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会计稳健性与上市公司投资业绩

清华大学 辅仁网/2017-07-08
会计稳健性与上市公司投资业绩
Accounting Conservatism and Firm Investment Performance 薛健;文武康; 1:清华大学经济管理学院会计系 摘要(Abstract)：

本文以2004—2012年沪深两市的上市公司为样本(创业板除外),实证检验了上市公司会计政策稳健性对企业投资业绩的影响。文章发现:会计政策较稳健的公司,其投资后的业绩较好,且其宣布投资时,市场有更好的反应。进一步分析表明,公司所投项目资金比重越高,会计稳健性对投资业绩的影响越明显,并且,会计稳健性能够保护收购方股东的财富。根据其他学者的研究结果,本文认为,会计稳健性能够给管理层施加业绩压力抑制管理层过度自信;并且通过保护债权人,改善投资不足,从而提高公司投资业绩。

关键词(KeyWords)： 稳健性;;投资业绩;;市场反应

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金委项目(项目批准号71322201和71272025)的资助

作者(Author): 薛健;文武康;

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1 我国《公司法》规定,公司在一年内购买、出售重大资产超过公司最近一期经审计总资产30%的事项须提交股东大会审议。
2 并购行为的确定是看本文手工收集到的投资事件与CSMAR数据库中的并购事件是否匹配而确定的。


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