市场竞争、会计稳健性与超额现金持有价值

Market Competition,Accounting Conservatism and Value of Excess Cash Holding

本文在考察会计稳健性对公司超额现金持有价值影响的基础上,探索了市场竞争对二者关系的调节效应。本文的研究结果表明,一方面,公司会计稳健性的增强能够提升超额现金持有价值;另一方面,作为一种有效的替代治理机制,市场竞争总体上弱化了会计稳健性提升超额现金持有价值的效应。这一结论丰富和拓展了关于超额现金持有价值效应以及会计稳健性经济后果的研究,肯定了会计稳健性和市场竞争对超额现金持有价值提升的重要作用,对强化公司现金监管、提升超额现金持有价值具有一定的实践意义,也为监管者继续深入完善市场化改革、提升会计信息质量提供了一定的理论支撑。

Based on the research of accounting conservatism＇ s effect on the value of excess cash holding, this paper develops market competition＇ s moderating effect on their relationship. The research results show that the increase of accounting conservatism could en- hance the value of excess cash holding, but as an effective alternative governance mechanism, market competition degrades this effect of conservatism. This conclusion enriches and expands both the research of excess cash holding value and economic consequences research of accounting conservatism. It affirms the important role of both accounting conservatism and market competition on the enhancement of excess cash holding value. Besides, it has some practical significance on the supervision of company＇ s cash holding and the value of ex- cess cash holding. It also provides some theoretical support on the development of marketization reform and the improvement of accounting information quality.