融资融券、管理者自信与企业会计稳健性

Margin Trading,Managers’ Confidence and Accounting Conservatism

本文以我国2010—2016年A股上市公司数据为样本,首先考察了管理者自信对企业会计稳健性的影响,结果发现管理者自信程度与企业会计稳健性之间呈负相关关系;为了进一步刻画不同自信程度对企业会计稳健性的影响差异,将管理者自信分为自信不足、适度自信与过度自信三个类型,发现自信不足与企业会计稳健性之间的关系不显著,但适度自信管理者会提升企业会计稳健性,而过度自信管理者会降低企业会计稳健性;进一步检验发现,管理者自信程度与企业会计稳健性呈倒U形关系。其次检验了2010年我国开始实施的融资融券制度对企业会计稳健性的影响,发现引入融资融券制度后,与控制组样本相比,处理组样本企业提高了会计稳健性;在此基础上将管理者自信与企业会计稳健性的关系置于融资融券背景下,研究发现管理者自信与企业会计稳健性的负相关关系仅存在于非融资融券样本组。这些结果表明融资融券制度的实施具有显著的公司外部治理效应,这对于证券监管部门、上市公司及其投资者具有一定的参考意义。

This paper examines the relationship between managers’ confidence and accounting conservatism, using sample of listed companies in China from 2010 to 2016. We find that there is a negative relationship between managers’ confidence and accounting conservatism. In order to depict the influence of different degrees of confidence on accounting conservatism, we divide managers’ confidence into underconfidence, moderate confidence and overconfidence, find that the relationship between underconfidence and accounting conservatism is not significant, moderate confident managers improve accounting conservatism and overconfident managers reduce accounting conservatism. Furthermore, we find that there is an inverted U-shaped relationship between managers’ confidence and accounting conservatism. Then we study the effect of margin trading which is implemented in China from2010 on accounting conservatism, find that after the introduction of margin trading, compared with the control sample, companies in the treatment group improve the level of accounting conservatism;Based on this, we find that the relationship between managers’ confidence and accounting conservatism only exists in control group. These results suggest that margin trading plays a certain external governance effect, which has reference significance for the securities regulatory departments, listed companies and their investors.