第一百六十五期财务与会计学术论坛

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时间:2012年12月14日(周五)下午3:00-4:30 地点:嘉庚二号楼501教室 题目:Does Accounting Conservatism Impede Corporate Innovation? 报告人:Wenrui Zhang, assistant professor of finance, IFAS at XMU 论文摘要: We examine the impacts of accounting conservatism on corporate innovation. We find that firms with a greater degree of accounting conservatism generate fewer patents and patent citations. They engage less in R&D activities but our results hold after controlling for this lower activity. Moreover, the cash-flows generated by the innovations in firms with more conservative accounting have shorter horizons. The negative effects of accounting conservatism are more pronounced when firms’ need for innovation is higher, when the principal is less informed about the behavior of the managers, when the product development cycle is longer, when managers face higher pay sensitivity to accounting performance, or when managers have shorter investment horizons or are under heavier pressure from short-term institutional investors. 讲座人简介: Wenrui ZHANG (Jack) is Assistant Professor in Finance. He received his PhD in Finance from the Nanyang Technological University in Singapore. His research areas include corporate finance, corporate governance, mergers & acquisitions, capital structure, executive compensation, and labor related topics.