【作者】 张长海；

【导师】 石本仁；

【作者基本信息】 暨南大学 ， 会计学， 2010， 博士

【摘要】 政府和企业是现代经济社会中最重要的两大主体,其相互关系不仅影响它们自身,而且影响到整个社会经济运行效率的高低。前期的研究中主要集中在政府对企业的影响和干预上,而很少研究二者之间互动和企业对政府影响的经济后果。但越来越多的转轨国家现实表明,企业对政府的影响不仅可能会影响资源配置效率的高低,而且会影响到转轨国家的改革步伐和方向,甚至会影响到最终转轨的成功与否。尽管会计稳健性是当前会计实证研究文献的热点,但直接为会计稳健性经济后果提供的经验证据仍然很少,在中国尤其如此。中国是一个新兴加转轨的国家；同时,又在会计制度改革过程中高度重视会计稳健性的应用。那么,在中国的制度背景下,企业对政府的影响力、会计稳健性对资源配置效率会产生怎样的影响呢?本文在对中国会计制度改革和行政权力体系深入分析的基础上,针对会计稳健性计量指标存在问题,利用中国上市公司的2004—2009年的数据采用相互校验的方式选择适应中国市场环境的会计稳健性计量指标；同时利用国际政治关系的相互依赖理论提出了一个基于终极产权人性质的粗糙企业影响力度量方法,从融资和投资两个视角利用2007—2009年上市公司数据对企业影响力、会计稳健性与资源配置之间的关系,以及市场化进程对其造成的影响进行了实证检验。研究结果发现：第一,会计稳健性在整体上有助于资源配置效率的提高。具体说来：(1)会计稳健性可以有效提高企业的融资效率,包括债务融资效率和权益融资效率；(2)会计稳健性一方面可以减少企业的过度投资非效率行为,另一方面会计稳健性会加剧投资不足的非效率投资行为。由于以下两个原因,我们认为会计稳健性在整体提高了资源的配置效率：(1)从全社会的角度来看,由于资本的短缺性,使得投资过度造成的社会损失更为严重,而投资不足造成的社会损失要低一些；(2)从决策信息的来源来看,资金供给方作为外部人员主要依靠公开财务报告信息来进行决策,而进行投资决策的经理人是企业的内部人员,具有更多的私有信息可供利用,从而可以最大限度地削弱会计稳健性可能加剧投资不足方面的不利后果。第二,企业影响力对资源配置产生双重影响。首先,企业利用其影响力直接借助于行政干预来影响企业的融资效率和投资效率；其次,企业影响力还会通过弱化稳健会计信息的市场化信息决策作用而扭曲社会资源的配置。第三,市场化改革通过强化市场配置资源的基础性地位,降低了政府对经济的干预,从而使得企业影响力对资源配置的扭曲性作用得以减少,同时也提高了稳健会计信息在社会资源配置的作用。第四,根据K&W(2009)提出的方法计算的公司年度会计稳健性计量指标在中国具有较大的适应性。在上述研究发现的基础上,本文提出了相关政策建议：深入研究会计稳健性的经济后果,在与国际会计接轨的同时,制定适合中国国情的会计准则和相关制度；转变政府职能,严格限定政府干预的范围及其方式,降低企业对政府的影响能力；加快政务公开,提高政府行为的透明度,发挥政府影响力的积极作用,降低企业影响力的消极作用。更多还原

【Abstract】 The government and the firm are the two most important entities in the modern economic society. Their mutual relationship affects not only the government and the firms themselves, but also the social economic efficiency. Previous studies have primarily focused on the government’s intervention and impact on firms. However, few studies have been carried out on the economic consequences from interaction of government and enterprises, and the influence on government by firms. More facts in transitional countries reveal that the firm’s influence on the government will not only affect the efficiency of resource allocation, also affect the pace and direction of their reforms, even their success of transition. While much empirical research has been done on accounting conservatism, there are little direct empirical evidence of economic consequences for accounting conservatism, especially in China. China is an emerging and transitional country, in which more attentions are paid to the accounting conservatism in the reforming process of accounting system. So what is the relationship between the firms influence on government and the efficiency of resource allocation, and what is the relationship between accounting conservatism and the efficiency of resource allocation under the China’s system?Based on the analysis of the system of the Chinese accounting reforming and administrative power, from the perspective of financing and investment, we tested the relationship between firms influence on government, accounting conservatism and resource allocation efficiency, and the effect by the marketalization with the data of Chinese listed companies in 2007-2009. In process of the research, we tested the reliability of the measure of accounting conservatism using 2004-2009 chinese listed companies data because there is not a common acceptted measure of comservatism, and refer to the theory of interdependence in international political relations subject to construct a measure of firms influence on the base of understanding of the chinese system. The results are as follows:1. Accounting conservatism overall helps to enhance the efficiency of resource allocation. Concretely speaking, on one hand, it can effectively improve the financing efficiency of firm, including debt financing efficiency and equity financing efficiency. On the other, it can reduce the inefficiency of overinvestment, and exacerbate the inefficiency of underinvestment.we think accounting conservatism helps to enhance the efficiency of resource allocation on the whole with the following reasons:(1) The loss of overinvestment is severer than the loss of underinvestment because of resource scarcity; (2) From the perspective of the source of decision information, the founds providers as the external related party depend mainly on the public financial accounting information to make decision; while the managers as internal personnel with more available private information can weaken the inefficiency of underinvestment greatly.2. Firms influence has dual influences on the allocation of resources. Firstly, Firms can use their influence directly by the administrative intervention to affect the firm financing efficiency and investment efficiency. Secondly, firms influence can affect the efficiency of resource allocation by weakening the role of conversatism information in the process of decision-making.3. Marketization reform can weaken the adverse effect on resource allocoation from the firms influence, because:(1) Marketization can reduce government intervention; and (2) Marketization can strengthen the role of accounting information in the process of decision-making.4. The firm-year measure of conservatism development by Knhy & Watts (2009) are more reliability as a measure of accounting conservatism in china in our study.Based on the above results of study, we recommend some constructive suggestion in this thesis:(1) study in depth on the economic consequences of accounting conservatism, and develop a set of accounting standards suitable for china in the process of accounting standard international harmonization; (2) change governmental functions, strictly limiting the scope of government intervention and its approach to reduce the impact of the government from enterprise; (3) Improving the transparency of government public affairs, improving the positive role of the firms influence and reducing the negative effects of the firms influence.更多还原