财经理论与实践Issue(4)：86-93,8.
会计稳健性对投资效率的作用机理研究基于企业并购的研究视角
Research on Accounting Conservatism and Investment Efficiency--Evidence from M & As by China Listed Companies
摘要
Abstract
This paper Constructs a model that can measure unconditional and conditional con-servatism simultaneously and then investigate the ex anti and ex post disciplinary effect of ac-counting conservatism on investment efficiency from the perspective of M&A.We find that 1 ) when unconditional conservatism is in place,ex anti NPV increases(higher CAR and lower merg-er premium),reflecting a more unconditional conservatism attitude towards future project selec-tion.When conditional conservatism is in place,ex post NPV increases,reflecting timely loss recognition facilitates a profitable acquisition;2)the positive association between conservatisms and acquisition profitability is more pronounced for firms with high ex ante agency cost.3)The positive association between conservatism and the acquisition profitability is various between state-owned enterprises and non-stated-owned enterprises in China.Our study enriches research method on the application of accounting conservatism and provides a more complete picture of the ex anti and ex post disciplinary effect of accounting conservatism,which can be viewed as part of corporate governance,on investment efficiency.Besides,it expands the definition of discretion in accounting conservatism developed by Lawrence,Sloan and Sun(2013)in the discussion part.关键词
非条件稳健性/条件稳健性/投资效率/并购绩效Key words
Accounting conservatism/Investment efficiency/M&A/Corporate governance分类
管理科学引用本文复制引用
于江,张秋生..会计稳健性对投资效率的作用机理研究基于企业并购的研究视角[J].财经理论与实践,2015,(4):86-93,8.基金项目
中央高校基本科研业务费专项资金项目(2014YJS062) （2014YJS062）
