会计稳健性功能及其影响因素研究——基于高管薪酬业绩敏感性的视角

Research on Function and Its Influencing Factors of Accounting Conservatism Based on Perspective of Executive Pay-performance Sensitivity

中文关键词:  会计稳健性  薪酬业绩敏感性  薪酬契约有效性  高管薪酬  公司治理  会计制度改革

英文关键词:accounting conservatism  pay-performance sensitivity  validity of executive compensation contract  executive compensation  corporate governance  accounting system reform

中文摘要:

      基于我国会计制度改革和高管薪酬管制背景,利用2007—2015年中国A股上市公司数据,就不同制度环境下会计稳健性对高管薪酬契约有效性的作用机理进行了理论分析和实证检验。研究发现,稳健的会计行为是影响高管薪酬业绩敏感性的重要因素,随着会计稳健性的提高,高管薪酬业绩敏感性得到显著提高；而在市场化程度越高的地区、公司规模越大的企业和国有企业中,会计稳健性的功能被部分替代,其对高管薪酬业绩敏感性的提高作用受到抑制。研究结果显示会计稳健性是提高高管薪酬契约有效性的重要机制,我国在制定会计准则国际趋同策略和原则时,应当充分考虑会计稳健性的本质功能,不能为追求会计准则国际趋同而轻易放弃这一会计原则。研究结论为拓展会计稳健性的功能及其影响因素研究提供了新的证据,对评价和完善我国会计准则、提升会计信息质量、推动高管薪酬契约设计具有一定的政策含义。

英文摘要:

      We investigate whether there is a link between conservative accounting practices and the sensitivity of executive pay to accounting performance. We find that the sensitivity of executive pay to accounting performance is higher in enterprises that report more conservative accounting earnings. Besides, we find that conservatism plays a more important role in promoting the pay-performance sensitivity in the emerging markets than in the developed markets; conservatism plays a more important role in promoting the pay-performance sensitivity in small-scale enterprises than in large-scale enterprise; conservatism plays a more important role in promoting the pay-performance sensitivity in the non-state-owned enterprises than in the state-owned enterprises. The evidence has an important implication for related practice.