会计稳健性抑制卖空了吗?——基于企业风险和会计稳健性时序特征的分析

Does Accounting Conservatism Restrain Short Selling? ——An Analysis Based on Enterprise Risk and Time Series of Accounting Conservatism

中文关键词:  会计稳健性  会计稳健性时间序列特征  企业风险  融券卖空  持续稳健  持续不稳健

英文关键词:accounting conservatism  time series characteristic of accounting conservatism  enterprise risk  short selling  persistent conservatism  persistent non-conservatism

中文摘要:

      会计稳健性会及时披露企业负面消息,这种特性会抑制股价高估,减少融券卖空行为。以我国2010—2016年A股市场所有融资融券标的公司为样本,分析了公司会计稳健性水平对融券卖空程度的影响。研究发现,会计稳健性水平的提升能够显著抑制市场卖空行为,且公司经营风险越大,这种抑制作用越明显。进而,考虑公司会计稳健性长期历史水平,即会计稳健性时间序列特征对稳健性与卖空水平之间关系的影响。实证结果显示,“持续稳健”与“持续不稳健”分别加强和减弱了会计稳健性对卖空的抑制作用,而 “非持续稳健”则未表现出明显的影响。研究结论说明公司增加会计稳健性能抑制市场卖空行为,尤其对于经营风险高的企业更是如此,而且企业应保持长时间持续稳健地披露会计信息,以此稳定投资者的稳健性预期,才能有效地发挥会计稳健性对卖空的抑制作用。

英文摘要:

      Accounting conservatism will make a firm disclose negative information in time, which will restrain the overvaluation of stock price and reduce the short selling. Using all the listed companies with short selling on China's A-share market during the years from 2010 to 2016 as sample, this paper analyzes the impact of accounting conservatism on short selling. The research finds that the improvement of accounting conservatism can significantly weaken the short selling, and the greater the risk of the company, the more obvious the inhibitory effect. Further, we consider the impact of the time series characteristic of accounting conservatism on the relationship between accounting conservatism and short selling. The empirical results show that “persistent conservatism (or non-conservatism)” strengthens (or weakens) the inhibitory effect of accounting conservatism on short selling, while “non-persistent conservatism” does not show a significant impact. The research conclusion shows that the increase in accounting conservatism can restrain short selling, especially for the enterprises with high business risk. Moreover, a firm should keep persistent conservatism in accounting information disclosure and thereby stabilize investors' conservatism expectation so that accounting conservatism can effectively inhibit short selling. 