会计稳健性对企业投资行为的影响研究——基于企业生命周期理论的经验证据

The Effect of Accounting Conservatism on Firm’s Investment Behavior——Empirical Evidence Based on the Life Cycle Theory

会计稳健性对不同生命周期企业投资行为的影响。研究方法:基于静态模拟和动态贴现模型测算会计稳健性指标,并结合面板数据模型进行估计。研究发现:随着企业生命周期的演进,会计稳健性呈现先下降再上升的时变特征,而投资水平呈现先上升再下降的时变特征;会计稳健性对成长期企业的投资行为影响不显著,但显著负向影响其他生命周期企业的投资行为;企业的国有属性能够显著抑制会计稳健性对企业投资行为的负向影响。研究创新:基于企业生命周期视角研究会计稳健性对企业投资行为的影响。研究价值:为过往会计稳健性对企业投资行为影响研究结论的不一致提供了一个解释视角,并为处于不同生命周期企业制定投资策略提供科学依据。

To study the Impact of accounting conservatism on firm investment based on life cycle theory. Research Methods: We first measure accounting conservatism by applying static simulation and dynamic discount model. Further, we use panel data model to estimate the influence of accounting conservatism on investment for firms of different life cycles. Research Findings: In general, the paper finds that both firm’s accounting conservatism and investment evolve with its life cycle, but have opposite trends. Specifically, as firm’s life cycle evolves, accounting conservatism decreases at first and increases later on. Oppositely, investment first increases and then falls. Furthermore, our results shows that accounting conservatism significantly reduce firm’s investment across all its life cycle, except for its growth period. Moreover, this negative effect would be mitigated by firm’s state-own property. Research Innovations: To study the relation between accounting conservatism and firm investment from the angle of firm life cycle. Research Value: We provide explanations for why previous researches that study relation between accounting conservatism and investment cannot reach consensus. Meanwhile we provide scientific basis for enterprises in different life cycles to formulate investment strategies.