国家控股对会计稳健性的影响研究

State Ownership and Accounting Conservatism

本文从公司治理角度分析中国上市公司的会计稳健性。利用2001-2004年A股上市公司的大样本数据,实证考察了国家控股对会计稳健性的影响以及它的制度根源。我们发现,国家控股上市公司对应着更低的会计稳健性。进一步的研究表明,内部人控制、债务软约束和政府干预等三大治理弱化是抑制国有公司披露意愿、降低其盈余质量的制度根源。本研究对资本市场的监管设计具有重要的启示:单纯强调准则的改革和外部的管制,对于提高国有公司的会计信息质量只能起到"隔靴搔痒"的效果,要想根本上改善国有公司的信息质量,监管层惟有从解决"内部治理弱化"的根源入手,通过健全国有产权监督机制、深化银行体制改革以及弱化地方政府干预动机等制度变革,从治理层面真正提高国有公司自身的披露意愿。

This paper investigates the effects of state ownership and control on accounting conservatism and their institutional underpinning.We find that state-owned listed corporation has lower conservatism.Insider control problem,government intervention and soft debt constraint are the main reasons.Our research results provide important policy implications.Low earnings quality in state-owned companies arises from weak corporate governance.Therefore,earnings quality could not be improved by strengthening outside reform,but by implementing inside governance reform,such as enhancing state shareholders' monitoring mechanism,reforming bank incentive,curtailing government intervention.