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论文编号：	8321
作者编号：	2120142469
上传时间：	2016/6/7 17:44:04
中文题目：	会计稳健性对上市公司投资行为的影响——基于中国创业板上市公司的实证研究
英文题目：	A Study on the Influence of Accounting Conservatism on Corporate Investment—— Evidence from China’s GEM
指导老师：	覃家琦
中文关键字：	会计稳健性;投资行为;创业板上市公司;第一大股东性质
英文关键字：	Accounting Conservatism;Investment Behavior; Listed Companies on GEM; The Nature of the Biggest Shareholder
中文摘要：	会计稳健性不仅是学术界研究的一个重要理论问题，同时也受到了实务部门的高度关注。本文对近几年国内外学者的研究情况进行回顾和梳理以后发现，目前这一领域的研究主要聚焦于以下几个方面，即存在与否、变化规律、存在动因和相关的影响成分等，而对于其产生的经济影响特别是对于上市公司的投资行为的作用的研究只是最近才兴起。公司的投资行为的得当与否，是否具有高效性将直接影响到公司的控股股东是否最大化其利益，将直接作用于到公司追求的最终目标，即企业价值最大化。本论文主要聚焦于考察会计稳健性对我国企业，尤其是创业板上市公司的投资行为的影响，试图运用经验数据证明其对企业投资可能存在的经济功效，同时期望从微观层面为克服当前中国企业投资中存在的“疴疾”提供一剂良方。 论文从文献梳理中确立研究的切入点，并在综合借鉴信息不对称和委托代理理论的主要思想和观点后，选取了我国在深圳证券交易所创业板2011年到 2014 年四年的财务数据，一方面考虑了能够有效体现企业投资行为的指标，另一方面确立了以累计应计项目来权衡企业中存在的会计稳健性的方案，进而考察其对企业投资行为施加的作用。与此同时，从我国特有的经济政治体制机制的角度出发，本研究论文进一步的将所选取的样本上市公司依照产权属性分为两类，以考察产权异质性在会计稳健性作用投资的过程中可能存在的结果不一致。 本研究结论表明：（1）在企业所拥有的内部现金流量要小于当前的投资水平的情况下，企业投资行为是靠外部融资支持的，此时会计稳健性能有效的约束企业的投资行为；（2）在企业所拥有的内部现金流能够应对当前的投资要求的情况下，企业投资行为不依靠于外部融资，会计稳健性能够使企业面对的代理问题得到有效的解决，使企业的投资数量大幅度提升；（3）在企业所拥有的内部现金流大于当前的投资要求的情况下，在国有产权性质的企业，投资行为与会计稳健性之间的正相关关系被减弱；（4）而在企业所拥有的内部现金流无法满足现在的投资要求的情况下，在国有产权性质的企业中，投资行为和会计稳健性的负相关关系同样被减弱。 最后，以本论文的研究结论为凭证，从我国经济发展和市场运行状况的现实情况出发，本研究分别站在不同角度提出了有价值的对策，并通过对本文的研究不足点的分析，对未来关于此命题的研究做出了发展展望。
英文摘要：	Accounting conservatism is a very important indicator of accounting information quality, which has been the focus of scholars’ research. Through the research of Chinese and foreign literature review ,we have been finding that the basic study of accounting conservatism focuses on whether it exists or not , the trend of its change, the causes and related factors. Its economic consequences, particularly in the field of the investment are studied only in recent years. The company's investment behavior is appropriate or not, efficiency or not will directly affect the interests of shareholders, which will be directly relate to whether the corporate value can be maximized. This study focuses on studying the influence of accounting conservatism on the investment behavior of Chinese listed companies , hoping to provide some new empirical evidence to demonstrate that accounting conservatism have economic consequences in investment field and look forward to a new path to the solution of the unreasonable investment behavior of the corporate in China . This research is based on the existing of foreign and domestic research results ,which is according to the theory of information asymmetry and principle-agent. This research selects listed companies on GEM in Shenzhen Stock Exchanges from 2011 to 2014 as sample. At first, it judges if the listed company investment is excessive or not, then takes accumulated four years of negative non-operating accruals as a judgment of accounting conservatism, and check the effect of accounting conservatism on under-investment and over-investment separately. Meanwhile, according to Chinese special institutional background, the sample firms of over-investment and under-investment are divided into two groups, that is state-owned shares of listed companies and non-state-owned shares of listed companies, to inspect the effect of the nature of the biggest shareholder on the role of accounting conservatism or. This study shows that: (1) Accounting conservatism inhibit the behavior of over-investment in the company;(2)Accounting conservatism promotes the under-investment behavior of enterprise; (3) When business investment is low, the nature of property right of State-owned enterprises has weakened the positive correlation between investment and robust while business investment over, the nature of property right of State-owned enterprises has weakened the negative correlation between investment and robust. When the net worth of the internal capital of the enterprise cannot meet the need of investment, the enterprise investment need external financing, accounting conservatism inhibit investment level by eliminating unsymmetrical information; (2) When the net worth of the internal capital of the enterprise cannot meet the need of investment, enterprise investment not need external capital , accounting conservatism promote investment level by reducing agent cost. (3) when the investment in enterprises ' internal capital can meet current demand of investment, the nature of property right of State-owned enterprises has weakened the positive correlation between investment and robust (4) when the investment of internal net worth cannot meet the current demand, the nature of property right of State-owned enterprises has weakened the negative correlation between investment and robust. Finally, based on the conclusions of this study, according to the actual situation in China, this research puts forward relevant suggestions in more than one field, and proposes future directions of research based on the deficiencies of this paper.
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