国企高管控制权、审计监督与会计信息透明度
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财经研究 2011 年 第 37 卷第 11 期, 页码：114 - 124
摘要
参考文献
摘要
内部权力配置和独立审计作为重要的内、外部公司治理安排都将对企业的会计系统产生影响。文章以2004-2008年的国有上市公司为研究样本,通过实证研究发现:(1)高管控制权的增强会降低公司会计信息的透明度,表明国企高管的控制权在信息披露决策中发挥了显著的负面效应;(2)高质量的外部审计能够提高公司的会计信息透明度,揭示了独立审计在公司治理中发挥了应有的监督作用;(3)高管控制权的增强会弱化外部审计对公司会计信息透明度的正面影响,表明独立审计的治理功效容易受到企业内部权力配置等情境因素的牵掣。
[1]白重恩,刘俏,陆洲,等.中国上市公司治理结构的实证研究[J].经济研究,2005,(2):81-91.
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[3]蒋荣,刘星,刘斌.中国上市公司外部审计治理有效性的实证研究——基于CEO变更视角[J].财经研究,2007,(11):92-103.
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[5]王艳艳,陈汉文.审计质量与会计信息透明度——来自中国上市公司的经验数据[J].会计研究,2006,(4):9-15.
[6]王烨.股权控制链、代理冲突与审计师选择[J].会计研究,2009,(6):65-72.
[7]魏志华,李常青,曾爱民.家族控制、审计监督与公司治理——基于年报补充更正视角的经验证据[J].审计研究,2009,(6):69-78.
[8]夏立军,杨海斌.注册会计师对上市公司盈余管理的反应[J].审计研究,2002,(4):28-34.
[9]Aghion P,Bolton P.An incomplete contracts approach to financial contracting[J].Re-view of Economic Studies,1992,59(3):473-494.
[10]Astami E W,Tower G.Accounting-policy choice and firm characteristics in the AsiaPacific region:An international empirical test of costly contracting theory[J].The Inter-national Journal of Accounting,2006,41(1):1-21.
[11]Ball R,Robin A,Wu J.Incentives versus standards:Properties of accounting income infour East Asian countries[J].Journal of Accounting and Economics,2003,36(1-3):235-270.
[12]Berglof E,Pajuste A.What do firms disclose and why?Enforcing corporate governanceand transparency in Central and Eastern Europe[J].Oxford Review of Economic Policy,2005,21(2):178-197.
[13]Bhattacharya U,Daouk H,Welker M.The world price of earnings opacity[J].The Ac-counting Review,2003,78(3):641-678.
[14]Bushman R,Piotroski J,Smith A J.What determines corporate transparency[J].Jour-nal of Accounting Research,2004,42(2):207-252.
[15]Chaney P K,Jeter D C,Shivakumar L.Self-selection of auditors and audit pricing inprivate firms[J].The Accounting Review,2004,79(1):51-72.
[16]Eng L L,Mak Y T.Corporate governance and voluntary disclosure[J].Journal of Ac-counting and Public Policy,2003,22(4):325-345.
[17]Fan J P H,Wong T J.Do external auditors perform a corporate governance role in e-merging markets?Evidence from East Asia[J].Journal of Accounting Research,2005,43(1):35-72.
[18]Fan J P H,Wong T J,Zhang T.Politically connected CEOs,corporate governance,andpost-IPO performance of China’s newly partially privatized firms[J].Journal of Finan-cial Economics,2007,84(2):330-357.
[19]Finkelstein S.Power in top management teams:Dimensions,measurement and valida-tion[J].Academy of Management Journal,1992,35(3):505-538.
[20]Healy P,Palepu K.Information asymmetry,corporate disclosure,and the capital mar-kets:A review of the empirical disclosure literature[J].Journal of Accounting and Eco-nomics,2001,31(1-3):405-440.
[21]Morse A,Nanda V,Seru A.Are incentive contracts rigged by powerful CEOs?[J].Journal of Finance,2011,66(5):1779-1821.
①数据来源于上海证券交易所2008年7月发布的《中国公司治理报告(2008):上市公司透明度与信息披露》。
[2]崔伟,陆正飞.董事会规模、独立性与会计信息透明度——来自中国资本市场的经验证据[J].南开管理评论,2008,(2):22-27.
[3]蒋荣,刘星,刘斌.中国上市公司外部审计治理有效性的实证研究——基于CEO变更视角[J].财经研究,2007,(11):92-103.
[4]谭劲松,宋顺林,吴立扬.公司透明度的决定因素——基于代理理论和信号理论的经验研究[J].会计研究,2010,(4):26-33.
[5]王艳艳,陈汉文.审计质量与会计信息透明度——来自中国上市公司的经验数据[J].会计研究,2006,(4):9-15.
[6]王烨.股权控制链、代理冲突与审计师选择[J].会计研究,2009,(6):65-72.
[7]魏志华,李常青,曾爱民.家族控制、审计监督与公司治理——基于年报补充更正视角的经验证据[J].审计研究,2009,(6):69-78.
[8]夏立军,杨海斌.注册会计师对上市公司盈余管理的反应[J].审计研究,2002,(4):28-34.
[9]Aghion P,Bolton P.An incomplete contracts approach to financial contracting[J].Re-view of Economic Studies,1992,59(3):473-494.
[10]Astami E W,Tower G.Accounting-policy choice and firm characteristics in the AsiaPacific region:An international empirical test of costly contracting theory[J].The Inter-national Journal of Accounting,2006,41(1):1-21.
[11]Ball R,Robin A,Wu J.Incentives versus standards:Properties of accounting income infour East Asian countries[J].Journal of Accounting and Economics,2003,36(1-3):235-270.
[12]Berglof E,Pajuste A.What do firms disclose and why?Enforcing corporate governanceand transparency in Central and Eastern Europe[J].Oxford Review of Economic Policy,2005,21(2):178-197.
[13]Bhattacharya U,Daouk H,Welker M.The world price of earnings opacity[J].The Ac-counting Review,2003,78(3):641-678.
[14]Bushman R,Piotroski J,Smith A J.What determines corporate transparency[J].Jour-nal of Accounting Research,2004,42(2):207-252.
[15]Chaney P K,Jeter D C,Shivakumar L.Self-selection of auditors and audit pricing inprivate firms[J].The Accounting Review,2004,79(1):51-72.
[16]Eng L L,Mak Y T.Corporate governance and voluntary disclosure[J].Journal of Ac-counting and Public Policy,2003,22(4):325-345.
[17]Fan J P H,Wong T J.Do external auditors perform a corporate governance role in e-merging markets?Evidence from East Asia[J].Journal of Accounting Research,2005,43(1):35-72.
[18]Fan J P H,Wong T J,Zhang T.Politically connected CEOs,corporate governance,andpost-IPO performance of China’s newly partially privatized firms[J].Journal of Finan-cial Economics,2007,84(2):330-357.
[19]Finkelstein S.Power in top management teams:Dimensions,measurement and valida-tion[J].Academy of Management Journal,1992,35(3):505-538.
[20]Healy P,Palepu K.Information asymmetry,corporate disclosure,and the capital mar-kets:A review of the empirical disclosure literature[J].Journal of Accounting and Eco-nomics,2001,31(1-3):405-440.
[21]Morse A,Nanda V,Seru A.Are incentive contracts rigged by powerful CEOs?[J].Journal of Finance,2011,66(5):1779-1821.
①数据来源于上海证券交易所2008年7月发布的《中国公司治理报告(2008):上市公司透明度与信息披露》。
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代彬, 彭程, 郝颖. 国企高管控制权、审计监督与会计信息透明度[J]. 财经研究, 2011, 37(11): 114–124.
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