独立董事联结与会计稳健性相似——政策选择的模仿效应研究

Independent Director Interlock and the Accounting Conservatism Similarity:An Empirical Study on the Imitation Effect of Policy Choice

稳健的会计信息有利于降低股价崩盘风险,促进资本市场稳步发展。由于外部环境不确定性,企业在确定会计信息的稳健程度时,不仅会依据公司情境进行决策,还会向其他企业模仿学习。独立董事联结带来了网络嵌入性,是企业模仿学习的重要渠道。选取沪深A股非金融上市公司2013-2017年的样本进行实证分析,考察独立董事联结对会计稳健性的影响。研究结果表明,独立董事联结企业之间存在政策选择的模仿效应,使得会计稳健性相似;独立董事联结企业之间的模仿效应存在边界条件,仅在产权性质相同的企业之间显著。进一步分析表明,减值计提策略在独立董事联结与会计稳健性相似之间起到了部分中介的作用。

Accounting conservatism can decrease the stock price crash,and promote the development of the capital market.Due to the uncertainty of the external environment,when determining the accounting conservatism,the firms will not only make decisions based on the internal situation,but also learn from other firms.Independent director interlock brings network embeddedness,which is an important channel for firms to imitate and learn.Using the data of A-share non-financial listed firms in Shanghai and Shenzhen from 2013 to 2017,this paper investigates the influence of independent director’s interlock on accounting conservatism.The results show that there is an imitation effect of the independent director interlock on policy choice between the linked firms,leading to the accounting conservatism similarity.However,there are boundary conditions for the imitation effect,which is only significant among firms with the same property rights.Further study shows that the asset impairment loss strategy plays a partial intermediary role between the linked firms and the accounting conservatism similarity.