会计稳健性对投资效率的作用机理研究——基于企业并购的研究视角  

Research on Accounting Conservatism and Investment Efficiency--Evidence from M&As by China Listed Companies

作　　者：于江[1] 张秋生[1] 

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《财经理论与实践》2015年第4期86-93,共8页The Theory and Practice of Finance and Economics

基　　金：中央高校基本科研业务费专项资金项目(2014YJS062)

摘　　要：在剩余收益估值模型的基础上构造了Basu(1997)的反函数,从而构建了可同时度量非条件稳健性和条件稳健性的实证模型,并基于企业并购的视角,探究了会计稳健性对企业投资效率的事前和事后影响。研究发现:非条件稳健性可以提升企业事前投资效率(降低并购溢价,提升累计超额收益率),阻止管理层的机会主义行为;条件稳健性会促进企业事后投资效率(并购前后绩效变化),保证项目的盈利性。进一步的研究表明:会计稳健性与企业投资效率的关系会随着上市公司代理成本的增加而越加明显。此外,国有企业和民营企业对于会计稳健性的公司治理效应存在差异。最后扩展了由Lawrence,Sloan and Sun(2013)提出的稳健性操纵的定义。This paper Constructs a model that can measure unconditional and conditional conservatism simultaneously and then investigate the ex anti and ex post disciplinary effect of accounting conservatism on investment efficiency from the perspective of MA.We find that 1）when unconditional conservatism is in place,ex anti NPV increases（higher CAR and lower merger premium）,reflecting a more unconditional conservatism attitude towards future project selection.When conditional conservatism is in place,ex post NPV increases,reflecting timely loss recognition facilitates a profitable acquisition;2）the positive association between conservatisms and acquisition profitability is more pronounced for firms with high ex ante agency cost.3）The positive association between conservatism and the acquisition profitability is various between state-owned enterprises and non-stated-owned enterprises in China.Our study enriches research method on the application of accounting conservatism and provides a more complete picture of the ex anti and ex post disciplinary effect of accounting conservatism,which can be viewed as part of corporate governance,on investment efficiency.Besides,it expands the definition of discretion in accounting conservatism developed by Lawrence,Sloan and Sun（2013）in the discussion part.

关 键 词：非条件稳健性 条件稳健性 投资效率 并购绩效 

分 类 号：F234.3[经济管理—会计学]