摘要
以中国上市公司为研究样本,采用Khan和Watts(2007)构建的公司层面盈余稳健性度量方法,实证考察了盈余稳健性对企业过度投资行为的影响。实证结果表明,盈余稳健性能够显著抑制中国上市公司的过度投资行为,并降低过度投资行为对自由现金流量或经营活动现金流量的敏感度,从而提高投资效率。因此,中国会计稳健性原则的发展对资源配置效率提高起到了正向促进作用。
Taking Chinese listed companies as the research sample,the paper empirically studies the effect of earnings conservatism on corporate overinvestment by the use of Khan and Watts（2007） firm-year measure method of earnings conservatism.The empirical results indicate： earnings conservatism can notably inhibit Chinese listed companies＇ behavior of overinvestment and also decrease the sensitivity of overinvestment to free cash flow or cash flow from operations,and then improves the investment efficiency.Consequently,the development of Chinese accounting conservatism principle has had a positive effect on resources allocation efficiency.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第11期116-124,共9页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金资助项目(71072122)
教育部人文社会科学研究青年基金项目(10YJC630364)
中央高校基本科研业务费专项资金资助项目(N090306001)
中国博士后科学基金资助项目(20110491501)
