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標題: 穩健會計與企業投資效率性之關係
Accounting Conservatism and Firm Investment Efficiency
作者: 陳芃君
Chen, Peng-Jun
Contributors: 蘇迺惠
Nai-Hui Su
會計學研究所
關鍵字: 會計穩健;盈餘時效性不對稱;條件穩健;非條件穩健;投資效率;過度投資;投資不足
Accounting conservatism;Earnings asymmetric timeliness;Conditional accounting conservatism;Unconditional accounting conservatism;Investment efficiency;Overinvestment;Underinvestment
日期: 2013
Issue Date: 2013-11-19 12:53:38 (UTC+8)
Publisher: 會計學研究所
摘要: 穩健會計是財務報導重要的原則之一,近來文獻證明穩健會計及早反應損失的特性下,可以作為公司治理的一種機制,並有效減緩主理人與代理人的資訊不對稱與代理問題。公司為了追求企業價值的成長,就需要進行有效率的投資計劃,因此如何促進投資效率之提升成為重要的議題。近來文獻大多指出穩健會計與公司治理、穩健會計與財務報導品質,或財務報導品質對投資效率之關聯性,但卻很少有學者針對穩健會計與投資效率性之關係進行研究。本研究探討台灣上市公司之投資效率性與穩健會計之關係,非條件式穩健及條件式穩健分別分析是否能改善過度投資及投資不足之無效率現象。本研究衡量非條件穩健會計是採用Givoly and Hayn (2000)的應計基礎模型、Beaver and Ryan (2000)的市場基礎模型來衡量之,則條件穩健會計是採用Basu (1997)之盈餘時效性不對稱模型來衡量之。

本研究以2005年至2008年國內上市公司為樣本,採用追蹤資料之固定效果模型以控制不同年度及不同公司中之異質性。在控制了公司規模、槓桿、股利水準、市價淨值比、訴訟風險、營業活動現金流量之標準差、銷貨收入標準差、投資總額標準差、有形資產、營業週期、股價標準差、現金比率、上市年數後,本研究實證結果顯示,以應計基礎衡量之非條件穩健有助於改善企業之過度投資卻無法明顯改善投資不足,反而有加劇投資不足的現象。而條件穩健下,則然能明顯改善投資不足之無效率現象,惟對改善過度投資並無顯著效果。

綜合言之,系統性的非條件穩健(又稱事前穩健)可以抑制過度投資,然對投資不足反而有加劇作用,但此種現象可以藉由事後的條件穩健加以校正,也就是條件穩健對於投資不足具有顯著的改善效果。整體而言,公司若採用保守的會計政策以系統性的低估淨資產,則可顯著改善過度投資,此外,若公司能及時認列損失使盈餘報導具有穩健性,則可以改善投資不足之無效率性,故本研究結果顯示穩健會計是有助於投資效率性之改善。
Accounting conservatism plays an important role in financial reporting statement. Based on literature, accounting conservatism is also an important governance mechanism in deterring managers from undertaking negative NPV projects by accelerating future investment losses into current earnings. Accounting conservatism can reduce information asymmetry and solve agency problems between principals and agents. Companies can improve investment efficiency to increase future profitability, so how to improve investment efficiency is an important issue. A recent stream of studies focus on the relationship between accounting conservatism and corporate governance, accounting conservatism and quality of financial reporting, or the quality of financial reporting and investment efficiency. Little research studies the effects of accounting conservatism on investment efficiency, using Taiwanese firms’ sample. This study tests whether conservative accounting can improve investment efficiency.

This study classifies accounting conservatism into conditional and unconditional conservatism. This study measures unconditional conservatism by using Givoly and Hayn (2000) accrual-based model and Beaver and Ryan (2000) market-value based model. In regard to conditional conservatism, this study uses Basu (1997) asymmetric timeliness of earnings model.

Using a sample of firms listed in Taiwan Stock Exchange over the 2005-2008, this study use the fixed-effects model to control unobservable firm characteristics and reduce the heterogeneity in different years and different firms. After controlling standard economic determinants of the level of accounting conservatism, e.g., size, debt, dividend, market to book ratio, litigation, standard deviation of cash flow, standard deviation of sales, standard deviation of investment, tangibility, operating cycle, standard deviation of daily stock returns, cash ratio, and age, the empirical evidence shows that accrual based unconditional conservatism can mitigate over-investment, but increase under-investment, while conditional conservatism can mitigate under-investment, but can’t mitigate over-investment.

To sum up, the results show that unconditional conservatism (ex-ante accounting conservatism) can restrain over-investment, but aggravate under-investment, however, this under-investment can be rectified by conditional conservatism(ex-post accounting conservatism).Therefore, if companies systematically understate net assets, they can significantly mitigate over-investment. Besides, if companies undertake the timelier recognition of losses in the income statement, they can significantly mitigate under-investment. The empirical evidence supports that conservative accounting can improve investment efficiency.These results add to a growing stream of literature suggesting that eliminating conservatism for accounting regulatory frameworks may lead to undesirable economic consequences.
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