工作简报2009年第二期

信息来源: 发布时间:2018年09月28日

★  学术活动
Ø  2009年3月6日, 香港理工大学助理教授 Nancy Su博士为我中心师生做题为:Non-Audit Services and Earnings Management in the Pre-SOX and Post-Sox Eras学术讲座。讲座摘要:Extant research on the association between auditor-provided non-audit services (NAS) and earnings management assumes implicitly that all NAS can be equally harmful for auditor independence. However, the SEC prohibited specific kinds of NAS, arguing explicitly that these were potentially harmful to auditor independence. We argue that the decline in observed NAS from the pre-SOX to post-SOX eras resulting from the SEC’s prohibition can be used to distinguish firms that had “harmful” NAS from those that did not. We examine earnings management (using discretionary accruals measures) during the pre-SOX and post-SOX eras for firms that underwent and did not undergo a decline in NAS following the new SEC rules prohibiting certain kinds of NAS. We find that firms that eliminated (presumably harmful) NAS were associated with greater earnings management in the pre-SOX era, but this was confined to downwards earnings management. Further, the downwards earnings management for the firms that eliminated NAS was lower in the post-SOX era than in the pre-SOX era. These results obtain for firms that were more likely to have incentives to manipulate earnings downwards, firms with weaker corporate governance in the pre-SOX than in the post-SOX period, and clients of Big 5 auditors.
Ø  2009年3月27日,清华大学王赫博士为我中心师生做题为:The Value of Shareholder Activism: New Evidence from the Split-share Structure Reform in China学术讲座。讲座摘要:We examine shareholder activism in the recent split-share structure reform in China. This unique event allows us to avoid the deciencies in determining activism proxies and in measuring their e_ectiveness that plague the previous literature. We _nd that the e_ectiveness of shareholder activism is inuenced by segmented institutional ownerships. Particularly, shareholder activism could have both positive and negative impacts on managerial behaviors in the presence of institutional investors'' interest conicts. We show that, even in its primitive stage, Chinese shareholder activism has demonstrated positive value in corporate governance.
Ø  2009年3月31日,香港科技大学Ge Rui博士为我中心师生做题为:Do Acquirers in Stock Swap Acquisitions Disclose Good News or Withhold Bad News? 学术讲座。讲座摘要:Companies that use their own stock to finance acquisitions have incentives to increase their market values prior to the acquisition date. This study examines whether such companies strategically disclose good news or withhold bad news in order to boost their high stock prices. I find that stock swap acquirers are not more likely to issue favorable management forecasts during the period before the acquisition compared to the period after. On the other hand, I find strong evidence that stock swap acquirers are less likely to issue unfavorable management forecasts. The results suggest that forecasting good earnings news is perceived to be more costly than is remaining silent when the company has bad news. I also examine revisions to analysts’ earnings forecasts in order to capture any disclosures that companies make other than through management forecasts of earnings. I find that analysts’ forecasts of stock swap acquirers are not revised up but they are revised down less during the period before the acquisition. Consistent with the evidence from management forecasts, these findings suggest that stock swap acquirers do not disclose good news but they do withhold bad news in order to maintain higher stock prices.
Ø  2009年4月10日,Lee-Seok Hwang,Professor of accounting, Seoul National University为我中心师生做题为:Do Takeover Defenses Impair Equity Investors’ Perception of ‘Higher Quality’ Earnings? 学术讲座。讲座摘要:Prior studies investigating earnings quality have stood on the assumption that the observed earnings quality is determined by the reporting quality (the supply for earnings quality) and the corresponding investors’ perception of the reported numbers (the demand for earnings quality). However, they have largely overlooked the possibility that the supply and the demand could diverge because of other factors that do not relate to the reporting quality directly, but do influence the market perception of the numbers. To address this unchallenged disentanglement, this paper uses the implication of takeover defenses for earnings informativeness. Under the quiet life theory, we expect that takeover protection will impair the equity investors’ perception of earnings even though they seem to be of higher quality as reported by Zhao and Chen (2008). We find that investment, as well as performance of more defensive firms, is valued at a discount, suggesting that investors perceive the investment of more defensive firms to be less value-relevant because they expect that such firms are not likely to generate sufficient profits with the investment. Furthermore, the variability of firm value is lower in such firms, which causes the investors to be concerned with the profitability and growth of a firm thereby deteriorating the investors’ perception of the current earnings. Lastly, the test using the implied cost of equity corroborates the demand side effect of the earnings informativeness. Taken as a whole, our results suggest that researchers should consider the supply and the demand for earnings quality with caution when they develop their hypotheses.
 
★  重大项目进展报告
 
重大项目之一:基于绩效管理的应计制政府会计改革问题研究
项目负责人:李建发
 
阶段性成果之一:政府管理会计:国际研究与启示(已形成文章初稿,待修改发表)
本文针对我国政府管理会计实践应用中的困惑以及与理想目标的背离,引发了对我国政府管理会计体系构建和应用乏力的反思。本文以国际主流政府管理会计的发展为主轴,系统描述和剖析了其思想起源、理论演进和实践发展的完整历程,并进行了简要的总结和评述。籍此,针对我国政府管理会计发展中的瓶颈,就政府管理会计的本质、范围、评价内容和指标体系设计等关键问题,着重分析了国外政府管理会计的启示和意义,以期为我国政府管理会计的未来良性变革和发展提供借鉴。
本文在引文中对国内外政府管理会计研究与实践情况进行了简要回顾,从三个阶段阐述国外政府管理会计的历史演变及理论研究、实践发展,在作简要总结和评述的基础上,从四个方面阐述了国外政府会计理论与实践发展的启示。
 
阶段性成果之二:绩效治理、透明度与权责发生制政府会计(已形成文章初稿,待修改发表)
本文研究认为,现代政府的合法性在于社会契约。健全的绩效治理机制是社会契约机制得以运行的保障机制,主要构件包括预算、绩效评价、政府会计。建立信息成本较低的社会契约机制,不仅要求绩效治理各构件的技术先进性,还要求公共权力运行具有足够的透明度。透明度包括预算透明度与会计透明度。相比于预算透明度,会计透明度要求更透明的公共产权存量与更全面的公共产权流量信息。通过引入权责发生制会计基础建立权责发生制政府会计系统,则是改善透明度从而提升绩效治理的必要途径。
 
阶段性成果之三:基于财务视角的政府绩效报告研究(已形成文章初稿,待修改发表)
政府绩效评价作为新公共管理得以实施的管理机制和战略工具,需要政府财务报告作为信息平台和制度基础,而现行财务报告无力承担这一重任,所以将政府财务报告发展为基于财务视角的政府绩效报告具有迫切的现实意义。
本文着重探讨了如何从政府财务报告向政府绩效报告的发展,政府绩效报告的目标与特征,政府绩效报告的要素与内容,同时指出政府绩效报告的局限,提出改进政府绩效报告的建议。
 
 
 
重大项目之二:网络化条件下的会计系统流程再造及其控制
项目负责人:庄明来
 
阶段性成果一:论企业风险管理信息系统,已发表在《经济问题探索》(CSSCI),2008年12期
风险管理信息系统是企业风险管理的关键要素。风险管理信息系统必须能够有效地识别、分析、传递相关的风险信息,以便企业管理层作出相关决策,从而有效地管理风险;有效的风险管理信息系统还要能够促进风险信息在企业内部的有效沟通。目前,我国企业管理信息系统在促进风险管理方面尚存在许多不足,难以帮助企业及时地识别、分析和处理风险,因此,需要加以改进。
   阶段性成果二:基于COBIT的会计业务流程控制,已发表在《审计与经济研究》,2009年第3期
阶段性成果三:课题报告的研究与撰写
本期主要围绕会计业务流程再造具体设想,以及会计系统流程控制进行研究。各小组对前期已基本完成的第七、八章进行修改,并基本完成第十一、十二章两章的初稿,共约8万字左右,并着手撰写各个子课题研究报告。
阶段性成果四:本期间形成的待发表论文
在近期研究的基础上,各课题组已经陆续将所形成的阶段性成果,以学术论文形式寄出发表。其中:庄明来撰写的“计算机审计与信息系统审计之比较”、庄明来、刘杰合作撰写的“论信息化条件下我国会计系统流程控制”、刘杰、薛祖云合作撰写的“XBR与会计业务流程再造研究”等3篇论文已分别投寄至相关的学术期刊。
 
重大项目之三:“创意经济”与管理及管理会计创新问题研究
项目负责人:傅元略
教育部人文社会科学重点研究基地重大项目《“创意经济”与管理会计及管理创新问题研究》(批准号:07JJD630008)的阶段性研究成果有论文《A Fuzzy Valuation Model of Intellectual Capital 》和创意《经济产业集群的智力资本管理作用》和《管理控制系统的发展与创新:从班组核算拓展到与公司治理集成*》和《Inter-Organization Cost Synergy Management Using a Multi-Agent Intelligent System》的基础上,又有了如下新进展:
阶段性成果:Valuating Intellectual Capital and Its Application(已在国际会议上发表,将被ISTP和EI收录)
How to valuate intellectual capital of firm has become a great interest topic in corporate financial management and intellectual capital management. Several approaches are proposed in the past, most of which focused on quality analysis of firm’s intellectual capital in firm value. This paper tries to make a breakthrough on this topic by applying fuzzy set theory  and fuzzy AHP method to construct a quantified model to measure the contribution value of intellectual asset items. Furthermore, by applying this model to study two cases.   the results of two fuzzy valuation cases show that this evaluation model is  applicable to assess the quality and the contribution of intellectual capital in corporations. Moreover, using  this model, managers can determine the level of capital matching, identify which specific intellectual asset item needs new investment, and so on. In another word, this fuzzy valuation model provides a novel tool for measuring, managing, and understanding a firm''s intellectual assets.
 
 
 
重大项目之四:上市公司财务信息披露质量研究
项目负责人:李常青
 
 
本阶段继续按照项目计划,在前期文献梳理和现状调研工作基础上,收集上市公司财务数据、公司治理数据等,准备有步骤地针对中国上市公司开展财务信息披露质量的实证研究。
阶段性成果之一:“双重上市公司“管理层讨论与分析”披露差异研究”(厦门大学管理学院硕士学位论文,2009年3月)
随着全球金融市场的一体化进程的加快,越来越多的公司实行双重上市,比如许多非美国本土上市公司采取美国存托凭证(ADR)的方式在美国上市;我国公司发行A、H股(或A、B股)实现双重上市。这些双重上市的公司在两个分别属于不同法域的证券市场上市,并分别按照上市地证券监管要求进行信息披露和承担信息披露责任的活动。本文研究双重上市(A-H股)公司的 “管理层讨论与分析” (Management Discussion and Analysis,简称MD&A)的披露差异。本文将着眼点放在同一主体在不同法域、不同监管环境中的MD&A披露情况,视角新颖。关注这类双重上市公司基于相同的活动下,不同的政策、法律及监管环境下,是否会迎合不同的环境及需求对信息做出择机披露还是仅仅根据自身的情况客观披露信息?是否对MD&A信息采取迥然不同的披露方式?本文研究表明,双重上市公司采取相似披露还是差异披露,除了与两地MD&A的监管环境和MD&A法规有关之外,还与双重上市公司的自愿选择有关。同样本文研究也发现,双重上市公司两地MD&A披露风格“千姿百态”、并且存在“沿用模板”现象。而且普遍存在强制性信息披露不足、自愿性信息披露不多的现象。甚至在差异披露的公司中,出现对同一信息两地讨论存在较大差异的现象。笔者建议,为提高双重上市公司的MD&A披露水平,除了监管部门加大监管力度外,上市公司也应该提高自觉性。
阶段性成果之二:“股权制衡、大股东掏空与企业价值”(《经济管理》,2009年第3期)
本文以2003-2006年超过5000家上市公司为研究样本,深入剖析影响中国上市财务重述的主要因素。实证结果表明,财务状况、股权结构和外部治理环境是目前影响我国上市公司财务重述的主要因素,而公司内部治理结构对财务重述的约束和影响力较小。进一步地,本文构建了一个财务报告重述与投资者保护的拓展分析框架,对加强财务重述监管、引导和规范上市公司信息披露行为提出了相应的政策建议。
 
 
重大项目之五:我国会计准则国际趋同效果检验
项目负责人:曲晓辉
 
阶段性成果之一:本课题是新立项课题,目前处于第一阶段研究。课题组成员在前期积累的基础上,对相关文献进行了进一步收集、研讨和梳理,由此形成文献综述框架。
 
阶段性成果之二:《会计改革若干基本理论问题的探讨》,《财会通讯》2009(1)
鉴于会计准则走向全球趋同和国际准则制定权博弈的现状,本文基于资本市场国际发展的环境背景和我国改革开放三十年来会计发展的现实,概括地探讨了我国财务会计改革在会计基本理论方面取得的若干重大进展,并提出作者的观点。本文的论题具体涉及我国会计改革的目标和成就、财务会计结构模式的转变、财务会计的目标定位、财务会计的确认问题、财务会计的计量问题、会计的监管问题等六个方面。作者认为,当前我国财务会计结构模式已经与国际主流模式趋同,即由历史成本会计模式转变为多重计量属性并存的模式;财务会计的目标定位应该主要基于会计信息的使用趋向;财务会计的确认将更为深度地与估值相结合;财务会计的计量则因在属性上更多背离历史成本原则而融入更多职业判断;会计的监管亟待进一步理顺和加强。
 
 
重大项目之六:盈余持续性与公司价值
项目负责人:孙谦、张国清
 
阶段性成果:“内部控制与盈余质量——基于2007年A股公司的经验证据”(发表于《经济管理》,2008,No. 23-24,112-119)
公司建立健全内部控制的目标之一是合理确保财务报告的真实、可靠和完整。本文以2007年度非金融A股公司为对象,以公司自愿提供正面的内部控制自我评估意见或报告、并获得外部审计师或保荐人的无保留核实意见代表高质量的内部控制,探讨内部控制与盈余质量之间的关联性。证据表明,高质量的内部控制并未伴随着高质量的盈余,内部控制质量得到改善并没有伴随着盈余质量的提升,而公司的一些内在特征和治理因素确实会系统地影响内部控制和盈余质量。我们认为,当前,上市公司提供正面的内部控制自我评估意见或报告并获得外部审计师或保荐人的无保留核实意见,并不意味着其内部控制质量较高。建议应当建立一套完整的内部控制标准体系,抓紧制定企业内部控制鉴证(审计)准则,并加强对上市公司内部控制自我评估报告与注册会计师审核的监督和检查。