企业生命周期、债权治理和资产减值

Firm Life Cycle,Debt Governance and Asset Impairment

文章基于企业现金流符号组合的信息构建企业生命周期的代理变量,在控制企业盈余管理等因素的影响之后,研究了企业生命周期、债权治理与资产减值的关系。文章的研究结果表明:企业的资产减值政策基本符合企业生命周期的规律,随着企业生命周期从初创期和增长期经由成熟期向衰退期和淘汰期演化,计提的长期资产减值准备亦相应增加;企业负债的水平与其资产减值的计提正相关,并且在企业生命周期的后期,债权治理作用会更强,体现了债权人对于企业会计政策的重要影响。

Taking cash flow patterns as a proxy variable of firm life cycle, the paper studies the relationship among firm life cycle, debt governance and asset impairment with the consideration of the motivation of earnings manipulation. It finds that firms＇ asset impairment policies follow the rules of life cycle, and provision for impairment of long-term assets increases in corresponding to the transformation of firm life cycle, from start-up phase, growth phase, maturity phase to recession phase. The level of forms＇ debt is positively related to provision for asset impairment. And at the last period of life cycle, the effect of debt governance is relatively stronger, which refleets the importance of creditors to firm＇s accounting policies.