CAJ | 학술논문

在剩余收益估值模型的基础上构造了 Basu (1997)的反函数,从而构建了可同时度量非条件稳健性和条件稳健性的实证模型,并基于企业并购的视角,探究了会计稳健性对企业投资效率的事前和事后影响。研究发现：非条件稳健性可以提升企业事前投资效率(降低并购溢价,提升累计超额收益率),阻止管理层的机会主义行为；条件稳健性会促进企业事后投资效率(并购前后绩效变化),保证项目的盈利性。进一步的研究表明：会计稳健性与企业投资效率的关系会随着上市公司代理成本的增加而越加明显。此外,国有企业和民营企业对于会计稳健性的公司治理效应存在差异。最后扩展了由 Lawrence,Sloan and Sun (2013)提出的稳健性操纵的定义。
재잉여수익고치모형적기출상구조료 Basu (1997)적반함수,종이구건료가동시도량비조건은건성화조건은건성적실증모형,병기우기업병구적시각,탐구료회계은건성대기업투자효솔적사전화사후영향。연구발현：비조건은건성가이제승기업사전투자효솔(강저병구일개,제승루계초액수익솔),조지관리층적궤회주의행위；조건은건성회촉진기업사후투자효솔(병구전후적효변화),보증항목적영리성。진일보적연구표명：회계은건성여기업투자효솔적관계회수착상시공사대리성본적증가이월가명현。차외,국유기업화민영기업대우회계은건성적공사치리효응존재차이。최후확전료유 Lawrence,Sloan and Sun (2013)제출적은건성조종적정의。
This paper Constructs a model that can measure unconditional and conditional con-servatism simultaneously and then investigate the ex anti and ex post disciplinary effect of ac-counting conservatism on investment efficiency from the perspective of M&A.We find that 1 ) when unconditional conservatism is in place,ex anti NPV increases(higher CAR and lower merg-er premium),reflecting a more unconditional conservatism attitude towards future project selec-tion.When conditional conservatism is in place,ex post NPV increases,reflecting timely loss recognition facilitates a profitable acquisition;2)the positive association between conservatisms and acquisition profitability is more pronounced for firms with high ex ante agency cost.3)The positive association between conservatism and the acquisition profitability is various between state-owned enterprises and non-stated-owned enterprises in China.Our study enriches research method on the application of accounting conservatism and provides a more complete picture of the ex anti and ex post disciplinary effect of accounting conservatism,which can be viewed as part of corporate governance,on investment efficiency.Besides,it expands the definition of discretion in accounting conservatism developed by Lawrence,Sloan and Sun(2013)in the discussion part.