投服中心行权与企业会计稳健性

Rights Exercise of China Securities Investor Services Center and Enterprise Accounting Conservatism

中文关键词:  投服中心  持股行权  会计稳健性  代理成本  信息不对称

英文关键词:CSISC  rights exercise  accounting conservatism  agency costs  information asymmetry

中文摘要:

      保护中小投资者利益是中证中小投资者服务中心(以下简称“投服中心”)的重要职责,会计稳健性能够起到风险预警和缓冲的作用,关乎投资者利益能否得到有效保障。基于2013—2021年我国A股上市公司及投服中心行权数据,采用多时点双重差分模型,研究了投服中心行权对被行权企业会计稳健性的影响。研究发现,投服中心行权能够提高被行权企业的会计稳健性；代理成本的降低和信息不对称的缓解是投服中心行权影响企业会计稳健性的主要渠道。调节效应分析表明,信息中介在投服中心行权与会计稳健性的关系间发挥了负向调节作用,即当分析师关注度、媒体关注度以及机构投资者持股比例较低时,投服中心行权对会计稳健性的提升效果更明显。异质性分析表明,投服中心行权对会计稳健性的提升效应仅显著存在于大股东掏空严重、负债水平高、成长性差以及产权性质为非国有的企业中。进一步研究发现,投服中心行权能够提高会计盈余确认“坏消息”相较于“好消息”的增量及时性。因此,政府应进一步完善投资者保护组织体系,充分发挥投服中心的作用,助力企业提高会计信息质量,夯实资本市场根基,更好地推动资本市场高质量发展。

英文摘要:

      Safeguarding the interests of small and medium-sized investors is a critical responsibility of the China Securities Investor Services Center (CSISC). Accounting conservatism serves as an early warning and cushion against risks, and it directly affects whether investors’ interests can be effectively safeguarded. Based on the A-share listed company and the CSISC’s rights exercise data in China from 2013 to 2021, this study employs a multi-period difference-in-differences model to explore the impact of the CSISC’s rights exercise on enterprise accounting conservatism. The findings reveal that the CSISC’s rights exercise enhances enterprise accounting conservatism. The reduction in agency costs and the mitigation of information asymmetry are the main channels through which the rights exercise of CSISC influences enterprise accounting conservatism. The moderating effect analysis suggests that information intermediaries play a negative moderating role in the relationship between the rights exercise of the CSISC and accounting conservatism. Specifically, the enhancement effect of the CSISC’s rights exercise on accounting conservatism is more obvious when analyst coverage, media attention, and institutional investor ownership are relatively low. Heterogeneity analysis indicates that the positive impact of the CSISC’s rights exercise on accounting conservatism is significant only for enterprises with severe tunneling by large shareholders, high debt levels, poor growth prospects, and non-state ownership. Further research reveals that the rights exercise of the CSISC increases the timeliness of recognizing “bad news” in accounting earnings relative to “good news”. Therefore, the government should strengthen the foundation of the capital market and promote high-quality development of the capital market through measures such as further improving the investor protection organizational framework, fully leveraging the role of the CSISC, and assisting enterprises in improving the quality of accounting information.