成果简报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.
Ø  2009年4月10日,Seoul National University Lee-Seok Hwang教授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.
Ø  2009年4月17日,Southwestern University of Finance and Economics Yan Dong教授为我中心师生做题为:A Comparison of the Determinants of Chinese and U.S.A FDI Outflows学术讲座。讲座摘要:The People’s Republic of China (PRC) has become an important and influential player in the
world and is increasingly a source of political and financial support for many developing countries. A number of incentives drive China’s commercial investment. However, Is China’s FDI largely political oriented? It is interesting to examine whether the determinants of China’s FDI outflows are significantly different from other countries’ FDI, such as U.S. More specifically, the aim of this paper is to examine the social, economic and locational determinants of China’s direct investment in different regions and countries. A comparison of China’s investment patterns with other countries, such as United States, is important because it explains how China contributes to economic growth and how investors’ behaviour varies in their decision making process. The extreme bound analysis is adopted in this paper to search for more robust variables that determines FDI.
Ø  2009年4月24日,University of Nottingham Jiang Ying 老师为我中心师生做题为:Bank of Japan Interventions, Exchange Rate Volatility, and Spillover Effects: Evidence from High Frequency data学术讲座。讲座摘要:We consider the dynamics of the Bank of Japan (BoJ) interventions in the foreign exchange market during the period 2000-2004, which during this period are of substantial magnitude, relatively frequent, not co-ordinated and take place within the ‘zero interest rate’ monetary policy regime. Only scant evidence exists in the literature on the spillover effect and the impact on covariance in both daily and intraday framework, as well as on analyzing the characteristics of intraday volatility dynamic on both intervention days and non-intervention days. In contrast to
earlier studies, our analysis does not hinge on the assumption that intervention always increases the volatility of the exchange rate. We perform rolling estimations of a Multivariate GARCH model, use the quartile plots of intraday volatility, and perform equal variance tests to investigate intraday volatility characteristics in intervention and non-intervention days using both daily and 15-minute data. Our findings suggest that BoJ interventions decrease the volatility of yen/$ exchange rate. This result contrasts the findings of earlier studies which focus on previous experiences and typically find that interventions result to higher volatility. The effect of interventions on the yen/$ volatility depends on the different states that the market experiences and its impact is different under high and low levels of exchange rate volatility. We also find the intraday volatility is less heteroskedastic within the intervention day and this has implications for volatility forecasting. We find strong evidence that intervention in the USD/YEN increases the volatility of the Euro/Yen.
Ø  2009年5月22日,University of Hong Kong Konan Chan 教授为我中心师生做题为:The Market Valuation of R&D Decreases学术讲座。讲座摘要:While many studies document that R&D investments significantly contribute to firm value, there is very little existing research which investigates whether the reduction in R&D expenditures creates any negative impact on firms’ performance. This paper examines long-term performance following significant R&D decrease. We find that firms with large decline in R&D generate a significantly positive abnormal stock return in the long-run. This return drift cannot be explained by previously documented determinants of cross-section returns, such as size, book-to-market ratio, momentum, accruals, asset growth and net share issuance. We explore three economic motives behind R&D decrease – R&D spillover, managerial myopia and overinvestment – to account for the associated abnormal returns. We find no compelling evidence to support either the spillover or myopia explanation. Our results are most consistent with the overinvestment hypothesis that firms cut down R&D investments to mitigate the agency problem. Firms with low
growth opportunities generate higher future returns than their R&D decrease counterparts. Also, firms decrease their cost of capital after R&D decrease and these firms with declining cost of capital outperform. Our results suggest that the market underestimates the decline in cost of capital following R&D reduction.
Ø  2009年6月24日,University of Houston Gerald J. Lobo 教授为我中心师生做题为:AUDIT QUALITY AND THE MARKET VALUATION OF BANKS’ ALLOWANCE FOR LOAN LOSSES学术讲座。讲座摘要:The recent banking crisis has led market participants to focus on the adequacy and quality of banks’ balance sheet items such as the allowance for loan losses. Beaver and Engel (1996) document that the capital market prices the nondiscretionary component of loan loss allowance negatively and the discretionary component less negatively. Using three measures of audit quality, auditor type (i.e., Big 5 vs non-Big 5), auditor industry specialization/expertise, and audit and nonaudit fees paid to auditors, we examine the effect of audit quality on the market valuation of the discretionary component of the allowance for loan losses. We find that, relative to the nondiscretionary component, the market valuation of the discretionary component of loan loss allowance is higher for banks audited by Big 5 auditors than for banks audited by non-Big 5 auditors. This result holds even after controlling for self-selection, i.e., the possibility that large banks and banks with more complex operations are more likely to hire Big 5 auditors. We also find that the relative market valuation of the discretionary component is increasing in auditor expertise. Our findings regarding the impact of fees paid to auditors indicate that banks paying higher audit fees have higher relative market valuation for the discretionary component of the allowance for loan losses, but banks that pay higher nonaudit fees do not.
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★   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的构建(会计研究,2009年第6期)
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:中美IT内部控制规范体系之比较—兼谈COBIT在我国的应用问题(已形成文章,待发表)
美国的IT内部控制现已形成以《萨班斯法案》为引领,以COSO框架为基础,COBIT为工具的IT内部控制体系,这一体系具有目标明确、层次清晰、涉及面广、操作性较强等特点。我国虽然也制订了一系列的相关规范,但尚未形成真正意义上的IT内部控制框架,如何对会计系统流程进行IT控制,直接关系再造后会计系统的生命。因此,本文以COBIT应用探讨为基础,比较了中美IT内部控制规范之差异,进而对我国建立以COBIT为基础的IT内部控制体系提出若干建议,指出在规范制定过程中应该采用分步走战略。
阶段性成果五:会计价值、会计流程优化与绩效评价体系构建(已形成文章,待发表)
会计流程优化的目的在于会计价值的实现与提升,而会计流程优化的持续获得有赖于绩效评价体系的构建。本文基于流程管理理念,从有效性、高效性和适应性三方面构建了由35个明细子指标组成的会计流程绩效评价体系。建议采取外部专家和会计信息使用者问卷法获取指标权重,计算综合指标。通过对绩效评价的动态性及流程再造方法本质特征的分析,提出了会计流程绩效评价体系持续改进的关键在于根据流程优化具体状况增加加分项和减分项,并适时调整与增补各相关明细指标。
 
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:
阶段性成果一: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.
阶段性成果二:调查研究法在我国审计和会计研究中的应用现状研究——来自73篇样本文章的文献内容分析(已形成文章,待发表)
调查研究是我国会计和审计研究中最早使用的实证研究方法之一,并在近五年中取得了更显著的进展。本文通过对发表在《会计研究》等核心刊物上的73篇样本文献的内容分析,其目的是揭示我国的调查研究方法的应用现状与西方的一流学术期刊发表的同类研究论文的差距。研究发现,虽然后期的样本文章在研究深度、抽样方式、测量方法、资料收集方式、统计方法技术等方面与国际期刊发表的同类论文有了较大的接近,但在解释性研究的深度、测量方法、信度效度和统计数据分析等方面仍急需进一步提高。
 
 
 
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。
 
阶段性成果之三:“管理层讨论与分析信息披露制度的跨国比较及借鉴”(《财会通讯》,2009年第5期):“管理层讨论与分析”作为上市公司对外披露的信息中最具价值的部分,它对提高公司信息披露质量起着至关重要的作用。研究MD&A的披露质量,既是监管部门和投资者都非常关心的问题,也是今后进一步完善MD&A披露制度首先要了解的问题。本文对美国、英国等发达国家“管理层讨论与分析”信息披露制度的历史发展过程、重要法规、现实问题以及未来发展方向等进行阐述,比较、分析各国MD&A信息披露制度的框架体系及相互间的差异,在此基础上,为完善我国MD&A信息披露制度提出了建设性的建议。
阶段性成果之四:“股权结构、行业竞争性与公司绩效”(《上海立信会计学院学报》    2009年第3期):本文以上证工业股、商业股和公用事业股指数成分2002年至2004年数据为样本,通过对三种不同竞争性行业的区分比较,从产出效率的角度研究股权结构与公司绩效的关系。实证结果表明:国有股和法人股随行业竞争性不同对公司绩效产生不同的影响,流通股对公司绩效有负面影响;股权集中度与公司绩效的关系随行业竞争性不同而不同,在竞争性较弱的行业两者显著线性正相关,而在竞争性较强的行业则呈显著的U型曲线关系;行业竞争性对股权结构与公司绩效的关系有显著影响。本文认为,并不存在一个最优的股权结构,企业应根据不断变化的内外部环境来构造合适的股权结构。
阶段性成果之五:“Accounting Internationalization and Value Relevance of Accounting Earnings in China”(Frontiers of Business Research, June 2009): 本文以我国AB股上市公司1996年度至2003年度的财务报告为研究对象,通过比较我国会计准则与国际会计准则的价值相关性,检验了中国会计国际化进程所产生的效果。相对信息含量的检验结果表明,按国际会计准则报告的盈余的信息含量,要强于按中国会计准则报告的盈余,但国际会计准则的这种相对信息含量随着中国会计国际化的进程而有所削弱。而增量信息含量的检验结果表明,中国会计国际化进程使得国际会计准则相对于中国会计准则的增量信息含量也被减弱。进一步的检验结果还表明,随着中国会计国际化进程的办法,中国投资者把按两套准则报告的盈余当作替代信号,并且更偏爱采用按自己熟悉的会计准则(即中国会计准则)报告的盈余数据。
阶段性成果之六:“家族控制与信息披露质量实证研究——基于深交所家族上市公司的研究” (厦门大学管理学院硕士学位论文,2009年6月)
Berle和Means描述的“所有权分散”型公司曾被视为“放之四海而皆准”的公司形态,基于股权分散形成的股东和管理层之间的委托代理关系一度成为公司治理研究的基本范式。但是随着20世纪90年代La Porta 等(1999)的研究发现,集中是大部分国家中公司所有权和控制权结构的主导形态,由此引发的控制性股东与小股东之间的代理问题受到了广泛的关注。在不同性质的控制性股东中,家族控制成为一种世界性普遍现象。本文以2005-2007年深市A股家族控制上市公司为样本,通过所有权比例,控制权比例,控制权取得途径,控制权实现方式以及控制权制衡因素等方面来研究不同的控制权特征对信息披露质量的影响。
本文研究发现:(1)所有权比例与信息披露质量呈现正相关,现金流量权对控制性股东具有激励的作用;(2)控制权比例对家族上市公司信息披露质量的影响则呈“倒U型”结构,在控制权比例过低的情况下,信息披露质量随着控制权的增加而提高,但控制权比例到达一定程度后,其比例的继续上升会导致信息披露情况的恶化;(3)通过买壳间接取得控制权的家族上市公司信息披露质量较差;(4)控制权的实现方式对信息披露质量无显著影响,但在控制权比例大于30%的区间,所有权与控制权的分离会对信息披露质量产生负面影响;(5)家族上市公司控制权的内部制衡作用无法正常发挥,但外部股权的制衡能够起到显著的制约作用。
阶段性成果之七:“深市B股上市公司MD&A可读性特征研究”(厦门大学管理学院硕士学位论文,2009年6月):可读性是会计信息质量的基本要求之一,它要求企业提供的会计信息应当清晰明了,便于投资者等财务报告使用者理解和使用。投资者理解财务报告既取决于投资者本身的素质也受财务报告文本书写质量的影响。作为财务报告中非财务信息的主要组成部分,管理层讨论与分析(Management discussion and analysis ,MD&A)在上市公司定期报告中占有重要位置,各国学者不仅关心MD&A披露的内容而且关注它的书写质量,因为它关系着公司披露的内容是否能够以较低的阅读成本而被投资者获取。本文选取深市B股55家上市公司2005年、2006年和2007年的年报,运用Flesch公司衡量其MD&A的可读性水平,从公司特征和公司治理两个角度并同时控制行业和格式因素的影响对深市B股上市公司财务报告中管理层讨论与分析部分的可读性进行研究,试图寻找影响财务报告中管理层讨论与分析部分可读性的因素。
全文共分五个部分,第一部分绪论讨论研究背景、研究意义以及研究框架;第二部分对可读性的文献进行回顾;第三部分对可读性的特征进行研究,包括变化趋势以及不同部分是否存在差别;在第三部分结果的基础之上,文章的第四部分探讨了影响可读性的因素;文章的第五部分为提高MD&A的书写质量提出相应政策建议。研究结果表明超过20%的B股公司MD&A可读性是连续三年下降的,且我们没有发现各部分可读性之间存在明显差别。在影响因素方面,本文发现规模大的公司MD&A中经营情况回顾部分可读性好于小公司。为有效提高MD&A的可读性水平,在此基础上,本文从上市公司、证券监管部门以及资本市场三个角度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。
阶段性成果之三:曲晓辉.论会计趋同化与差异性.上海立信会计学院学报.2009(3):3-8
经济全球化和国际资本市场的持续发展,迫切需要会计信息可比性的提高,会计全球趋同遂成为跨国上市和发行证券及其监管的必然要求。会计趋同首先是形式趋同,即准则层面的趋同。会计形式趋同能否带来实质趋同,即会计实务的一致和会计信息的可比?移植的国际财务报告准则(IFRS)及与国际趋同的国家会计准则是否能够得到有效、一致的执行?特别是国际金融危机的爆发,引发了新一轮国家保护主义思潮。受到金融危机重创的国家,其企业在执行国际趋同的准则中极可能存在操纵行为,从而在一定程度上消减准则趋同的效果。为此,本文探讨了会计趋同化以及与之密切相关的差异性问题,并对本领域的研究及进展予以简要回顾,以期提起准则趋同下会计差异性的认识。
 
 
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
 
阶段性成果一:“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。
阶段性成果二: “盈余持续性研究综述及启示”,已形成文章,待发表。
会计盈余在发挥公司估价或契约作用时,盈余的高持续性被看作一个理想特征,有利于降低风险,因此盈余持续性研究成为近30多年来资本市场研究的一个热点问题。本文从七个角度对国外有关盈余持续性的研究文献进行了回顾和总结,包括盈余持续性的定义、盈余质量、盈余持续性的度量方法、盈余及其组成部分的持续性、公司估价模型与盈余持续性及其检验、盈余持续性与公司价值、盈余持续性与其他经济(会计)现象。盈余持续性研究在我国只有近10年的历史,尽管具有一定贡献但尚待深入。本文提出了国外盈余持续性研究对我国盈余持续性研究的启示,指出了未来的研究方向。