上海财大Method in Accounting and Finance会计与财务研究方法论课件

1[e-mail]/2011引子：独立董事的价值2010年度优秀独立董事证监会是否应该规定公司必须聘请独立董事？能够监督内部人能够为公司提供咨询能够降低监管部门的责任能够为会计教授提供赚钱机会不能够监督内部人不能够为公司提供咨询不能够降低监管部门的责任不能够为会计教授提供赚钱机会他们真的很厉害？可以抑制掏空、提供咨询、扶贫教授、保护官员？答案好像是唯一的！推理可信吗？事实可靠吗？以独立董事为例有人发现，独立董事越多（比例或人数，或有/没有）的公司，价值（会计指标或股价指标）越高。疑问1：有其他解释吗？疑问2：穷尽了任何公司的任何时点吗？疑问3：事实可信吗？（何谓公司价值）该发现可以说明独立董事的价值吗？以上例子中的方法论问题•研究问题：实证性命题（是什么？为什么）与规范性命题（怎么办？）•检验方法：推理与感知、归纳与演绎•计量方法：内生性7PartI:Methodology8Chap1:ThePhilosophyoffinanceandaccountingresearch9ResearchProgress•TheResearchProgress–Thestatementoftheresearchproblemorissuetobeinvestigated,orthetheoreticalexplanationtobetested–Thetranslationoftheabstractideasinthistheoreticalexplanationintoconcrete,explicitlyidentifiableideas–Thedevelopmentofmeasuresoftheimportantvariablesinthetheoreticalexplanation10–Thedevelopmentofaresearchdesigntoguidetheinquiryintotheresearchproblem–Thecollectionoftheresearchdata–Theanalysisofthisinformationinthecontextoftheproposedexplanation–Theinterpretationoftheinformation,orintegrationofthefindingsoftheresearchwiththeexistingknowledgebase11Someissuesonphilosophy•Whatisresearch?–Researchisaprocessofintellectualdiscovery,whichhasthepotentialtotransformourknowledgeandunderstandingoftheworldaroundus.–Researchmethodologicalvariedwithsuchassumptionsabout•Thenatureofreality•Theroleoftheory•Thesignificanceofempiricalexperimentation•Whyisresearchmethodologyimportant?–Whenapieceofresearchischaracterizedbypoortechnique,acriticmayarguethattheresearchisdefective,weakormisapplied,however,whenamethodologicaldisputeisinvolvedtheresearchissimplylabeledas‘nonsensical”.12•Researchinaccountingandfinanceisgenerallyacceptedasbeingsocialscientific,asappropriatestandardsofscientificenquiryareappliedtosocialissuesratherthannaturalphenomena,whichistakentobethedomainofthenaturalsciencesandofphysicsinparticular•ThesocialscientificisseriousaffectedbyDualitywithinwesternthought–Realitycouldbecharacterizedbyopposites–Thereisanessentialdualityinallthings13IndividualsubjectknowledgebeliefsperceptionsappearancereasonExternalobject14•Epistmologyorwhatisknowledge–Empiricismandrationalism:thesourceofknowledge•SocrateandPlatoVs.Aristotle||Descartes,HegelandMarxVs.Newton•Traditionally,classicalempiricistsacceptedthat–Certaintyofbeliefinwhatweknowcanonlybeapproachedthroughperception–Ultimatelyallknowledgeisderivedfromperceptionthroughoursenses–Intherealmofdiscoursestatementsareeithertrueorfalsebecauseofthewaytheworldisorbecauseofsomeformalpropertiesofthelanguageweused15–Realismversusidealism:ontologyofwhatweknow•Realismsholdthatrealitysubsistswithinobjects;idealistsholdthatitexistswithinthemindofthesubject•HumeVs.Berkeley•Kant:Transcendentalidealism–Thereisanobjectiveworldorexperiencewhichwerelateandultimatelytestourclaimstoknowledgeofwhatistrueorfalse–wecanknowthembytheapplicationofcertaintranscendentprinciples•relativism16–Logicalpositivismandinstrumentalism•Linguisticderivativeofempiricismwheretheworldofmeaningfuldiscoursediscontrolledbyaparticularvarietyofthecorrespondencetheoryoftruth•Holdthat:–Truebeliefisgroundedinwhatweperceiveandthatwhatweperceiveisderivedfromavalue-free,independentreality–Meaningfulstatementsareonlythosewhichcan,inprincipleatleast,beverifiedbyappealtoobservation17•Twodifficulties–Thevalidityoftheverificationprincipleitself–Generallawsandtheoreticalterms•Instrumentalism–Therealismofgiventheoreticaltermsisquiteirrelevantindeterminingthevalidityofanytheoreticalconstructionsderivedfromthemorinwhichtheyareembedded.E.g.,Thefactthatatheoryisunrealisquiteirrelevantprovidedthatitworksinpractice.–Friedman(1953)•Falsificationism(Popper,1959)–Anystatementwhichcannotbedemonstratedtobefalseismeaninglessandanytheorywhichcan’tbefalsifiedisdevoidofempiricalcontent18Positiveeconomics•Friedman(1953)•Alchian(1950)•张五常（2001）•HolthausenaandWatts(2001)Uncertainty,EvolutionandEconomicTheoryArmenA.AlchianInJournalofPoliticalEconomy58,no.3(June1950):211-221Outline•Inthispaper,Alchiansuggestsanapproach–Thisapproachembodiestheprinciplesofbiologicalevolutionandnaturalselectionbyinterpretingtheeconomicsystemasanadoptivemechanismwhichchoosesamongexploratoryactionsgeneratebytheadaptivepursuitof‘success’or‘profit’–Thismodificationincorporateincompleteinformationanduncertainforesightasaxioms,butdispensewith‘profitmaximization,anddoesnotrelyonthepredictableindividualbehavior–Themethodofuse,ratherthantheusefulness,ofeconomictoolsandconceptsisaffectedbythismodification“ProfitMaximization”IsNotAGuideToAction•Currenteconomicanalysisofeconomicbehaviorreliesheavilyondecisionsmadebyrationalunitscustomarilyassumedtobeseekingperfectlyoptimalsituations(eg.Profitmaximizationorutilitymaximization).•Attacksonthismethodologyarewidespread,butonlyTintner’sattackhasbeenreallydamaging.–Hedeniesthatprofitmaximizationevenmakesnosenseunderuncertaintybecauseunderuncertaintyeachactionthatmaybechosenisidentifiedwithadistributionofpotentialoutcomes,notwithauniqueoutcome.–Usingoptimumdistributionasasubstitutionstillpostulateamod