产业政策与会计稳健性

Industrial Policy and Accounting Conservatism

会计信息能够为宏微观经济发展提供可靠、精准和有效的决策依据。"十三五"规划强调指出要"提高经济运行信息及时性、全面性和准确性",完善政策实施的效果评估。鉴于此,本文以具有中国特色的产业政策为切入点,研究产业政策是否以及如何影响企业的会计稳健性。结果发现,产业政策显著降低了企业的会计稳健性,而且在非国有企业、年轻企业和低成长性企业中更加显著。另外,与一般性产业政策相比,重点产业政策对企业会计稳健性的影响更大。基于作用路径的检验发现,产业政策缓解了企业的融资约束、税收负担以及诱发非国企高管攫取超额薪酬的行为,从而导致企业会计稳健性的降低。本研究揭示了产业政策对会计稳健性的影响及作用机理,提供了产业政策影响企业会计政策选择的直接证据。

Accounting information plays an efficient role in providing reliable and accurate decision basis for macro and micro economy development.The thirteenth five-year plan emphasizes the timeliness,comprehensiveness and accuracy of information on economic performance and the importance on evaluating effects of policies.Therefore,using Chinese style industrial policies as an entry point,this article studies how and through which mechanism can industrial policies affect firms’ accounting conservatism.This article finds that firms being supported by industrial policies have lower accounting conservatism and this negative relation is more pronounced in non-SOEs,young firms or firms with lower growth rate.Compared with general industrial policies,core industrial policies have greater influence on firms’ accounting conservatism.This article also studies the mechanism and finds that being supported by industrial policies can help to lower financial constraint and tax burden,thus decreases firms’ accounting conservatism.Also,being supported by industrial policies results in managers in non-SOEs having higher incentive to pursue excess executive compensation,which also decreases firms’ accounting conservatism.In conclusion,this article studies on whether and how being supported by industrial policies affects accounting conservatism,thus provides direct evidence on industrial policy shaping firms’ choice of accounting policy.