董事会特征与会计稳健性关系的实证研究-黄丽娜.pdf
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1、首都经济贸易大学硕士学位论文 董事会特征与会计稳健性关系的实证研究首都经济贸易大学Capital University of Economics and Business硕士学位论文THES I S OF MASTER DEGREE论文题目:董事会特征与会计稳健性关系的实证研究业: 金盐堂号: 220 l 0040227完成日期:三盟封堕堂院专学作独创性声明本人郑重声明:今所呈交的董事会特征与会计稳健性关系的实证研究论文是我个人在导师指导下进行的研究工作及取得的科研成果。尽我所知,文中除了特别加以标注和致谢的地方外,论文中不包含其他人已经发表或撰写的内容及科研成果,也不包含为获得首都经济贸易大
2、学或其它教育机构的学位或证书所使用过的材料。日期:浏童年立月址日关于论文使用授权的说明本人完全了解首都经济贸易大学有关保留、使用学位论文的有关规定,即:学校有权保留送交论文的复印件,允许论文被查阅、借阅或网络索引;学校可以公布论文的全部或部分内容,可以采取影印、缩印或其它复制手段保存论文。(保密的论文在解密后应遵守此规定)储编蚴翩酶f巡眺一年土胁日首都经济贸易大学硕士学位论文 董事会特征与会计稳健性关系的实证研究摘 要现代企业制度下,所有权和控制权的分离及契约的不完全性引发了代理问题。即当管理层与企业利益不一致或合约本身存在漏洞时,管理层出于自身利益的考虑就可能只报告对自己有利的信息而隐瞒不利
3、信息,这就导致股东无法了解公司潜在的危机及真实的运转情况,对股东利益产生威胁。实施稳健性原则要求凡是可以预见的损失和费用都应予以记录和确认,而没有十足把握的收入则不能予以确认和入帐,这对于股东了解企业可能存在的风险以及保护股东利益和提高企业竞争优势都起到重要作用。因次,稳健性原则可以极大地解决由两权分离所产生的代理问题。由于董事会被赋予选择、聘用和解聘高级管理层的权利,还可以从股东利益出发来评估、批准管理层的决策。因此董事会设置对于监督管理层,加强决策管理起到至关重要作用。所以从董事会特征角度出发,选用独立董事比例、两职分离、董事会持股比例、董事会规模、董事会专门委员会数量五个变量,以我国国民
4、经济的支柱工业企业上市公司为研究对象,运用Ball and Shivakumar的应计一现金流模型研究董事会各项特征与会计稳健性的关系。首先运用应计一现金流模型验证了我国工业上市公司07-11年整体上存在着稳健性。然后,以董事会的五个特征分别构建了各自与会计稳健性关系的模型,逐一研究其与会计稳健性的关系。研究发现,两职分离、董事会持股比例和董事会专门委员会数量这三个变量与会计稳健性正相关;而独立董事比例对会计稳健性水平具有负相关作用;董事会规模与会计稳健的关系尚不明确。通过本文实证研究,对会计稳健性的计量模型、董事会特征的研究提供了有力证据和政策性建议。首先,应计一现金流模型不用依赖于证券市场
5、的数据,所以会计稳健性的研究可以不再局限于上市公司,非上市公司也可以采用应计一现金流模型计量稳健性。其次,目前情况下采用非市场数据可以减少市场剧烈波动对结果正确性的干扰。再次,董事会特征研究中加入专门委员会这一特征,为以后关于董事会的职业性和专业性的研究提供了建议。关键词:董事会特征会计稳健性应计现金流模型AbstractIn modem enterprise system,the separation of ownership and control,and the incomplete of contract resuted in agent problemWhen the interes
6、ts of managers isnot same with the firm,or contract loopholes appears,managers tend to only report the information to their advantage and not to report adverse informationWhich makeS small and mediumsized shareholders can not understand the potential crisis and real functioning of the companyThe imp
7、lementation of Conservatism Principleof means any foreseeable 10sses and expenses should be recorded and confirmedno fullgrasp of revenue can not be recognized and accounted for shareholders to understand the possible risks of the enterprise as well as to protect the interests of shareholders and en
8、hance enterprise competitivenessThe advantages have played all importantrole。Conservatism Principle cail greatly solve the problem of the separation of ownership and agencyCurrently,the Board is entitle with rights to select,hire and fire senior management,moreover to make decisions from the perspec
9、tive of the interests of shareholders approved managementS assessment of the decisionmakingTherefore,a good board of directors Can protect the investorsinvestment capital and maintain the competition of firmThis research starting from the board features study,T choose the Proportion of independent d
10、irectors,two job the separation,stake of the Board,board size,the number of special committees of the Board of Directors as variablesListed companies in ChinaS industrial enterprises,use accruedcash flow model of Ball and Shivakumar tO study Board characteristics influcess on accounting conservatism
11、First,an empirical study to accrual-cash flow model approves the accountingconservatism of indusrial from 0711Then,with the board of directors of the five Characteristics were constructed five model board characteristics and accounting conservatism relations examine the relationship of each variable
12、 with accounting conservatismIt is approved that two hats separation,the stake of the Board and special committee number are positively correlated with accounting conservatismWhile,the proportion of independent directors and board size influnce on accounting conservatism iS not suer yetThrough empir
13、ical research data,the econometric model of accounting conservatism,the board features provide strong evidence and policy recommendationsFirst,accruals-cash flow model do not depend on the data of the securities marketSo nonlisted companies Can also Can be usedcash flow models to measure the robustI
14、I首都经济贸易大学硕士学!垡苎 蔓兰全堑堡皇叁笪整堡丝叁墨竺壅至堕壅_-_-_-_-_-_-_-_-一一ness of accrualThen,unsound securities markets and global recession stock market environment at the same time,the use of accrued-cash flow model Can be more accurately measured accounting conservatismOtherwise,the Board Characteristics studY charac
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