监管关注与公允价值会计——基于商誉减值的证据

Regulatory Attention and Fair Value Accounting:Evidence from Goodwill Impairment

本文以证监会发布的会计监管风险提示为背景,从商誉减值的视角出发,探究政府监管关注对企业公允价值会计的影响。研究发现,证监会发布商誉相关会计监管风险提示后,相关公司更有可能进行商誉减值,且减值的计提金额也显著增加。同时,当企业对风险提示条例重视程度较高、外部监督较强以及信息透明度较低时,监管关注的影响更为显著。进一步分析还表明,监管关注会增加审计师投入继而提高审计质量,对代理成本较高的公司影响更加显著,且会产生正向的市场反应。本文的研究拓展了公允价值会计以及资本市场监管经济后果的相关研究,对完善和强化相应的监管具有一定的启示意义。

Using the accounting regulatory risk warning from the CSRC and from the perspective of goodwill impairment,this paper examines the impact of regulatory attention on fair value accounting.We find that after the release of CSRC’s risk warning,relevant firms are more likely to take goodwill impairment,and the amount of goodwill impairment significantly increases.The impact is more pronounced among firms attaching greater importance to the warning,firms with more external monitoring,and firms with lower information transparency.Further study shows that the risk warning increases auditor effort and improves audit quality,and the impact of the risk warning is stronger among firms with greater agency cost.Moreover,market reacts positively to the risk warning.This research adds to the literature on the governance of fair value accounting and on the economic consequences of China’s capital market regulation,and has practical implications for the improvement of regulatory mechanisms and the strengthening of capital market regulation.