摘要
税收负担是会计稳健性产生的重要原因之一,稳健性的财务报告对于经理人薪酬契约制定、缓解委托代理问题发挥着重要作用(Watts,2003)。本文以2004到2008年间A股上市公司为研究样本,实证检验了税收负担对会计稳健性的影响、稳健性的会计盈余对薪酬业绩敏感度有何影响。研究结果表明,税收负担显著提高了会计稳健性,但按照盈利和亏损进行分组后研究发现,这一关系仅存在于盈利组中,而在亏损组中税收负担对会计稳健性无显著影响;进一步的经验证据显示,在盈利组中,由于受到会计稳健性的影响,薪酬业绩敏感度得以显著增强,而在亏损组中薪酬业绩敏感度则无显著影响。
Tax burden is one of the important emergency resources of accounting conservatism, and accounting conservatism plays an important role in compensation contracts of managers and solving agency problems （ Watts, 2003 ）. Using listed companies of China＇s A - share capital markets from 2004 to 2008 as sample, this paper empirically examines the effects of tax burden on accounting conservatism and how conservative account- ing earnings affect managers＇ compensation contracts. The empirical results show that tax burden enhances ac- counting conservatism significantly, when the sample is divided into profit - making and loss group, the rela- tionship only exists in profit - making enterprises, tax burden doesn＇t affect conservatism significantly in loss group. Further evidence shows that an increasing sensitivity of executive pay to performance only exists in profit -making sub -sample but not in loss group.
出处
《金融研究》
CSSCI
北大核心
2012年第10期167-179,共13页
Journal of Financial Research
基金
国家自然科学基金项目(71072053)
福建省社会科学重点项目(2010A012)
安徽省教育厅人文社会科学研究重点项目(SK2012A014)的资助
关键词
税收负担
会计稳健性
薪酬业绩敏感度
Tax burden, Accounting conservatism, Sensitivity of executive pay to performance
作者简介
周泽将，管理学博士，安徽大学商学院讲师，Email：abuzzj@126．com
杜兴强，管理学博士，厦门大学管理学院教授、博士生导师，Email：xqdu@xmu．edu．cn．
