貨幣政策變化、會計穩(wěn)健性與企業(yè)投資效率
發(fā)布時間：2018-07-28 15:40
【摘要】：我國的經(jīng)濟發(fā)展在過去的十幾年里取得了巨大的成功，尤其是在加入世界貿(mào)易組織的這13年來，中國經(jīng)濟與世界的連接更加緊密，并且隨著改革開放的不斷深入、深化，，我國的市場化趨勢越來越強，市場化程度越來越高，越來越完善。因此在新的經(jīng)濟條件下，政府等政策制定部門肩負(fù)保持國家經(jīng)濟快速穩(wěn)定發(fā)展、維持經(jīng)濟金融秩序的任務(wù)，同時作為政策接受者的企業(yè)也面對生存和發(fā)展的挑戰(zhàn)。 在這樣的經(jīng)濟背景下，研究：宏觀政策的制定是如何傳導(dǎo)到具體企業(yè)，并且企業(yè)會采取什么樣的方式應(yīng)對新的宏觀經(jīng)濟政策，而這種方式又會對企業(yè)的產(chǎn)出產(chǎn)生什么影響，最終企業(yè)的產(chǎn)出總和又如何反過來改變政策制定者的策略顯得非常必要。本文就是在這樣一個“研究宏觀經(jīng)濟政策——企業(yè)行為——企業(yè)產(chǎn)出——宏觀經(jīng)濟政策”的框架下，試圖從這個框架的一個角度出發(fā)，為完善宏觀經(jīng)濟研究與企業(yè)財務(wù)研究的連接作一定貢獻。 具體而言，在宏觀經(jīng)濟政策端本文主要關(guān)注貨幣緊縮政策，企業(yè)行為端主要關(guān)注企業(yè)會計穩(wěn)健性的變化，同時觀察企業(yè)在總體層面與行業(yè)層面會計穩(wěn)健性的不同，企業(yè)產(chǎn)出端主要度量企業(yè)投資效率。本文選取2003年至2012年滬深上市公司，根據(jù)貨幣緊縮程度的不同將樣本分為貨幣緊縮組和貨幣寬松組，根據(jù)產(chǎn)權(quán)性質(zhì)不同分為國營企業(yè)和民營企業(yè)，分別討論其會計穩(wěn)健性的變化。度量企業(yè)會計穩(wěn)健性方面，本文采用經(jīng)典的Basu模型進行計量，并且借鑒拓展衡量會計盈余-股票收益關(guān)系的Basu模型，使用“會計穩(wěn)健性指數(shù)”（C_Score）這一指標(biāo)進行補充，其結(jié)果表明企業(yè)在貨幣緊縮時期會計穩(wěn)健性有明顯的提高。同時，在考慮企業(yè)產(chǎn)權(quán)性質(zhì)不同之后，發(fā)現(xiàn)國有企業(yè)和非國有企業(yè)均在貨幣緊縮時期采取了比較高的會計穩(wěn)健性，并且非國有企業(yè)采取會計穩(wěn)健性的程度要顯著高于國有企業(yè)。在上市公司總體與個體層面，使用中位數(shù)和平均數(shù)排除整體影響后分別計量其會計穩(wěn)健性，發(fā)現(xiàn)上市公司呈現(xiàn)整體會計穩(wěn)健性較強，個體較弱的現(xiàn)象。投資效率方面，借鑒并改進Biddle等人衡量企業(yè)投資效率的模型，加入“會計穩(wěn)健性指數(shù)”，同時結(jié)合Richardson的適度投資模型來估量會計穩(wěn)健性是否會對企業(yè)的投資效率產(chǎn)生顯著影響。研究發(fā)現(xiàn)，會計穩(wěn)健性在加劇企業(yè)投資不足方面影響明顯，而在抑制企業(yè)過度投資方面并不明顯。 本文的研究發(fā)現(xiàn)，貨幣緊縮時期，企業(yè)能夠通過改變企業(yè)的會計穩(wěn)健性來調(diào)節(jié)企業(yè)的投資效率的，會計穩(wěn)健性在這個過程中實質(zhì)上起到一個傳導(dǎo)渠道的作用。本文的研究結(jié)果是對“研究宏觀經(jīng)濟政策——企業(yè)行為——企業(yè)產(chǎn)出——宏觀經(jīng)濟政策”框架的補充，對宏觀經(jīng)濟與企業(yè)行為和產(chǎn)出的進一步研究有一定的啟示作用。
[Abstract]:China's economic development has achieved great success in the past ten years, especially in the past 13 years since China joined the World Trade Organization, China's economy has become more closely connected with the world, and with the deepening of reform and opening up, it has deepened. The market trend of our country is stronger and stronger, the degree of marketization is higher and higher, more and more perfect. Therefore, under the new economic conditions, the government and other policy-making departments shoulder the task of maintaining the rapid and stable development of the national economy and maintaining the economic and financial order. At the same time, the enterprises as policy recipients are also faced with the challenge of survival and development. In such an economic context, research on how macro-policy formulation is transmitted to specific enterprises, and how firms will respond to new macroeconomic policies, and what impact this approach will have on enterprise output. How, in turn, the aggregate output of the firm changes policy-makers' strategies is necessary. This paper tries to set out from the perspective of this framework under the framework of "studying macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy". In order to improve the macroeconomic research and corporate finance research link to make a certain contribution. Specifically, at the end of macroeconomic policy, this paper mainly focuses on the monetary tightening policy, the enterprise behavior mainly focuses on the change of accounting conservatism, and at the same time, it observes the difference between the overall level and the industry level of accounting conservatism. The output end of the enterprise mainly measures the investment efficiency of the enterprise. This paper selects Shanghai and Shenzhen listed companies from 2003 to 2012. According to the different degree of monetary tightening, the sample is divided into monetary tightening group and monetary easing group, and according to the property rights, it is divided into state-owned enterprises and private enterprises. The change of accounting conservatism is discussed separately. In the aspect of measuring accounting conservatism of enterprises, this paper adopts the classical Basu model to measure, and draws lessons from the Basu model, which is used to measure the relationship between earnings and stock returns, and uses the index of accounting conservatism (C_Score) to supplement it. The results show that the accounting conservatism of enterprises in the period of monetary tightening has significantly improved. At the same time, after considering the different property rights of enterprises, it is found that both state-owned enterprises and non-state-owned enterprises have adopted higher accounting conservatism in the period of monetary austerity, and the degree of non-state-owned enterprises adopting accounting conservatism is significantly higher than that of state-owned enterprises. At the overall and individual level of listed companies, using median and average to exclude the overall impact of accounting conservatism, it is found that listed companies show a strong overall accounting conservatism, the phenomenon of weak individuals. In the aspect of investment efficiency, we can learn from and improve the model of Biddle et al to measure the investment efficiency of enterprises, add "accounting conservatism index", and combine with the moderate investment model of Richardson to estimate whether accounting conservatism will have a significant impact on the investment efficiency of enterprises. It is found that accounting conservatism has a significant impact on the underinvestment of enterprises, but not on restraining overinvestment. The study of this paper finds that during the period of monetary austerity, enterprises can adjust the investment efficiency by changing the accounting conservatism of enterprises. Accounting conservatism plays an important role as a transmission channel in this process. The results of this paper complement the framework of "study of macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy", and have some enlightening effect on the further study of macroeconomic and enterprise behavior and output.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F822.0;F275
本文編號：2150750
[Abstract]:China's economic development has achieved great success in the past ten years, especially in the past 13 years since China joined the World Trade Organization, China's economy has become more closely connected with the world, and with the deepening of reform and opening up, it has deepened. The market trend of our country is stronger and stronger, the degree of marketization is higher and higher, more and more perfect. Therefore, under the new economic conditions, the government and other policy-making departments shoulder the task of maintaining the rapid and stable development of the national economy and maintaining the economic and financial order. At the same time, the enterprises as policy recipients are also faced with the challenge of survival and development. In such an economic context, research on how macro-policy formulation is transmitted to specific enterprises, and how firms will respond to new macroeconomic policies, and what impact this approach will have on enterprise output. How, in turn, the aggregate output of the firm changes policy-makers' strategies is necessary. This paper tries to set out from the perspective of this framework under the framework of "studying macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy". In order to improve the macroeconomic research and corporate finance research link to make a certain contribution. Specifically, at the end of macroeconomic policy, this paper mainly focuses on the monetary tightening policy, the enterprise behavior mainly focuses on the change of accounting conservatism, and at the same time, it observes the difference between the overall level and the industry level of accounting conservatism. The output end of the enterprise mainly measures the investment efficiency of the enterprise. This paper selects Shanghai and Shenzhen listed companies from 2003 to 2012. According to the different degree of monetary tightening, the sample is divided into monetary tightening group and monetary easing group, and according to the property rights, it is divided into state-owned enterprises and private enterprises. The change of accounting conservatism is discussed separately. In the aspect of measuring accounting conservatism of enterprises, this paper adopts the classical Basu model to measure, and draws lessons from the Basu model, which is used to measure the relationship between earnings and stock returns, and uses the index of accounting conservatism (C_Score) to supplement it. The results show that the accounting conservatism of enterprises in the period of monetary tightening has significantly improved. At the same time, after considering the different property rights of enterprises, it is found that both state-owned enterprises and non-state-owned enterprises have adopted higher accounting conservatism in the period of monetary austerity, and the degree of non-state-owned enterprises adopting accounting conservatism is significantly higher than that of state-owned enterprises. At the overall and individual level of listed companies, using median and average to exclude the overall impact of accounting conservatism, it is found that listed companies show a strong overall accounting conservatism, the phenomenon of weak individuals. In the aspect of investment efficiency, we can learn from and improve the model of Biddle et al to measure the investment efficiency of enterprises, add "accounting conservatism index", and combine with the moderate investment model of Richardson to estimate whether accounting conservatism will have a significant impact on the investment efficiency of enterprises. It is found that accounting conservatism has a significant impact on the underinvestment of enterprises, but not on restraining overinvestment. The study of this paper finds that during the period of monetary austerity, enterprises can adjust the investment efficiency by changing the accounting conservatism of enterprises. Accounting conservatism plays an important role as a transmission channel in this process. The results of this paper complement the framework of "study of macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy", and have some enlightening effect on the further study of macroeconomic and enterprise behavior and output.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F822.0;F275
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