控股股东行为_特征与财务报告稳健性_中国A股市场上市公司的经验证据

2010－01－10208720531952—1972—。25320105JOURNALOFAUDIT＆ECONOMICSVol.25No.3May2010、———A121.3000712.150028A2004—20063618BallShivakumar、KhanWattsGassen。。F235.99A1004－4833201003－0054－08、。。。。、。、。Watts。1。Basu2。·45·13－6。。“”。“”“”。。1a。1b。1c7。。“”“”“”8。“”“”“”。、“”9－11。2。。12133a3b。“”。。·55·、、、。14。4。、20031222《2〈〉》2004112006215《》200711《》2004—2006A。122004—200633456。120633618—。、、、Z、、CCER。、CSMAR。1.CONSERBallShivakumarBasuDechowKothariWattsACCt=α0+α1DCFOt+α2CFOt+α3DCFOt×CFOt+ε1CFOtACCtDCFOtCFOt001。CFOt0DCFOt=0ACCt=α0+α2CFO+ε2CFO0α2CFOt0DCFOt=1ACCt=α0+α1+α2CFOt+α3CFOt+ε=α0+α1+α2+α3×CFOt+ε3CFO0。α3α2+α3。ACCtACCt=Δlnv+ΔAccrece+ΔOthcurass－ΔAccpay－ΔOthcurlia－Depre4ΔlnvΔAccreceΔOthcurassΔAccpayΔOthcurliaDepre。DCFOt6。KhanWattsM/B、SizeLevBasu—15－16①。—α2it=β0+β1tLnassetit+β2tLevit5α3it=γ0+γ1tLnassetit+γ2tLevit65617ACCt=α0+α1DCFOt+CFOtβ0+β1tLnassetit+β2tLevit+DCFOt×CFOtγ0+γ1tLnassetit+γ2tLevit+ε7·65·①KhanWattsWattsContract、Litigation、TaxationRegulationIOSinvestmentopportunitysetSize、LevM/Bthemarket-to-bookratio。βiγi56α2itα3it。GuayVerrecchiaα2it+α3it/α2it17Gas-senFülbierSellhorn18CONSER=arctanα2it+α3it－arctanα2it811CONSER。2.。。“”“”、、19。20。21。。———TUNNEL———PROP。STUNNEL。3.、、。CCER、、、、、76STATE10OWNCONTROLFan1CR2_5。1。14.ROAGROWINSDUS20014《》20。、1。·75·2/3STATE0.68990.33660.3973SPERA-TION0.8141CR2_50.1661。TUNNEL－0.0080STUNNEL－0.01730PROP0.0093TUNNEL－0.0000011STUNNEL－0.00360CONSER－0.0519CONSER－0.04590。1NCONSER3618－0.05190.0682－1.22440.3485－0.0459－1.803525.4102TUNNEL3618－0.00800.1583－7.02240.6073－1.101E－6－29.36991172.98PROP36180.00930.0838－1.44243.50100.002819.0416868.8459STUNNEL3618－0.01730.1850－7.30870.8959－0.0036－24.7706831.4019GROWTH36181086.7865286.7－1.045539269810.154760.14972903617.99ROA36180.01400.1220－2.06360.88870.0256－6.950484.7091STATE36180.68990.4626011－0.8214－1.3261CR2_536180.16610.12630.00220.58820.14120.5874－0.6150OWN36180.33660.18520.00500.92000.30780.3342－0.7539CONTROL36180.39730.15920.014910.37940.3063－0.7392SEPERATION36180.81410.25790.036911－1.1261－0.02132Spearman’rhoPearson。CONSERTUNNELSTUNNELPROP。CONSERSTATE。CONSERCR2_5。CONSERCON-TROLSEPERATION。2CONSERTUNNELPROPSTUNNELGROWROASTATECR2_5OWNCONTROLSEPARATIONCONSER1.000－0.060－0.021－0.030*－0.147－0.195－0.2650.230－0.221－0.208－0.153TUNNEL－0.0981.0000.1240.6080.0590.048－0.0450.0240.0090.029*－0.0236PROP－0.024－0.0811.000－0.5570.0600.001－0.0020.0230.0120.0090.010STUNNEL－0.0730.892－0.5221.00000－0.0050.028*－0.031*0.001－0.0010.015－0.019GROW0.0570.001－0.0010.0011.0000.3680.051－0.0150.1070.1190.062ROA－0.180－0.080－0.066－0.0390.0101.0000.011－0.0200.1550.1890.058STATE－0.2490.0180.0120.010－0.0250.1031.000－0.2780.4990.3530.542CR2_50.187－0.0190.007－0.0200.028*－0.070－0.2571.000－0.464－0.525－0.176OWN－0.2310.0070.025－0.006－0.0210.1370.476－0.4431.0000.8690.678CONTROL－0.2190.0160.0160.006－0.0100.1370.342－0.4870.8881.0000.288SEPARATION－0.130－0.0080.021－0.016－0.029*0.0960.496－0.1630.6810.3211.000Spearman’srhoPearson1%5%*10%。0.8。·85·0.8TUNNELSTUNNEL、OWN22。3。6CONSER1、23。TUNNELSTUNNEL－0.045047－0.0302891%。PROP－0.013187。1、231a、1b1c。3123456Constant－－0.042306－8.803－0.042090－8.708－0.042286－8.779－0.028412－4.454－0.028933－4.504－0.028241－4.413TUNNEL－－0.045047－6.528－0.047471－7.185PROP－－0.013187－1.006－0.020300－1.617STUNNEL－－0.030289－5.117－0.030437－5.380STATE－－0.023909－8.837－0.024310－8.926－0.108124－2.737GROW+5.21E－083.2755.16E－083.2195.19E－083.253ROA－－0.075175－8.616－0.071041－8.092－0.071706－8.215CR2－5+0.0438244.5240.0457724.6940.0439624.524CONTROL－－0.039663－4.833－0.039486－4.778－0.040121－4.873SEPERATION+0.0070131.4790.0077771.6290.0070731.487fixedN316831683168316831683168F15.3818413.4179714.6062725.9753723.9596425.04267R－squared0.0896150.0790790.0854830.1735170.1622360.168335Adj－Rsquared0.0837890.0731850.0796310.1668370.1554650.161613t。*1%5%10%。4、56。1、23。2、、。FanWong3a·95·、ROA1%、23。SPE-RATIONCONSERSPE-RATION、。SEPRA-TION3b。4。。、2004—2006A。。。“”。。。。。。1WattsRL.AproposalforresearchonconservatismD.WorkingPaper.UniversityofRochester1993.2BasuS.Theconservatismprincipleandtheasymmetrictime-linessofearningsJ.JournalofAccountingandEconomics1997243－37.3WattsRL.ConservatisminaccountingpartⅠexplanationsandimplicationsJ.AccountingHorizons200317207－221.4WattsRL.ConservatisminaccountingpartⅡevidenceandresearchopportunitiesJ.AccountingHorizons200317287－301.5LeftwichRW.AccountinginformationinprivatemarketsevidencefromprivatelendingagreementsJ.TheAccount-ingReview1983123－42.6BallRShivakumarL.EarningsqualityinUKprivatefirmscomparativelossrecognitiontimelinessJ.JournalofAc-countingandEconomics2005183－128.7ShleiferAVishnyRW.AsurveyofcorporategovernanceJ.JournalofFinance199752737－783.8.———J.200711－123.9.J.200461－16.10.、J.·06·20052112－141.11.———J.2006131－42.12ZhuS.ThecharacteristicsofultimateshareholdersandtheinformativenessofaccountingearningsJ.ChinaAccount-ingandFinanceReview20061