政治冲击、银行信贷与会计稳健性
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财经研究 2015 年 第 41 卷第 03 期, 页码：121 - 131
摘要
参考文献
摘要
文章以市长更替刻画政治冲击,运用2007-2013年沪深A股上市公司数据,系统考察了政治冲击影响企业会计行为的渠道与后果。研究发现,市长更替导致的政治冲击会显著减少企业的银行信贷规模。为了规避这一影响,企业尤其是具有更多债务的企业会提高会计稳健性。提高会计稳健性能够显著增加企业的银行信贷优势,不仅更易获得信贷,而且信贷规模增加。分产权性质的检验表明,政治冲击对国有企业会计稳健性的影响更大,但民营企业在政治冲击下提高会计稳健性更能显著增加其银行信贷优势。
[1]曹春方.政治权力转移与公司投资——中国的逻辑[J].管理世界,2013,(1):143-157.
[2]陈德球,钱菁,魏屹.家族所有权监督、董事席位控制与会计稳健性[J].财经研究,2013,(3):53-63.
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[5]戴亦一,潘越,冯舒.中国企业的慈善捐赠是-种“政治献金”吗?——来自市委书记更替的证据[J].经济研究,2014,(2):74-86.
[6]贾倩,孔祥,孙铮.政策不确定性与企业投资行为[J].财经研究,2013,(2):81-91.
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[11]余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010,(3):65-77.
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[17]Dai L,Ngo P.Political uncertainty and accounting conservatism:Evidence from the U.S.presidential election cycle[R].Working Paper,Erasmus University Rotterdam,Australian National University,2013.
[18]Durnev A.The real effects of political uncertainty:Elections and investment sensitivity to stock prices[R].Working Paper,McGill University,2011.
[19]Farber D B,Hsieh H,Jung B,et al.Labor unions and accounting conservatism[R].Working Paper,University of McGill,2010.
[20]Gao S,Xu K,Yang J.Managerial ties absorptive capacity and innovation[J].Asia Pacific Journal of Management,2008,9(3):395-412.
[21]Givoly D,Hayn C.The changing time-series properties of earnings cash flows and accruals:Has financial reporting become more conservative?[J].Journal of Accounting and Economics,2000,29(3):287-320.
[22]Guay W,Verrecchia R.Discussion of an economic framework for conservative accounting and Bushman and Piotroski(2006)[J].Journal of Accounting and Economics,2006,42(1):149-165.
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[24]Julio B,Yook Y.Political uncertainty and corporate investment cycles[J].Journal of Finance,2012,67(1):45-83.
[25]Khan M,Watts R.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting and Economics,2009,48(2-3):132-150.
[26]LaFond R,Watts R.The information role of conservatism[J].Accounting Review,2008,83(2):443-478.
[27]Nikolaev V V.Debt covenants and accounting conservatism[J].Journal of Accounting Research,2010,48(1):51-89.
[28]Pástor L,Veronesi P.Uncertainty about government policy and stock prices[J].Journal of Finance,2012,67(4):1219-1264.
[29]Salter S B,Niswander F.Cultural influence on the development of accounting systems internationally:A test of Gray’s(1998)theory[J].Journal of International Business Studies,1995,26(2):379-397.
[30]Watts R W.Conservatism in accounting Part I:Explanations and implications[J].Accounting Horizons,2003,17(3):207-221.
[31]Xu C.The fundamental institutions of China’s reforms and development[J].Journal of Economic Literature,2011,49(4):1076-1151.
[32]Zhang J.The contracting benefits of accounting conservatism to lenders and borrowers[J].Journal of Accounting and Economics,2008,45(1):27-54.
1按照银行贷款的行业均值进行分组,结果不变。
1考虑到政治冲击、会计稳健性增加量以及两者的交叉项可能存在多重共线性,我们将会计稳健性增加量进行了标准化处理后再与政治冲击相乘,检验结果未发生改变。
2受篇幅限制,稳健性检验结果未报告,若有需要可向作者索取。
[2]陈德球,钱菁,魏屹.家族所有权监督、董事席位控制与会计稳健性[J].财经研究,2013,(3):53-63.
[3]陈艳艳,罗党论.地方官员更替与企业投资[J].经济研究,2012,(S2):18-30.
[4]陈艳艳,谭燕,谭劲松.政治联系与会计稳健性[J].南开管理评论,2013,(1):33-40.
[5]戴亦一,潘越,冯舒.中国企业的慈善捐赠是-种“政治献金”吗?——来自市委书记更替的证据[J].经济研究,2014,(2):74-86.
[6]贾倩,孔祥,孙铮.政策不确定性与企业投资行为[J].财经研究,2013,(2):81-91.
[7]连军,刘星,杨晋渝.政治联系、银行贷款与公司价值[J].南开管理评论,2011,(5):48-57.
[8]饶品贵,姜国华.货币政策波动、银行信贷与会计稳健性[J].金融研究,2011,(3):51-71.
[9]王贤彬,徐现祥,李郇.地方官员更替与经济增长[J].经济学(季刊),2009,(4):1301-1328.
[10]徐业坤,钱先航,李维安.政治不确定性、政治关联与民营企业投资[J].管理世界,2013,(5):116-130.
[11]余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010,(3):65-77.
[12]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007,(7):36-50.
[13]周黎安.转型中的地方政府[M].上海:上海人民出版社,2008.
[14]Ahmed A S,Duellman S.Managerial overconfidence and accounting conservatism[J].Journal of Accounting Research,2013,51(1):1-30.
[15]Ball R,Shivakumar L.Earnings quality in UK private firms:Comparative loss recognition timeliness[J].Journal of Accounting and Economics,2005,39(1):83-128.
[16]Beatty A,Weber J,Yu J J.Conservatism and debt[J].Journal of Accounting and Economics,2008,45(2-3):154-174.
[17]Dai L,Ngo P.Political uncertainty and accounting conservatism:Evidence from the U.S.presidential election cycle[R].Working Paper,Erasmus University Rotterdam,Australian National University,2013.
[18]Durnev A.The real effects of political uncertainty:Elections and investment sensitivity to stock prices[R].Working Paper,McGill University,2011.
[19]Farber D B,Hsieh H,Jung B,et al.Labor unions and accounting conservatism[R].Working Paper,University of McGill,2010.
[20]Gao S,Xu K,Yang J.Managerial ties absorptive capacity and innovation[J].Asia Pacific Journal of Management,2008,9(3):395-412.
[21]Givoly D,Hayn C.The changing time-series properties of earnings cash flows and accruals:Has financial reporting become more conservative?[J].Journal of Accounting and Economics,2000,29(3):287-320.
[22]Guay W,Verrecchia R.Discussion of an economic framework for conservative accounting and Bushman and Piotroski(2006)[J].Journal of Accounting and Economics,2006,42(1):149-165.
[23]Jones B,Olken B.Do leaders matter?National leadership and growth since World War II[J].Quarterly Journal of Economics,2005,120(3):835-864.
[24]Julio B,Yook Y.Political uncertainty and corporate investment cycles[J].Journal of Finance,2012,67(1):45-83.
[25]Khan M,Watts R.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting and Economics,2009,48(2-3):132-150.
[26]LaFond R,Watts R.The information role of conservatism[J].Accounting Review,2008,83(2):443-478.
[27]Nikolaev V V.Debt covenants and accounting conservatism[J].Journal of Accounting Research,2010,48(1):51-89.
[28]Pástor L,Veronesi P.Uncertainty about government policy and stock prices[J].Journal of Finance,2012,67(4):1219-1264.
[29]Salter S B,Niswander F.Cultural influence on the development of accounting systems internationally:A test of Gray’s(1998)theory[J].Journal of International Business Studies,1995,26(2):379-397.
[30]Watts R W.Conservatism in accounting Part I:Explanations and implications[J].Accounting Horizons,2003,17(3):207-221.
[31]Xu C.The fundamental institutions of China’s reforms and development[J].Journal of Economic Literature,2011,49(4):1076-1151.
[32]Zhang J.The contracting benefits of accounting conservatism to lenders and borrowers[J].Journal of Accounting and Economics,2008,45(1):27-54.
1按照银行贷款的行业均值进行分组,结果不变。
1考虑到政治冲击、会计稳健性增加量以及两者的交叉项可能存在多重共线性,我们将会计稳健性增加量进行了标准化处理后再与政治冲击相乘,检验结果未发生改变。
2受篇幅限制,稳健性检验结果未报告,若有需要可向作者索取。
引用本文
雷光勇, 王文忠, 邱保印. 政治冲击、银行信贷与会计稳健性[J]. 财经研究, 2015, 41(3): 121–131.
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