THE JOURNAL OF ACCOUNTING RESEARCH, October 2018

国际并购法，公司控制市场和会计保守主义

作者：INDER K. KHURANA(School of Accountancy, Robert J. Trulaske Sr., College of Business, University of Missouri)

WEI WANG(Department of Accounting, Fox School of Business, Temple University)

摘要：利用国家级并购法（M＆A）的分期实行作为公司收购威胁的外生增长，本文考察了一个有纪律的公司控制市场如何影响会计保守性。在采用并购法后，我们发现会计保守主义有所增加，尤其是在股东保护薄弱的国家和收购活动增长较快的国家更为明显。进一步的分析表明，通过改变资本结构和投资决策以及改进董事会监督，收购威胁的提升会增加保守主义。我们的发现强调了公司控制市场对塑造财务报告结果的重要作用。

关键词：国际并购法；收购威胁；会计保守主义；公司治理

International Mergers and Acquisitions Laws, the Market for Corporate Control, and Accounting Conservatism

INDER K. KHURANA (School of Accountancy, Robert J. Trulaske Sr., College of Business, University of Missouri), WEI WANG (Department of Accounting, Fox School of Business, Temple University)

ABSTRACT

Exploiting the staggered enactment of country-level mergers and acquisitions (M&A) law as an exogenous increase in corporate takeover threat, this paper examines how a disciplinary market for corporate control affects accounting conservatism. Following M&A law adoption, we ?nd increased accounting conservatism, with more pronounced effects in countries with weak shareholder protection and in those experiencing larger growth in takeover activity. Further analysis reveals that elevated takeover threats increase conservatism through changes in capital structure and investment decisions as well as improvements in board monitoring. Our ?ndings highlight the importance of the market for corporate control in shaping ?nancial reporting outcome.

Keywords: International M&A Laws; Takeover Threat; Accounting Conservatism; Corporate Governance

原文链接：https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-679X.12247

翻译：王霄霄