过度投资、投资效果与会计稳健性

Overinvestment,Investment Effect and Accounting Conservatism

与已有研究不同,本文结合投资规模和投资效果来界定过度投资,并将会计稳健性区分为条件稳健和非条件稳健,以研究过度投资与会计稳健性的相互关系。通过对我国2007-20013年A股上市公司样本的分析,本文发现在结合投资规模和投资效果来界定过度投资的情况下,过度投资和会计稳健性的相互影响明显比仅仅根据投资规模来界定过度投资的情形更显著,而且更为精确。与价值(业绩)上升企业相比,价值(业绩)下降企业的条件稳健性对过度投资具有更强的治理作用,而价值(业绩)下降企业的过度投资行为对非条件稳健性产生了显著的负向影响。

Different to other researches,this paper combines the effectiveness and scale to define overinvestment and divides the accounting conservatism into conditional and unconditional conservatism to study the relationship between overinvestment and accounting conservatism.This paper finds that the interact between overinvestment and accounting conservatism is more significant and accurate when overinvestment is defined according to effective and scale than that is defined only according to scale.Compared to the samples which values(performances) went down,the conditional conservatism is more powerful in the samples which values(performances) went up,while overinvestment had more significant negative influence on the unconditional conservatism in the samples which values(performances) went down.