税收负担、会计稳健性与薪酬业绩敏感度  

On the Tax Burden,Accounting Conservatism and Sensitivity of Executive Pay to Performance

作　　者：周泽将[1] 杜兴强[2] 

机构地区：[1]安徽大学商学院,安徽合肥230601 [2]厦门大学管理学院,福建厦门361005

出　　处：《金融研究》2012年第10期167-179,共13页Journal of Financial Research

基　　金：国家自然科学基金项目(71072053);福建省社会科学重点项目(2010A012);安徽省教育厅人文社会科学研究重点项目(SK2012A014)的资助

摘　　要：税收负担是会计稳健性产生的重要原因之一,稳健性的财务报告对于经理人薪酬契约制定、缓解委托代理问题发挥着重要作用(Watts,2003)。本文以2004到2008年间A股上市公司为研究样本,实证检验了税收负担对会计稳健性的影响、稳健性的会计盈余对薪酬业绩敏感度有何影响。研究结果表明,税收负担显著提高了会计稳健性,但按照盈利和亏损进行分组后研究发现,这一关系仅存在于盈利组中,而在亏损组中税收负担对会计稳健性无显著影响;进一步的经验证据显示,在盈利组中,由于受到会计稳健性的影响,薪酬业绩敏感度得以显著增强,而在亏损组中薪酬业绩敏感度则无显著影响。Tax burden is one of the important emergency resources of accounting conservatism, and accounting conservatism plays an important role in compensation contracts of managers and solving agency problems （ Watts, 2003 ）. Using listed companies of China＇s A - share capital markets from 2004 to 2008 as sample, this paper empirically examines the effects of tax burden on accounting conservatism and how conservative account- ing earnings affect managers＇ compensation contracts. The empirical results show that tax burden enhances ac- counting conservatism significantly, when the sample is divided into profit - making and loss group, the rela- tionship only exists in profit - making enterprises, tax burden doesn＇t affect conservatism significantly in loss group. Further evidence shows that an increasing sensitivity of executive pay to performance only exists in profit -making sub -sample but not in loss group.

关 键 词：税收负担 会计稳健性 薪酬业绩敏感度 

分 类 号：F812.42[经济管理—财政学] F275F272.92F224