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论文编号：	9438
作者编号：	1120110749
上传时间：	2017/6/25 20:43:50
中文题目：	制度环境、会计稳健性与自由现金流
英文题目：	Institutional Environment, Accounting Conservatism and Free Cash Flow
指导老师：	周晓苏教授
中文关键字：	自由现金流 稳健性 制度环境 产权性质 地区金融市场化 行业竞争
英文关键字：	Free cash flow; Conservatism; Institutional Environment; Property right; Regional financial market; Industry competition
中文摘要：	现代企业制度下所有权与经营权分离，委托人和代理人的效用函数不一致，引发了代理冲突。在满足参与约束的前提下，如何设置一系列激励相容的契约，使得管理者目标函数与股东利益一致、进而降低代理成本，逐渐成为公司治理研究的核心话题。在诸多激励机制中，会计数字往往是契约条款的重要内容，因此，会计信息系统在多大程度上提供了能够为契约各方所认可的信息，会直接影响契约的签订成本、执行成本和监督成本。而稳健性作为一种下偏的会计信息质量特征，其在会计系统中的应用能否提高契约有效性、降低代理成本，成为近年来学术界关注的话题之一。自由现金流往往被视为代理成本的表现形式之一，是公司一系列契约摩擦的产物，而这些契约的签订、执行和监督往往以会计信息为基础，因此，企业的自由现金流水平可能会受到会计信息质量的影响。基于此，本文首次尝试从会计信息质量的视角，探索会计信息稳健性对自由现金流的影响。本文首先立足于Jensen（1986）的定义对自由现金流进行了概念分解；在回顾相关文献的基础上，采用理论分析和实证检验相结合的方法，讨论了稳健性对自由现金流的影响路径。然后分别从产权性质、地区金融市场化和行业竞争三个方面，研究了制度环境对稳健性与自由现金流之间关系的调节作用。最后根据本文的研究结论提出了研究启示和未来展望。本文的主要研究结论如下：（1）自由现金流由两部分现金构成，一是过度投资所占用的现金，二是由于放弃净现值小于零项目所导致的现金持有。（2）在样本公司中，稳健性与自由现金流显著负相关，稳健性的增加可显著抑制自由现金流的增长。（3）考察了产权性质这一制度环境变量的调节作用后发现：稳健性对自由现金流的抑制作用在国有企业中更显著。（4）考察了地区金融市场化对稳健性与自由现金流之间关系的调节作用，研究发现稳健性对自由现金流的抑制作用在金融市场化程度较低的地区更显著，即金融市场化与稳健性之间存在替代效应。在进一步区分产权性质分析后发现：金融市场化与稳健性之间的替代效应在国有企业中更显著。（5）考察了行业竞争对稳健性与自由现金流之间关系的调节作用，研究发现：稳健性对自由现金流的抑制作用在竞争比较激烈的行业中更显著，即行业竞争与稳健性之间存在促进效应。进一步研究不同制度环境替代变量之间的影响后发现：行业竞争与稳健性之间的促进效应在非国有企业以及金融市场化进程比较差的地区中更显著。本文对自由现金流概念的分解为自由现金流的研究开启了新的视角，同时研究发现稳健性可以抑制自由现金流水平，对降低代理成本有着积极的作用。因此本文建议准则制定者、股东以及监管方应该重视稳健性的这一作用，提高公司整体的稳健水平，将公司稳健程度作为对管理者的考核标准之一。本文的研究结论还说明了高质量会计信息在提高契约效率中的重要作用，建议公司利益相关方和监管者应该高度重视会计信息质量，通过提高会计信息质量来缓解契约摩擦，降低代理成本。此外，本文立足于我国国情，分别从产权性质、地区金融化程度以及行业竞争的角度考察了制度环境对稳健性与自由现金流量之间关系的调节作用，丰富了有关制度环境的研究文献。
英文摘要：	Under the modern enterprise system, the separation of ownership and management brings the agency conflict. So how to make a series incentive compatibility contract with the participation constraint in order to reduce agency cost become a hot topic of coporate governance research. In such incentive mechanism, accounting information is an important part of contracts, it could influence the signing cost, execution cost and supervision cost of contracts. While, the accounting conservatism as a down-bias accounting information qualitative characteristics, the discussion of its application in agency cost reducing gaining increasing concerns. The free cash flow is a form of agency cost, as a result of contract friction, it could be influenced by the accounting information quality because the accounting information quality impact the contract execution efficiency. So this dissertation taking the accounting information quality as a research perspective to discuss the relationship between accounting conservatism and free cash flow. This paper is based on the definition of Jensen (1986) and decompose the free cash flow concept. Based on the review of the relevant literature, using the theoretical analysis and empirical method, this paper studied how the conservatism influence the free cash flow. Then take the angle of property right, regional financial market and industry competition, this paper discussed the moderating effect of institutional environment between accounting conservatism and free cash flow. In the last section, this paper proposed a revelation and some future research prospects according to the study conclusions. The main conclusions of this paper are as follows: (1) Free cash flow is constituted by two parts, one is the cash occupied by overinvestment, and the other is the cash holding from the abandon of negative NPV project investment. (2) There is a significant negative correlation between conservatism and free cash flow. (3) The negative correlation between conservatism and free cash flow is more pronounced in State-owned enterprise. (4) The negative correlation between conservatism and free cash flow is more pronounced in the areas of lower develop degree of financial market, so it could be assumed there is complementary effect between conservatism and financial market development. Future research shows that this complementary effect is more pronounced in State-owned enterprise. (5) The negative correlation between conservatism and free cash flow is more pronounced in fierce competition industry, so it could be assumed there is stimulation effect between conservatism and industrial competition. Future research shows that this stimulation effect is more pronounced in Non-State-owned enterprise and lower development of financial market area. This dissertation’s decomposition of free cash flow concept opens up a new perspective of future free cash flow research. And the finding about that conservatism could decrease the free cash flow level has proved the conservatism’s important role in reducing agency costs. Therefore, this paper suggests that standard setters, shareholders, and regulators should pay attention to the conservatism, and improve the company's overall conservatism level, and make conservatism as one of manager assessment criteria. Besides, this conclusions also illustrate the important role of high-quality accounting information in the reducing contract costs, implementation costs and supervision costs. So it suggest that stakeholders and regulators should attach great importance to the accounting information quality, and reduce agency costs by improving the quality of accounting information. Besides, this dissertation take the angle of property right, regional financial market and industry competition to discuss the moderating effect of institutional environment between accounting conservatism and free cash flow. This research enrich the research literature on institutional environment.
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