稳健会计政策、投资机会与企业投资效率
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财经研究 2010 年 第 36 卷第 06 期, 页码：70 - 80
摘要
参考文献
摘要
稳健的会计政策有利于限制企业的过度投资,但也使得会计数字表现出系统性的低估,从而影响企业未来融资能力,可能导致企业投资不足。文章研究发现:稳健会计政策会降低企业的资本投资规模,但是对于过度投资的抑制作用不明显,反而在一定程度上造成投资不足。而且,在更为稳健的会计政策下,资本投资和无效投资对下降的投资机会的敏感度更高。
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[2]李青原.制度安排、会计信息与资本配置——来自中国上市公司的经验证据[D].清华大学博士后研究报告,2008.
[3]魏明海,柳建华.国企分红、治理因素与过度投资[J].管理世界,2007,(4):88-95.
[4]杨华军,胡奕明.制度环境与自由现金流的过度投资[J].管理世界,2007,(9):99-105.
[5]Ahmd AS,Duell man S.Accounting conservatismand board of director characteristics:An empirical analysis[J].Journal of Accounting&Economics,2007,43:411-437.
[6]Ball R S,Kothari P,Robin A.The effect of international institutional factors on prop-erties of accounting earnings[J].Journal of Accounting&Economics,2000,29:1-51.
[7]Ball R,Shivakuma L.Earnings qualityin U.K.private firms[J].Journal of Accountingand Economics,2005,39:83-129.
[8]Biddle G,Hilary G.Accounting quality and firm-level capital invest ment[J].Account-ing Review,2006,81:963-982.
[9]Bushman R,Smith A.Financial accounting information and corporate governance[J].Journal of Accounting and Economics,2001,31:237-333.
[10]Bushman R M,Piotroski J D,Smith AJ.Capital allocation and ti mely accounting rec-ognition of economic losses[R].Working Paper,The University of North Carolina,2006.
[11]Chen Q,Hemmer T,Zhang Y.On the relation between conservatismin accountingstandards andincentives for earnings management[J].Journal of Accounting Research,2006,45:541-565.
[12]Liang J H,Wen X Y.Accounting measurement basis,market mispricing,and firminvest ment efficiency[J].Journal of Accounting Research,2007,1:155-197.
[13]Xia D L,Zhu S.Corporate governance and accounting conservatismin China[J].ChinaJournal of Accounting Research,2009,2:81-108.
引用本文
朱松, 夏冬林. 稳健会计政策、投资机会与企业投资效率[J]. 财经研究, 2010, 36(6): 70–80.
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