本文選題：會計穩(wěn)健性　切入點：非效率投資　出處：《青島大學(xué)》2016年碩士論文

【摘要】：投資作為三大財務(wù)管理決策之一,對企業(yè)的價值產(chǎn)生了深遠(yuǎn)的影響,有效的投資決策能夠合理運(yùn)用資金,為企業(yè)創(chuàng)造更多的財富。但我國上市公司普遍存在投資效率低下的問題,該問題導(dǎo)致資源配置不再平衡,損害了企業(yè)價值最大化的根本目標(biāo)。而從宏觀層面來看,單個企業(yè)投資效率不高必然反映了整個資本市場發(fā)展的不完善。會計穩(wěn)健性有著悠久的歷史,并且是會計核算的一項重要準(zhǔn)則,一直受到學(xué)術(shù)界和實務(wù)界的廣泛關(guān)注。然而,隨著資本市場的發(fā)展,美國財務(wù)會計準(zhǔn)則委員會等準(zhǔn)則制定機(jī)構(gòu)在制定準(zhǔn)則時不再充分強(qiáng)調(diào)會計穩(wěn)健性。于是,不同的準(zhǔn)則制定機(jī)構(gòu)紛紛減少會計穩(wěn)健性,轉(zhuǎn)而加大對公允價值計量原則的運(yùn)用。但是,在金融危機(jī)爆發(fā)后,人們開始反思是否應(yīng)繼續(xù)加強(qiáng)公允價值計量,同時思考會計穩(wěn)健性本身所具備的治理效應(yīng)。本文首先回顧了國內(nèi)外學(xué)者對會計穩(wěn)健性和非效率投資的相關(guān)研究,對已有理論成果做出評述,并對二者的相關(guān)概念進(jìn)行了界定。同時,依托委托代理理論、信息不對稱理論以及管理者行為理論,深入分析了會計穩(wěn)健性對投資過度以及投資不足的特殊影響路徑,做出理論分析,并據(jù)此提出了本文的三個假設(shè)。為檢驗已提出的假設(shè),本文選取了2010年至2014年A股1365家上市公司的財務(wù)數(shù)據(jù),通過Richardson模型所得殘差來度量非效率投資,通過修改后的Basu來度量會計穩(wěn)健性,以多元線性回歸模型建立起二者之間的聯(lián)系。本文深入分析了會計穩(wěn)健性對投資過度和投資不足的影響,進(jìn)一步得出如何抑制企業(yè)非效率投資的政策建議。通過相關(guān)回歸結(jié)果可以發(fā)現(xiàn),我國上市公司在總體上偏向更謹(jǐn)慎的會計處理,會計穩(wěn)健性與投資過度顯著負(fù)相關(guān),與投資不足顯著正相關(guān)。會計穩(wěn)健性能夠抑制企業(yè)的投資過度,但是會加劇企業(yè)的投資不足,因此會計穩(wěn)健性的強(qiáng)度需在合適的水平。本文的相關(guān)理論成果加強(qiáng)了會計穩(wěn)健性相關(guān)治理效應(yīng)的認(rèn)識,建立起會計穩(wěn)健性與非效率投資的經(jīng)濟(jì)聯(lián)系,同時為減少企業(yè)的非效率投資提供了理論依據(jù)和政策建議。
[Abstract]:As one of the three major financial management decisions, investment has a profound impact on the value of enterprises. Effective investment decisions can make rational use of funds and create more wealth for enterprises.However, the investment efficiency of listed companies in China is generally low, which leads to the disequilibrium of resource allocation and damages the fundamental goal of maximizing the value of enterprises.From the macro level, the investment efficiency of a single enterprise must reflect the imperfect development of the whole capital market.Accounting conservatism has a long history and is an important standard of accounting.However, with the development of the capital market, the accounting conservatism is no longer emphasized by the FASB and other standard-setters.As a result, different standard-setting agencies reduce accounting conservatism and increase the use of fair value measurement principles.However, after the financial crisis broke out, people began to reflect on whether we should continue to strengthen fair value measurement, and consider the governance effect of accounting conservatism itself.Firstly, this paper reviews the relevant research on accounting conservatism and inefficient investment, reviews the existing theoretical achievements, and defines the related concepts of accounting conservatism and non-efficiency investment at home and abroad.At the same time, relying on principal-agent theory, information asymmetry theory and manager behavior theory, this paper deeply analyzes the special influence of accounting conservatism on overinvestment and underinvestment, and makes theoretical analysis.Based on this, three hypotheses are put forward.In order to test the proposed assumptions, this paper selects the financial data of 1365 A-share listed companies from 2010 to 2014, measures the inefficient investment through the residual of Richardson model, and measures the accounting conservatism through the modified Basu.A multivariate linear regression model is used to establish the relationship between the two.This paper deeply analyzes the influence of accounting conservatism on overinvestment and underinvestment, and then puts forward some policy suggestions on how to restrain the inefficient investment of enterprises.Through the correlation regression results, we can find that the listed companies in our country tend to be more cautious accounting treatment in general, accounting conservatism and investment excessive negative correlation, and investment insufficient significantly positive correlation.Accounting conservatism can restrain the overinvestment of enterprises, but it will aggravate the underinvestment of enterprises, so the intensity of accounting conservatism should be at the appropriate level.The related theoretical results of this paper strengthen the understanding of the governance effect of accounting conservatism, establish the economic relationship between accounting conservatism and inefficient investment, and provide theoretical basis and policy recommendations for reducing the non-efficient investment of enterprises.
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275

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