CAJ | 학술논문

会计稳健性要求及时确认损失的发生、延时确认收益的发生。一般认为会计稳健性较高的公司,信息不对称程度低,具有较高的公司治理水平。本文从公司投资行为视角考察会计稳健性对自由现金流代理成本的影响。通过研究发现：非效率投资在我国企业普遍存在;高的会计稳健性具有抑制非效率投资的作用,并在一定程度上降低了自由现金流的代理成本。但要彻底解决非效率投资问题,仍需进一步规范公司的现金持有政策,并完善公司治理结构。本文的研究也为控制自由现金流的代理成本提供了一种可行性的解决方案。
회계은건성요구급시학인손실적발생、연시학인수익적발생。일반인위회계은건성교고적공사,신식불대칭정도저,구유교고적공사치리수평。본문종공사투자행위시각고찰회계은건성대자유현금류대리성본적영향。통과연구발현：비효솔투자재아국기업보편존재;고적회계은건성구유억제비효솔투자적작용,병재일정정도상강저료자유현금류적대리성본。단요철저해결비효솔투자문제,잉수진일보규범공사적현금지유정책,병완선공사치리결구。본문적연구야위공제자유현금류적대리성본제공료일충가행성적해결방안。
Accounting conservatism is an important attribute of financial reporting,and it has had a long-term impact on the company＇s accounting practice since the 15 th century. Accounting conservatism needs to confirm the occurrence of financial loss and revenue. It is generally believed that companies with higher accounting conservatism always have lower degree of information asymmetry and higher level of corporate governance. What is the agency cost of free cash flow（ FCF） in the company with a high degree of accounting conservatism？ Can high accounting conservatism improve the efficiency of investment and capital allocation？ All of these research questions are important topics in the field of corporate governance.This paper used 3345 samples from the list of 2006- 2010 Shanghai and Shenzhen companies,and tested FCF＇s impact on the investment efficiency under different degrees of accounting conservatism. Firstly,this paper screens which enterprises are over-invested or under-invested by using the Richardson Model. Secondly,this paper examines the impact of FCF and accounting conservatism on accounting conservatism for these two types of enterprise. We choose C-score index from Khan Watts＇ s model to measure accounting conservatism. Finally,this paper analyzes the relationship among non-efficiency investments,free cash flow,and accounting soundness based on OLS,Probit,and Tobit tests.Firstly,agency problems of FCF are serious and widespread in our business. FCF can lead to serious over-investment behaviors.Secondly,high accounting conservatism can effectively suppress non-efficiency investment and mitigate principal-agent conflicts.Thirdly,companies using conservative accounting policy are less likely to engage in over-invest and under-invest activities in the case of the same FCF. In addition,the paper also analyzes corporate nature＇s practical implications. Our study shows that state-owned enterprises are more oriented toward over-investment. Non-state-owned enterprises are more likely to have under-investment issues.State-owned enterprise＇s accounting conservatism is higher than that of non-state-owned enterprise. This paper also uses the method of instrumental variables to solve endogenous problems that may exist in empirical analyses.This study has important theoretical and practical implications. Firstly,the analysis of the impact of accounting conservatism on the agency cost of FCF is still preliminary in the domestic research. The conclusion has important implications for the choice of the Public Company Accounting policies. Companies should pay attention to the prudent accounting information＇s positive roles in improving the investment efficiency of corporate governance. The system of financial reporting and information disclosure should be firstly improved in order to ensure the quality of the implementation of accounting standards,and improve the reliability of financial reporting.Follow-up studies should explore other factors＇ impact on the roles（ e. g. legal proceedings and tax） played by accounting conservatism in the corporate governance. Secondly,there are important implications on how to regulate company＇s cash holding by government departments and corporate management. Chinese companies should improve the proportion of bonuses,especially for stateowned enterprises. Companies need to standardize their operations and stay competitive in their industry. Companies should maintain appropriate cash flow to reduce agency conflicts and agency costs. In addition,accounting conservatism needs to improve all aspects of corporate governance in order to control the co-control agency cost of FCF. The conclusion also shows that both the higher proportion of independent directors and effective incentive compatibility play an important role in improving the efficiency of investments. Further research will also focuses on other corporate governance factors＇ impact,such as strengthening the supervision of the media and tax enforcement effects.