会计稳健性对投资效率的作用机理研究基于企业并购的研究视角

摘要

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.%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。