北京工商大学学报
(
社会科学版
)摇 摇 摇 摇 2015
年
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第
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The Signaling Role of Operation Risks of Accounting Conservatism
LIANG Lihui
1,2
& CHEN Yijun
1
(
1. Economics and Management School
,
Sichuan University of Science & Engineering
,
Zigong
,
Sichuan 643000
,
China
;
2. Economics and Management School
,
Southwest Jiaotong University
,
Chengdu
,
Sichuan 610031
,
China
)
Abstract
: The former studies on theeconomy effectof accounting conservatism mainly highlight the benefits of accounting
conservatism but seldom focus its cost. Taking samples of the non鄄finance listed companies in Shanghai and Shenzhen Stock Ex鄄
changes in 2010—2012, this article investigates the relationship between the accounting conservatism and business operation
risks from the viewpoint of the cost effectiveness of accounting conservatism, and analyzes the signaling role of risks of accounting
conservatism in the Chinese capital market. The study finds, in Chinese capital market, the higher the operation risksare in a
company, the lower the accounting conservatism is. The companies with low operation risks undertake high accounting conserva鄄
tism. Accounting conservatism has transmitted the risk signal in capital market. This study provides a new explanation of econom鄄
ic effects of accounting conservatism for the Chinese listed companies. Consequently, it explains how the standard setupof ac鄄
counting conservatism mayhave better economic effects based on the government regulations and the companies蒺 intrinsic motiva鄄
tionneeds.
Key Words
: accounting conservatism; operation risks; separating equilibrium
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