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论文编号：	4472
作者编号：	1120080711
上传时间：	2012/6/10 21:28:56
中文题目：	信息不对称、会计稳健性与中小股东利益保护
英文题目：	Information Asymmetry、Accounting Conservatism and Minority Shareholders Profit Protection
指导老师：	周晓苏
中文关键字：	会计稳健性，中小股东利益保护，信息不对称，控股股东侵占动机，制度环境
英文关键字：	accounting conservatism，minority shareholders profit protection， information asymmetry，controlling shareholders’ motivation of tunneling，institutional settings
中文摘要：	中小股东是证券市场上最主要的参与者，是保证证券市场运行和发展的重要力量。中小股东利益保护水平是影响甚至决定一个国家或地区证券市场发展水平的关键因素。信息不对称是导致中小股东利益受损的重要原因，也是投资者保护研究的热点问题。会计系统作为投资者保护的一项制度安排，其基本功能是通过向投资者提供高质量的会计信息来缓解信息不对称。会计稳健性作为一项传统而应用广泛的信息质量特征，在保护中小股东利益方面能否发挥作用、如何发挥作用，这个问题并没有得到足够的重视和系统地研究。本文以信息不对称理论、投资者保护理论、会计信息在投资者保护中的作用等理论为基础，结合我国证券市场发展状况和有关中小股东利益保护的制度背景，建立了一个研究会计稳健性与中小股东利益保护关系的分析框架。在该框架下，重点分析了会计稳健性帮助中小股东克服逆向选择问题的作用机制和经济后果，并从中小股东利益保护的角度出发，研究了控股股东利益侵占动机和外部制度环境对我国上市公司会计稳健性的影响。在理论分析的基础上，本文运用C_Score模型计量公司/年度会计稳健性，对会计稳健性保护中小股东利益的经济后果和影响因素进行了实证检验。 本文的主要研究结论如下： 对会计稳健性保护中小股东利益的作用机制的研究发现：会计稳健性主要通过两条路径解决逆向选择问题。第一，会计稳健性能够提高企业当期业绩的可证实性，有助于中小股东准确判断企业未来的价值变化，进而做出正确的投资决策。因为稳健的会计盈余所反映出的企业盈利能力具有较强的可证实性，与企业未来的价值变化具有更紧密的联系，中小股东据此对企业价值进行判断时，出现高估收益或者低估损失的可能性较小。第二，会计稳健性能够提高企业“坏消息”的披露水平，保证中小股东在做出投资决策之前充分了解可能影响企业价值的各种不利因素。因为企业内部人倾向于充分披露好消息而避免披露坏消息，而会计稳健性要求对坏消息的确认速度比好消息快，能更加及时地将坏消息传递给中小股东，避免因为坏消息的推迟披露而遭受损失。 对会计稳健性保护中小股东利益的经济后果的研究发现：第一，会计稳健性较高的公司当期会计盈余与未来股票回报率显著正相关，尤其是在会计盈余水平较高以及企业信息不对称程度较高的情况下。这说明会计稳健性能够起到提高信息可证实性的作用，帮助中小股东更加准确地判断企业价值的变化。第二，当期会计稳健性较高的企业未来发生股价大跌的风险较小,而且对于信息不对称程度较高的企业来说，稳健性抑制股价大跌的作用更加明显。这说明会计稳健性能够通过提高“坏消息”的披露水平而起到保护中小股东利益的作用。 对会计稳健性保护中小股东利益的影响因素的研究发现：会计稳健性并没有随着信息不对称程度的提高而增强，说明我国上市公司的稳健性程度还达不到中小股东利益保护的要求；在较高的信息不对称条件下，控股股东的利益侵占动机能够显著降低公司的会计稳健性，说明信息不对称环境和控股股东侵占动机的共同作用降低了会计稳健性的供给；较为完善的外部制度环境能够抑制控股股东利益侵占动机对会计稳健性的损害。 本文的创新之处主要体现在： 第一，将会计稳健性与中小股东利益保护相结合，扩展了对会计稳健性投资者保护作用的研究。现有文献主要研究会计稳健性对债权人利益的保护，本文则针对中小股东，深入分析了会计稳健性如何通过缓解企业内部人和中小股东之间的信息不对称，来实现保护中小股东利益的目的。 第二，从会计稳健性与未来股票回报率以及会计稳健性与股价大跌风险的关系入手，分析并检验了会计稳健性保护中小股东利益的经济后果，丰富了关于会计稳健性经济后果的研究。 第三，从中小股东利益保护的角度出发，研究了控股股东利益侵占动机以及外部制度环境对会计稳健性发挥中小股东利益保护作用的影响，丰富了关于会计稳健性影响因素的研究。
英文摘要：	The minority shareholders are the most dominating participant in the securities market, and they are important to keep securities market on running and developing. It is the level of minority shareholders profit protection that can influence or determine the extent of the securities market’s development. Information asymmetry is the lesding reason that leading to the loss of minority shareholders, and which also is the hotspot problem in investor profit protection studing. As the part of the investor profit protection system, financial accounting can alleviate information asymmetry by providing high-quality accounting information to investors. Does accounting conservatism can protect the profit of minority shareholders and how can it do? These problems are not attached importance to and studied systematically, although accounting conservatism is a traditional and widely-applied characteristic of accounting information quality. This research establishes an analytic framework of the relationship of accounting conservatism and minority shareholders profit protection based on the information asymmetry theory, investor profit protection theory, the role of accounting information on investor profit protection and the current situation of Chinese securities market and the institutional settings of minority shareholders profit protection in China. Under the framework, this research studies the mechanism and economic consequence that how does accounting conservatism help minority shareholders to resolve adverse selection, and the influence on accounting conservatism of Chinease listed company by the controlling shareholders’ motivation of tunneling and the institutional settings. This research use the C_Score model which provided by Khan and Watts in 2009 to measure the firm-year level accounting conservatism, and test the economic consequence and influencing factor of minority shareholders profit protection by accounting conservatism based on the theoretic analysis. The main conclusions of this research are as follows: The result of studing the mechanism of minority shareholders profit protection by accounting conservatism is that accounting conservatism can help minority shareholders to resolve adverse selection by two kind of method. Fistly, accounting conservatism can enhance the confirmability of current accounting information, which can help minority shareholders to value the firm’s price accurately and make investment decision correctly. Becaurse the profitability reflected by conservative accounting information is more confirmable, and it is more related to the future price of firm. If minority shareholders value firm’s price based on such information, it is less possible to make mistake. Secondly, accounting conservatism can increase the amount of the bad news that is released, which ensures that minority shareholders realize all kinds of bad news that may damage firm’s valuation before they make their investment decision. Managers have a general tendency to strategically withhold or delay the disclosure of bad news and accelerate the release of good news, and accounting conservatism demand the recognition of bad news is faster than good news, which can deliver the bad news to minority shareholders more timely, as a result, minority shareholders would not suffer loss for hiding of bad news by managers. The results of studing the economic consequence of minority shareholders profit protection by accounting conservatism are as follows. Firstly, there is a positive relation between current profit and future stock price returns when the firm is more conservative, especially for the sample of higher earnings or the sample of higher level of information asymmetry. This result means that accounting conservatism plays the role of advancing the confirmability of accounting information, which can help minority shareholders to value the firm’s price accurately. Secondly, there is a negative relation between accouting conservatism and the probability of stock price crash, especially for the sample of higher level of information asymmetry. This result means that accounting conservatism can protect minority shareholders by increase the amount of the bad news that is released. The results of studing the influenced factors of minority shareholders profit protection by accounting conservatism are as follows. Three is no positive relation between accounting conservatism and the level of information asymmetry, which means that the level of accounting conservatism of Chinese listed company is not high enough to satisfy the need of minority shareholders profit protection. The controlling shareholders’ motivation of tunneling reduces the level of accounting conservatism for the sample of higher level of information asymmetry, which meants that the information asymmetry is in company with the controlling shareholders’ motivation of tunneling decreasing the supply of accounting conservatism. We can restrain the negative impact from controlling shareholders by consummating the institutional settings. The innovations of this research are as follows: Firstly, this research combine accounting conservatism with the minority shareholders profit protection, which expand the extent of investor protection studies. The exiting articals mostly study the creditor profit protection by accounting conservatism, this paper analyses the minority shareholders profit protection by accounting conservatism through lessening the information asymmetry. Secondly, analyse and test the economic consequence of minority shareholders profit protection by accounting conservatism by testing the relationship between current accounting conservatism and future stock price returns and the relationship between accounting conservatism and the probability of stock price crash. This part contributes to the literature on the economic consequence of accounting conservatism. Finally, this research studies the impact of the controlling shareholders’ motivation of tunneling and the institutional settings on accounting conservatism from the respect of minority shareholders profit protection, and this part contributes to the literature on the influenced factors of accounting conservatism.
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