导　　师： 姚明安

学科专业： 020205

授予学位： 硕士

作　　者： ;

机构地区： 汕头大学

摘　　要： 对股权分置改革的研究在中国有着特殊的意义,有很多学者从不同角度来进行分析。在我国,对会计稳健性的研究很多学者只停留在对其是否存在和影响因素的关注上,而没有进行更为深入的探讨。 本文以2005-2008年间上市公司财务和股票数据为基础,研究了上市公司在股改期间是否存在会计稳健性以及股改所引起的大股东股权流动性加强对会计稳健性的影响。 通过实证分析我们发现,我国在2005-2008年间确实存在会计稳健性,而且流动性对会计稳健性的需求确实有影响,并且大股东股权流动性越大,会计稳健性则越小。股改引起的大小股东冲突降低,利益基础更加一致,也使得股东尤其是大股东和债权人的利益冲突降低。债权人预期到能够对公司会计政策和盈余确认起到关键影响甚至决定性影响的大股东,与以往相比掏空公司的可能性更小,对股票市场价值的关注更多,因此债权人对会计稳健性的需求相应降低。我们还发现相比较冲突较低的上市公司而言,在债权人和股东冲突比较高的公司中,大股东股权流动性越强,会计稳健性则越低。 Research on share-merger reform has special significance in China. A lot of scholars analyzed this in different angles. But, in our China, many experts just concerned on whether or not exist and influence factors of share-merger reform, instead of further discussions. In this paper, we use financial data and stock data of listing companies between the year 2005 and 2008 to examine whether accounting conservatism exists in listing companies during the reform, as well as the influence on accounting conservatism from reinforcement of ownership liquidity of the largest shareholder, which result from the reform. Through empirical analysis, we find that not only accounting conservatism exists in our listing companies during 2005-2008, but also liquidity surely influence on needs of accounting conservatism. And the larger shareholder’s ownership liquidity, the smaller of needs of accounting conservatism. Reform reduces conflict between large and small shareholders, makes the interests of larger and small shareholders more consistent, and also reduces conflict between shareholders especially large shareholder and creditors. Expecting there is smaller possibility of the largest shareholder who can put robust or even decisive influence on chose of accounting policy and conforming of earnings to transfer interest by tunneling, creditors reduce the needs of accounting conservatism. We also find that contrasting with listing companies with smaller conflict between creditors and shareholders, in those listing companies that with larger conflicts between shareholders and creditors, the larger shareholder liquidity, and the smaller of needs of accounting conservatism.

关 键 词： 股权流动性 会计稳健性 负债率 股票回报率

领　　域： [经济管理] [经济管理] [经济管理]