作者：孙刚
关键字：关键词：控制权性质，会计稳健性投资效率，CSCORE负应计项目
摘要/Abstract
利用Khan and Watts(2007) 与Givoly and Hayn(2000)提出的衡量公司-年会计稳健性的CSCORE(GSCORE)和负应计项目法，系统检验2001-2006年我国上市企业会计稳健性程度与投资效率之间的相关关系。实证检验发现，在控制了其他变量的情形下:(1)对任何产权性质的企业而言，会计稳健性抑制无效投资具有显著作用，会计稳健性能够显著的降低企业发生无效投资的水平和几率，进而提升公司价值;(2)较民营企业而言，国有企业的会计稳健性在抑制过度投资方面的作用显著较弱，而缓解投资不足方面的作用显著较强。当投资不足发生时，会计稳健性还会恶化民营企业的投资不足问题。可能的解释是会计稳健性被动的起到了政府为国有企业提供支持的信号作用。该发现对于深入研究企业会计稳健性程度与投资效率之间的关系提供了解释和进一步的证据。
Base on the KhanWatts CSCORE(2007) and Givoly and Hayn(2000) negative accruals methods of measuring accounting conservatism, the paper examines the association of conservatism and investment efficiency between firms with different ultimate ownership for year between 2001-2006 A-share firms. The findings indicate that controlling for relevant variables (1)accounting conservatism has constraining impact on inefficiency investment, which significantly enhance firm's value. The higher for firmyear conservatism, the lower level and probability for inefficiency investment; (2) the economic significance of accounting conservatism on overinvestment for SEOs is lower and for underinvestment higher than that for NonSEOs. In additional, the paper provide further evidence for the construct validity of marketbased CSCORE and accrualbased negative accruals measures in Chinese capital market.