会计准则变迁、准则执行环境与薪酬契约有效性

The transition of accounting standards, standards execution environment and executive compensation contract effectiveness

评价会计准则变迁的经济后果,除了考虑会计准则本身之外,会计准则执行环境的影响也不容忽视。本文使用2002-2006年和2008-2014年的中国A股非金融类上市公司数据,结合准则执行环境的影响,考察新会计准则实施以来上市公司高管薪酬契约有效性变动状况。验证结果显示:通过新会计准则的施行,上市公司高管薪酬业绩降低且敏感性较为显著,高管薪酬向下的刚性特征同样显著。进一步结合准则执行层面因素的检验结果发现,在准则执行外部环境较好的样本组中,高管薪酬业绩敏感性降低的幅度更小,在非国有、中央政府控制和高管权力较大的上市公司中,高管薪酬业绩敏感性下降的更多。

Besides the accounting standards, the impact of the implementation environment of the accounting standards cannot be ignored regarding evaluating the economic consequences of the transition of accounting standards. Through sorting out the data of China A-shares of non-financial listed companies in the years of 2002-2006 and 2008-2014 under execution environment of the standards, this paper studies the effectiveness of executive compensation contract of the listed companies after the implementation of new accounting standards. Meanwhile, by employing the new accounting standards in 2007, this study conducts an empirical study on the change of usefulness of accounting information compensation contract before and after the changes of an accounting standard. Moreover, this study analyzes the influence of the standard execution environment on the changes mentioned above. There are three reasons. Firstly, the implementation of accounting standards can provide more direct and vital evidence. Secondly, the implementation of the effect of the IFRS research is carried out from the perspective of information before. However, research from the perspective of the compensation contract is comparatively rare. Domestic research in this area is even less, and there are no uniform conclusions. Thirdly, the relevant research at home and abroad only analyzes the influence of the criterion itself on the validity of the compensation contract, thus lacking research on the effect on the implementation level of the criterion. This study focuses on the significance of accounting information played in corporate contracts and governance. The current study investigates the influence of changes in accounting standards on external information users (e.g., analysts, creditors), which ignores the fact that the role of accounting information is to reflect the trustee's fiduciary duty. By employing long-term and extensive research samples and combining with the standards and company characteristics, this paper can provide more reliable and comprehensive empirical evidence of the sensitivity of executive pay with the implementation of new accounting standards. The research results show that after the implementation of new accounting standards, the effectiveness of accounting information compensation contract is reduced. In an ample group of the implementation of the standards, the degree of sensitivity reduction of executive compensation is less. While in the listed companies which are non-state or controlled by the central government or give greater power to the executive, the sensitivity of compensation performance for executive decreased more. The results indicate that firstly the contract effectiveness of accounting information compensation was decreased after the implementation of the new accounting standards. Therefore, in the formulation and implementation of standards, relevant departments should pay attention to the reflection of accounting information on the manager's fiduciary duty. Secondly, there are significant differences in the institutional environment in various regions of China, which affects the implementation of accounting standards, and then affects the usefulness of accounting information contract. Thirdly, it is obvious that executive pay experiences a downward trend, which could increase executive opportunism and risk.