本文關(guān)鍵詞：股權(quán)特征影響下會計穩(wěn)健性與非效率投資關(guān)系研究　出處：《浙江理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 會計穩(wěn)健性 非效率投資 公司股權(quán)特征 股權(quán)性質(zhì) 股權(quán)結(jié)構(gòu)

【摘要】：會計穩(wěn)健性作為重要的會計信息質(zhì)量特征之一,要求企業(yè)在處理不確定性經(jīng)濟業(yè)務(wù)時,保持謹(jǐn)慎的態(tài)度,對不確定性收入和收益的確認(rèn)應(yīng)當(dāng)比對不確定性損失和費用的確認(rèn)更加謹(jǐn)慎。投資活動作為企業(yè)重要的活動之一,對企業(yè)的生存發(fā)展有著至關(guān)重要的影響,在現(xiàn)代企業(yè)管理中,非效率投資現(xiàn)象比較常見。而會計穩(wěn)健性作為有效的會計信息,可以降低信息不對稱的程度,減少代理成本,從而有助于企業(yè)投資效率的提高。而在企業(yè)股權(quán)特征的影響下,由于代理成本及信息不對稱的存在,會計穩(wěn)健性對非效率投資的作用也各不相同。本文基于委托代理理論框架,研究了會計穩(wěn)健性對非效率投資的影響,再進一步分析了公司股權(quán)特征對兩者關(guān)系的調(diào)節(jié)作用。本文采用理論與實證研究相結(jié)合的方式,首先梳理文獻,總結(jié)會計穩(wěn)健性、非效率投資、股權(quán)特征等方面研究,為下文理論和實證奠定基礎(chǔ);然后進行理論分析和假設(shè)推理,推理出會計穩(wěn)健性與非效率投資的關(guān)系,以及公司股權(quán)特征對兩者的調(diào)節(jié)作用;最后進行實證研究與分析,按照2012年中國證監(jiān)會行業(yè)分類標(biāo)準(zhǔn),選取2012年-2015年上證A股上市公司數(shù)據(jù),以Richadson(2006)殘差模型來計量非效率投資,以Basu(1997)盈余股票收益改良模型計量會計穩(wěn)健性,以自由現(xiàn)金流量、總資產(chǎn)周轉(zhuǎn)率、管理費用率、高管薪酬、年度虛擬變量作為控制變量,檢驗會計穩(wěn)健性對非效率投資的影響。再將公司股權(quán)特征分為股權(quán)性質(zhì)和股權(quán)結(jié)構(gòu),再將股權(quán)結(jié)構(gòu)分為控股股東比例、股權(quán)制衡度、機構(gòu)投資者比例、管理層持股比例,分別作為調(diào)節(jié)變量,研究對會計穩(wěn)健性與非效率投資關(guān)系的具體影響。實證結(jié)果顯示,會計穩(wěn)健性會抑制非效率投資行為。國有性質(zhì)、控股股東比例會減弱這種抑制作用,而股權(quán)制衡度、機構(gòu)投資者比例會加強這種作用,管理層持股調(diào)節(jié)作用并不顯著。根據(jù)實證結(jié)果,本文分別從公司會計穩(wěn)健性、股權(quán)性質(zhì)和股權(quán)結(jié)構(gòu)三大方面給出具體建議:提高對會計穩(wěn)健性的認(rèn)識,實施高效率的國有企業(yè)改制計劃,加強內(nèi)外部股權(quán)監(jiān)督機制,以期對上市公司減少非效率投資有所裨益。
[Abstract]:Accounting conservatism as one of the important characteristics of accounting information quality requires enterprises to maintain a cautious attitude when dealing with uncertain economic business. The recognition of uncertain income and income should be more cautious than the recognition of uncertain losses and expenses. As one of the important activities of enterprises, investment activities have a vital impact on the survival and development of enterprises. In modern enterprise management, the phenomenon of inefficient investment is more common, and accounting conservatism, as an effective accounting information, can reduce the degree of information asymmetry and agency costs. This will help to improve the efficiency of enterprise investment. But under the influence of the ownership characteristics of the enterprise, due to the existence of agency costs and information asymmetry. The effect of accounting conservatism on inefficient investment is also different. Based on the principal-agent theory, this paper studies the impact of accounting conservatism on non-efficient investment. Further analysis of the regulatory role of corporate equity characteristics on the relationship between the two. This paper uses the combination of theoretical and empirical research, first combing the literature, summed up accounting conservatism, inefficient investment. The research on the characteristics of equity rights lays the foundation for the following theoretical and empirical studies; Then it makes theoretical analysis and hypothetical reasoning, deduces the relationship between accounting conservatism and inefficient investment, and the regulating effect of corporate equity characteristics on both. Finally, the empirical research and analysis, according to the 2012 China Securities Regulatory Commission industry classification standards, selected from 2012 to 2015 A shares listed company data. This paper uses Richadsonian 2006) residual model to measure inefficient investment, Basu 1997) earnings improvement model to measure accounting conservatism and free cash flow. Total assets turnover rate, overhead rate, executive compensation, annual fictitious variables as control variables, to test the impact of accounting conservatism on inefficient investment. Then the equity characteristics of the company are divided into equity nature and equity structure. Then the ownership structure is divided into controlling shareholder proportion, equity balance degree, institutional investor ratio, management shareholding ratio, respectively, as adjustment variables. The empirical results show that accounting conservatism will inhibit the behavior of non-efficient investment. The state-owned nature of the controlling shareholder proportion will weaken this inhibition. The equity balance, institutional investor ratio will strengthen this role, the regulatory role of management shareholding is not significant. According to the empirical results, this paper respectively from the company accounting conservatism. Three major aspects of the nature of equity and equity structure give specific suggestions: to improve the understanding of accounting conservatism, to implement an efficient reform plan of state-owned enterprises, and to strengthen the internal and external stock rights supervision mechanism. With a view to the listed companies to reduce inefficient investment benefits.
【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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