【摘要】：會計穩(wěn)健性是會計信息的一項重要特征,而投資效率則一直以來就是實務(wù)界和理論界關(guān)注的重點。會計穩(wěn)健性對上市公司的投資效率產(chǎn)生的影響則是近幾年來研究的熱點,尤其是根據(jù)產(chǎn)生機制將穩(wěn)健性分成條件穩(wěn)健性和非條件穩(wěn)健,并在此基礎(chǔ)上討論它們對投資效率影響的研究,理論界一直沒有定論。本文在基于這種分類基礎(chǔ)上,分別對兩類穩(wěn)健性采用不同的計量方法；同時采用Richardson的期望投資模型計量投資過度和投資不足；研究了兩類穩(wěn)健性對投資過度和投資不足的影響,同時分析論證了不同的公司治理狀況和融資約束程度在會計穩(wěn)健性與投資效率之間所發(fā)揮的調(diào)節(jié)效應(yīng)。本文的研究結(jié)論發(fā)現(xiàn),條件穩(wěn)健性能抑制投資過度并且緩解投資不足,而非條件穩(wěn)健性對投資過度的抑制作用不顯著,對投資不足卻存在顯著的加劇作用;因此,條件穩(wěn)健性的經(jīng)濟后果總體來說優(yōu)于非條件穩(wěn)健性。在考慮公司治理變量的調(diào)節(jié)作用之后,發(fā)現(xiàn)管理層持股能夠促進條件穩(wěn)健性對投資過度的抑制作用和對投資不足的緩解作用；而股權(quán)分散化則能夠增強條件穩(wěn)健性對投資不足的緩解作用,對條件穩(wěn)健性抑制過度投資的作用卻并沒有顯著的增強作用。在考慮融資約束的調(diào)節(jié)作用之后,研究發(fā)現(xiàn),融資約束程度越低,條件穩(wěn)健性對投資不足的緩解作用越強。本文又以股權(quán)性質(zhì)作為融資約束的替代變量研究其調(diào)節(jié)作用,發(fā)現(xiàn)在國有企業(yè)中,條件穩(wěn)健性對投資不足緩解作用也更為顯著,這一結(jié)論也是對融資約束作用的另一個角度的檢驗。最后,在基于理論分析與實證研究的基礎(chǔ)之上,對公司管理層和資本市場監(jiān)管者以及會計制度制定者提出了相應(yīng)的措施和政策建議。
[Abstract]:Accounting conservatism is an important feature of accounting information, and investment efficiency has always been the focus of attention in the field of practice and theory. The impact of accounting conservatism on the investment efficiency of listed companies is a hot topic in recent years, especially according to the generation mechanism, conservatism is divided into conditional conservatism and non-conditional conservatism. On this basis, the research on their impact on investment efficiency has not been concluded. On the basis of this classification, this paper adopts different methods to measure the two kinds of robustness; at the same time, it uses Richardson's expected investment model to measure the overinvestment and underinvestment, and studies the effects of the two kinds of robustness on the overinvestment and underinvestment. At the same time, it analyzes and demonstrates the adjustment effect between accounting conservatism and investment efficiency under different corporate governance conditions and financing constraints. The conclusion of this paper is that conditional robustness inhibits over-investment and alleviates underinvestment, while non-conditional robustness has no significant inhibitory effect on overinvestment, but has a significant aggravating effect on underinvestment. The economic consequences of conditional robustness are generally superior to that of non-conditional robustness. After considering the regulatory role of corporate governance variables, it is found that management ownership can promote conditional robustness to inhibit excessive investment and alleviate underinvestment; On the other hand, equity diversification can enhance the mitigation effect of conditional robustness on underinvestment, but it has no significant effect on conditional robustness to restrain overinvestment. After considering the regulatory role of financing constraints, it is found that the lower the degree of financial constraints, the stronger the mitigation of investment insufficiency is due to conditional robustness. In this paper, we take equity nature as the alternative variable of financing constraints to study its regulatory role. It is found that in state-owned enterprises, conditional robustness plays a more significant role in the mitigation of underinvestment. This conclusion is also a test of the role of financing constraints. Finally, on the basis of theoretical analysis and empirical research, this paper puts forward the corresponding measures and policy recommendations for the management, capital market regulators and accounting system makers.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275

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