in order to develop the conceptional framework of conservatism, which serves accounting objectives, taking qualitative characteristics of accounting information as a link, and system environment as constraint condition. This conceptional framework clarifies the status of accounting conservatism in the financial accounting conceptual framework, and enriches explanation of the origin of accounting conservatism. Specifically, the empirical study begins with three aspects of corporate governance，including equity structure, independence of directors board and corporate liability, by constructing a comprehensive testing system, and based on the A-share listed companies in China, and I find: 1. Taking 1994-2005 as a time window, the analysis of the features of time series evolution of accounting conservatism shows that, with the development of the legal protection of investors, the level of accounting conservatism of listed companies gradually raises. 2. As equity ratio of the largest shareholder increases, accounting conservatism decreases. The two variables are negatively correlated, demonstrating that the control from major shareholders has " Entrenchment Effects." On the features of the controlling shareholders, we do not get a stable conclusion. Though the results from the three measurement models of accounting conservatism show that the accounting conservatism of state-controlled companies decreases in the initial regression, we find that the above conclusions is sensitive to the border data. 3. The proportion of independent directors and the arrangement of two rights have not got unanimous conclusion from the three models. The effect of independent directors on the accounting conservatism is only significant in the regression of total accrual/cash flow, demenstrating that independent directors may pay more attention to cash flow to underatand the economic situation of firms. At the same time, the arrangement of two rights is only significant in the regression of earnings/returns, demenstrating that it has positive effects on accounting conservatism, so there is no strong data to support the effects of the proportion of independent directors and arrangement of two rights in China's listed companies on accounting conservatism. 4. Enterprise debt financing is an important corporate governance mechanism. The study finds that debt financing in listed companies in China as a whole shows a significant governance role, and debt ratio and accounting conservatism are positive correlated, but the research of various governance mechanism under different controlling shareholders shows that the debt owners of the state-owned companies has poor supervisory role compared with non-state-owned listed companies, and that means state-owned listed companies are still faced with soft budget constraint. However, in addition to corporate liability, there is no evidence that the relationship between other variables and accounting conservatism is effected by the nature of controlling shareholders. The system environment facing China's listed companies is different from that of western developed countries, therefore, this paper is helpful to accumulate new evidence and to understand the origin of accounting conservatism from new perspective. Moreover, empirical conclusions obtained in this study have some reference value for the property rights reform of China's state-owned enterprises, the design of directors board system, and bank reform.
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