您好,欢迎访问三七文档
当前位置:首页 > 商业/管理/HR > 质量控制/管理 > 最终控制人性质_会计信息质量与公司投资效率
20102ECONOMICREVIEWNo.220103:BushmanSmith,,,,;,,,:,,,,,(BushmanandSmith,2001;Stein,2003),,,(KanodiaandLee,1998);,,(JensenandMeckling,1976)BushmanSmith(2001),,KanodiaLee(1998)(),Wang(2003)Biddle(2009),(2006)(2006),,BushmanSmith(2001),,183,,:430072,:sichuanlqy@163.com;,,:430072,:ccfamilycl@126.com;,,:430072,:dotzhao20@163.com(:70702017)(:70671077),,?,,,,,,,:;;;(),/,/,,q,q(Hayashi,1982),q,,(Fazzari,etal.,1988),,,(fashion),,,,,,(BushmanandSmith,2001;Stein,2003)BushmanSmith(2001),,:(1),;(2),,,,;(3)Wang(2003)1967-2000,Wurgler(2000)Richardson(2006),Durnev(2004),q,Risberg(2006)91990-2003,q,Biddle(2009)1980-2003,,,,,,:H1:,H2:,(),,,,,(2003),,28,,,(2006),,,(2006)(1),(),,;1(),,,(,2003),,,,,,,,,,,,,,;,,,,,,(2007),,,,,,,,(38,,4%,,,,,,,,(tunnelling),,,),,,(,2006),;,(Galal,1991),,,,,,,;,,,,,,;,,,,,(,2005),,,,,:H3:()q,qWurgler(2000)Richardson(2006)(,2009)Richardson(2006),,qWurgler(2000)(SurvivalBiases)Richardson(2006)(Wang,2003;Bushman,etal.,2006;,2007;,2007),,Richardson(2006),:Invi,t=0+1Growi,t-1+2Levi,t-1+3Cashi,t-1+4Agei,t-1+5Sizei,t-1+6Reti,t-1+7Invi,t-1+i,t(1),Invi,t/;Growi,t-1;Levi,t-1;Agei,t-1;Cashi,t-1/;Sizei,t-148(2006),(1),,,,;(2),,,;(3),,,(1),,2004(1),,,,,,Richardson(2006);Reti,t-1t-15t4(1),(2001)A-M,,20A2004-2006(1),t,t,t(1)0,,OverInv,,UnderInv,UnderInv,OverInvUnderInv,(Wang,2003;Biddle,etal.,2009)()Ecker(2006),,,,(Biddle,etal.,2009),(BallandShivakumar,2005),,(2000)(2001),,1.(1)DechowDichev(2002)Francis(2005)Biddle(2009)DechowDichev(2002)McNichols(2002),,,,,,McNichols(2002),DechowDichev(2002),(Francis,etal.,2005),DechowDichev(2002)WCi,t=0+1CFOi,t-1+2CFOi,t+3CFOi,t+1+i,t(2):WCi,t,it-1t(+--+)/;CFOi,t-1CFOi,tCFOi,t+1it-1tt+1(2)BallShivakumar(2005)McNichols(2002)DechowDichev(2002)(Francis,etal.,2004;Biddle,etal.,2009),,,(BallandShivakumar,2005),,BallShivakumar(2005),,(Wang,2006)ACCi,t=0+1DCFOi,t+2CFOi,t+3DCFOi,tCFOi,t+i,t(3):ACCi,t,it-1t(++--);CFOi,tit,;DCFOi,t,CFOi,t,DCFOi,t1,BallShivakumar(2005)58Francis(2004),(AccrualsQuality)(Persistence)(Predictability)(ValueRelevance)(Timeliness)(Conservatism)(Smoothness),,,,2,3Francis(2005),(2)(3),tt-4t(2)(3),-1Accrqi,tNaccrqi,t,Accrqi,tNaccrqi,t,,,DechowDichev(2002),(1),,Accrqi,tMcNichols(2002),(2)Accrqri,t,t-4t(1),Accrqri,t2.,,Bhattacharya(2003)Ball(2001),Ball(2001),(TLR),,,Basu(1997)BallShivakumar(2005),,(GivolyandHayn,2000),(Qiang,2003)Ahmed(2002)6,,,3,(GivolyandHayn,2000),Jones(1991)(Qiang,2003),:TACCi,Asseti,=11Asseti,t-1+2Revi,tAsseti,t-1+3PPEi,tAsseti,t-1+i,t(4):TACCi,tit,;Asseti,tit;REVi,tt-1t;PPEi,tit;i,titJones,,it(ACi,t)t-4t(4),ACi,t,,3.,(Leuz,etal.,2003)Bhattacharya(2003),(),,,(2007),1998-2004,,(,2006),,,Francis(2004),(ESi,t)t-4t,ESi,t,68,:ESi,t=(Profi,t)/(CFOi,t),,(Profi,t)t-4t,(CFOi,t)t-4t4.,(2006),,Aqindex,Aqindex,,Accrqi,tAccrqri,tNaccrqi,tACi,tESi,t,,,:Aqindexi,t=[Decile(Accrqi,t)+Decile(Accrqri,t)+Decile(ACi,t)+Decile(Naccrqi,t)+Decile(ESi,t)]/5(5),Decile(Accrqi,t)Decile(Accrqri,t)(1);Decile(Naccrqi,t)(2);Decile(ACi,t)Decile(ESi,t)(2)(4)()CCERTM(CSMAR),:(1),,;(2)(2001)A-M,20;(3);(4),,1999-20057351,2004-20063600,2004-20062352()(2007)(2007)Biddle(2009),,,,,:Overinvi,torUnderinvi,t=0+1Aqindexi,t-1+2Typei,t-1+3Typei,t-1Aqindexi,t-1+4Payi,t-1+5Mfeei,t-1+6VCFOi,t-1+Industry+i,t(6)(6),,(UnderInv)(OverInv);Aqindex;Type,(State)(Agency)(Central)(local)1,0;VCFOt-4t;Pay;Mfee/;Industry,,()1,1325(1027)(),78,(2009)(2001),,1479,40%,(Biddle,etal.,2009)56.34%(43.66%)(Aqindex)()0.503(0.507)()0.085(0.053),()0.068(0.046),,,23(),Spearman-0.09(-0.111),,,,,Spearman,1ObsMeanMedianSTDMinMaxUnderinv13250.0680.0460.0910.0001.296Overinv10270.0850.0530.1000.0000.954Aqindex23520.5030.5070.1610.0240.850Mfee23520.0650.0440.1540.0004.912VCFO23520.0650.0520.0480.0040.436Pay235212.77012.8040.8748.36615.5172(n=1325)SpearmanunderinvAqindexMfeeVCFOPayStateAgencyLocalCentralUnderinv1.000Aqindex-0.0901.000Mfee0.225-0.0591.000VCFO0.040-0.0120.0291.000Pay-0.110-0.023-0.0790.0531.000State-0.0390.001-0.0080.0260.1251.000Agency-0.015-0.004-0.0350.0040.0990.5671.000Local-0.037-0.025-0.0110.0470.0460.299-0.2651.000Central0.0000.0300.044-0.012-0.0030.340-0.302-0.1591.0003(n=1325)SpearmanoverinvAqindexMfeeVCFOPayStateAgencyLocalCentraloverinv1.000Aqindex-0.1111.000Mfee0.0460.0041.000VCFO0.057-0.0190.1311.000Pay-0.063-0.004-0.0960.0431.000State0.019-0.014-0.0150.0030.0391.000Agency0.0750.0320.003-0.0220.0140.5381.000Local-0.013-0.0110.0140.0170.0220.314-0.2891.000Central-0.060-0.049-0.0360.0150.0080.323-0.302-0.1761.000(),5,,(OLS)(6),Petersen(2009),4,,4AE,,,,Biddle(2009),(Pay),,,,(2007);(VCFO),,Biddle(2009);(Mfee),,,,4(A)88,(Leuz,etal.,2003),,,(),,(1);,(1),,,4(A)BC,,FG,,,(Decile(ES))(Decile(Accrq)Decile(Accrqr)Decile(Naccrq)),(Decile(AC)),,(Bushman,etal.,2006),(Syn),Lyandres(2006),,(Msn),Roll(1988)(Syn),4(A)DH,,H1H2,,4AABCDConstant?0.187333(4.06)0.370333(6.18)0.242333(3.34)0.364333(7.16)Aqindext-1--0.044333(-2.75)-0.0183(-1.75)-0.04633(-2.51)Aqindext-2--0.04233(-2.00)Overinvt-1+0.047333(11.78)Payt-1--0.00933(-2.39)-0.012333(-2.94)-0.01333(-2.44)-0.01033(-2.54)VCFOt-1+0.080(1.64)-0.020(-0.40)0.052(0.86)0.074
本文标题:最终控制人性质_会计信息质量与公司投资效率
链接地址:https://www.777doc.com/doc-433972 .html