毛志宏，金 龍

(吉林大學(xué) 商學(xué)院，吉林 長(zhǎng)春 130012)

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公司治理、企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性

毛志宏，金 龍

(吉林大學(xué) 商學(xué)院，吉林 長(zhǎng)春 130012)

本文以我國(guó)滬深兩市A股上市公司2009-2013年的數(shù)據(jù)為樣本，從會(huì)計(jì)信息的預(yù)測(cè)價(jià)值出發(fā)，實(shí)證檢驗(yàn)了公司治理和企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響，以及公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性影響的協(xié)同效應(yīng)。研究結(jié)果表明，公司治理水平的提高有助于增強(qiáng)會(huì)計(jì)信息相關(guān)性的程度；社會(huì)責(zé)任表現(xiàn)較好的企業(yè)，能夠披露會(huì)計(jì)信息相關(guān)性較強(qiáng)的財(cái)務(wù)報(bào)告。進(jìn)一步研究發(fā)現(xiàn)，公司治理會(huì)增強(qiáng)企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的促進(jìn)作用，同時(shí)企業(yè)社會(huì)責(zé)任也會(huì)增強(qiáng)公司治理對(duì)會(huì)計(jì)信息相關(guān)性的積極影響,這表明公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響存在協(xié)同效應(yīng)。本文的研究結(jié)論證實(shí)了企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息質(zhì)量發(fā)揮了治理作用，對(duì)今后推廣上市公司社會(huì)責(zé)任履行具有一定的指導(dǎo)意義。

公司治理；企業(yè)社會(huì)責(zé)任；會(huì)計(jì)信息相關(guān)性；協(xié)同效應(yīng)

一、引 言

在改革開放進(jìn)程的不斷深入以及社會(huì)主義市場(chǎng)經(jīng)濟(jì)體制的逐步形成背景下，中國(guó)經(jīng)濟(jì)迎來(lái)了空前的發(fā)展契機(jī)。中國(guó)企業(yè)在經(jīng)歷了30余年的快速發(fā)展后，終于實(shí)現(xiàn)了農(nóng)業(yè)文明向工業(yè)文明的轉(zhuǎn)變。長(zhǎng)期的粗放式發(fā)展模式，給中國(guó)企業(yè)帶來(lái)了豐厚的收獲，但也造成了中國(guó)企業(yè)在軟實(shí)力的培養(yǎng)和提高方面的缺失，尤為表現(xiàn)在企業(yè)道德和社會(huì)責(zé)任感方面。而隨著民族文明的發(fā)展以及公民素質(zhì)的提高，現(xiàn)代社會(huì)對(duì)企業(yè)的要求也漸漸發(fā)生了轉(zhuǎn)變，由實(shí)現(xiàn)股東利益最大化的單一目標(biāo)轉(zhuǎn)向創(chuàng)造社會(huì)財(cái)富與履行社會(huì)責(zé)任的雙重目標(biāo)。

企業(yè)社會(huì)責(zé)任相關(guān)問(wèn)題的研究開始于20世紀(jì)70年代，學(xué)者們起初關(guān)注的重點(diǎn)集中于企業(yè)社會(huì)責(zé)任與受托經(jīng)濟(jì)責(zé)任之間的關(guān)系。直至最近10年，隨著企業(yè)社會(huì)責(zé)任相關(guān)概念的不斷發(fā)展，學(xué)者們逐漸將關(guān)注的研究視角轉(zhuǎn)向企業(yè)社會(huì)責(zé)任與受托財(cái)務(wù)責(zé)任之間的關(guān)系，并將企業(yè)社會(huì)責(zé)任的相關(guān)理論納入到現(xiàn)代公司治理理論中，進(jìn)而實(shí)現(xiàn)二者的融合發(fā)展。公司治理作為受托責(zé)任系統(tǒng)中的一種控制機(jī)制,其最終目的是確保受托責(zé)任系統(tǒng)的有效運(yùn)行[1]。受托財(cái)務(wù)責(zé)任要求企業(yè)誠(chéng)實(shí)經(jīng)營(yíng)，保護(hù)受托財(cái)產(chǎn)安全，并遵守相關(guān)財(cái)經(jīng)法規(guī)，按照公認(rèn)的會(huì)計(jì)準(zhǔn)則編制財(cái)務(wù)報(bào)告。財(cái)務(wù)報(bào)告信息不僅向市場(chǎng)傳遞了有關(guān)企業(yè)績(jī)效和優(yōu)化資源配置的有用信息，同時(shí)還可以揭示管理人員與股東之間代理契約的執(zhí)行情況。因此，公司治理對(duì)會(huì)計(jì)信息質(zhì)量的積極影響受到了學(xué)者們的廣泛支持。企業(yè)社會(huì)責(zé)任的利益相關(guān)者理論認(rèn)為企業(yè)作為所有利益相關(guān)者的契約集合，應(yīng)將平等地對(duì)待各利益相關(guān)者的需求，積極地維護(hù)契約的公平性作為企業(yè)社會(huì)責(zé)任的重要表現(xiàn)形式。因此，企業(yè)能否滿足各利益相關(guān)者的多元化信息需求，公平透明的披露財(cái)務(wù)報(bào)告信息成為企業(yè)社會(huì)責(zé)任發(fā)揮治理機(jī)制的重要表現(xiàn)。所以，企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息質(zhì)量的積極影響成為當(dāng)前有關(guān)企業(yè)社會(huì)責(zé)任頗受關(guān)注的問(wèn)題。

本文以2009-2013年滬深兩市A股上市公司為樣本，采用會(huì)計(jì)盈余持續(xù)性模型作為會(huì)計(jì)信息相關(guān)性的基礎(chǔ)回歸模型，實(shí)證檢驗(yàn)了公司治理對(duì)會(huì)計(jì)信息相關(guān)性的影響，企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響，以及公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性影響的協(xié)同效應(yīng)。研究發(fā)現(xiàn)，公司治理對(duì)會(huì)計(jì)信息相關(guān)性存在正向影響，企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性存在正向影響。此外，公司治理和企業(yè)社會(huì)責(zé)任相互調(diào)節(jié)增強(qiáng)了各自對(duì)會(huì)計(jì)信息相關(guān)性的正向影響。

本文的主要貢獻(xiàn)在于：第一，本文通過(guò)運(yùn)用主成分分析構(gòu)建公司治理指數(shù)的方法，從公司治理系統(tǒng)整體的角度，考察了公司治理對(duì)會(huì)計(jì)信息相關(guān)性的影響。以往的文獻(xiàn)大多僅從公司治理的單一因素出發(fā)，檢驗(yàn)單個(gè)因素對(duì)會(huì)計(jì)信息質(zhì)量的作用，忽視了各因素之間的相互作用。第二，本文以會(huì)計(jì)信息質(zhì)量的相關(guān)性為研究視角，對(duì)企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性的關(guān)系進(jìn)行了研究。先前的成果主要以盈余管理作為研究會(huì)計(jì)信息質(zhì)量的衡量指標(biāo)，而未關(guān)注到企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響。本文的研究結(jié)果表明，企業(yè)社會(huì)責(zé)任對(duì)企業(yè)披露的會(huì)計(jì)信息相關(guān)性有促進(jìn)作用。第三，本文通過(guò)對(duì)會(huì)計(jì)信息相關(guān)性的理論分析，并結(jié)合已有相關(guān)研究成果，從會(huì)計(jì)信息自身預(yù)測(cè)價(jià)值的視角，以會(huì)計(jì)盈余持續(xù)性模型作為衡量會(huì)計(jì)信息相關(guān)性的基礎(chǔ)模型，對(duì)公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響進(jìn)行了研究。而以往文獻(xiàn)大多采用以市場(chǎng)定價(jià)有效性為假設(shè)的會(huì)計(jì)信息價(jià)值相關(guān)性作為研究會(huì)計(jì)信息相關(guān)性的切入點(diǎn),未能體現(xiàn)非權(quán)益投資者對(duì)財(cái)務(wù)報(bào)告信息的考慮。第四，本文通過(guò)運(yùn)用構(gòu)建的兩階段模型，驗(yàn)證了公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響存在協(xié)同效應(yīng)，豐富了公司治理和企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性關(guān)系的研究成果，證實(shí)了企業(yè)社會(huì)責(zé)任治理機(jī)制對(duì)會(huì)計(jì)信息披露的約束和會(huì)計(jì)信息質(zhì)量的提高能夠發(fā)揮積極的作用，對(duì)我國(guó)政府的相關(guān)決策部門積極推廣上市公司的企業(yè)社會(huì)責(zé)任履行提供了經(jīng)驗(yàn)證據(jù)。

二、文獻(xiàn)回顧

關(guān)于公司治理與會(huì)計(jì)信息質(zhì)量之間關(guān)系的研究，國(guó)內(nèi)外學(xué)者主要從公司治理的單一因素對(duì)會(huì)計(jì)信息質(zhì)量的影響進(jìn)行了研究。Warfield等[2]認(rèn)為管理人員或機(jī)構(gòu)投資者持股比例增加，可以減少經(jīng)理人操縱盈余的行為。Porta等[3]發(fā)現(xiàn)股權(quán)集中度與財(cái)務(wù)報(bào)告質(zhì)量之間存在負(fù)相關(guān)關(guān)系。Beasley[4]發(fā)現(xiàn)外部董事可以減少財(cái)務(wù)報(bào)告舞弊的可能性，抑制公司的盈余管理行為。Marrakchi等[5]發(fā)現(xiàn)董事會(huì)規(guī)模與負(fù)向盈余管理負(fù)相關(guān)。劉立國(guó)和杜瑩[6]發(fā)現(xiàn)法人股比例、執(zhí)行董事比例、內(nèi)部人控制度、監(jiān)事會(huì)規(guī)模與財(cái)務(wù)報(bào)告舞弊的可能性正相關(guān)，流通股比例與財(cái)務(wù)報(bào)告舞弊的可能性負(fù)相關(guān)。杜興強(qiáng)和溫日光[7]以盈余管理作為會(huì)計(jì)信息質(zhì)量的代理變量，研究發(fā)現(xiàn)股權(quán)集中度、高管薪酬、獨(dú)立董事比例、監(jiān)事會(huì)會(huì)議次數(shù)與會(huì)計(jì)信息質(zhì)量正相關(guān)，董事薪酬與董事會(huì)會(huì)議次數(shù)與會(huì)計(jì)信息質(zhì)量負(fù)相關(guān)。

關(guān)于企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息質(zhì)量之間關(guān)系的研究，已有文獻(xiàn)主要是從企業(yè)社會(huì)責(zé)任與盈余管理之間的關(guān)系進(jìn)行研究。Chih等[8]發(fā)現(xiàn)在研究企業(yè)社會(huì)責(zé)任和盈余管理的問(wèn)題時(shí)，采用不同的盈余管理的代理變量，所得到的研究結(jié)論也不同。履行社會(huì)責(zé)任較好的企業(yè)更容易進(jìn)行應(yīng)計(jì)盈余的管理，但是對(duì)于盈余平滑和避免虧損的問(wèn)題上卻較少。Prior[9]發(fā)現(xiàn)企業(yè)社會(huì)責(zé)任對(duì)盈余管理起調(diào)節(jié)作用。管理層利用履行企業(yè)社會(huì)責(zé)任掩飾無(wú)法長(zhǎng)時(shí)間維持的盈余管理行為。Hong和Andersen[10]采用美國(guó)市場(chǎng)的數(shù)據(jù)對(duì)企業(yè)社會(huì)責(zé)任與財(cái)務(wù)報(bào)告質(zhì)量的關(guān)系進(jìn)行研究，結(jié)果發(fā)現(xiàn)企業(yè)的社會(huì)責(zé)任越強(qiáng)，其應(yīng)計(jì)利潤(rùn)質(zhì)量越高，從事真實(shí)盈余管理的行為越少。Kim等[11]檢驗(yàn)了履行社會(huì)責(zé)任的企業(yè)在經(jīng)營(yíng)決策和會(huì)計(jì)核算方面是否存在差異，研究發(fā)現(xiàn)，履行社會(huì)責(zé)任較好的企業(yè)，較少通過(guò)應(yīng)計(jì)利潤(rùn)操縱和真實(shí)活動(dòng)操縱進(jìn)行激進(jìn)的盈余管理。我國(guó)學(xué)者對(duì)此類問(wèn)題也進(jìn)行了一定的研究。高利芳[12]研究發(fā)現(xiàn)，獨(dú)立社會(huì)責(zé)任報(bào)告的發(fā)布與會(huì)計(jì)透明度正相關(guān)，但沒(méi)有發(fā)現(xiàn)與信息價(jià)值相關(guān)性和可靠性的顯著關(guān)系。朱松[13]研究發(fā)現(xiàn)，投資者對(duì)盈余信息含量的評(píng)價(jià)會(huì)受企業(yè)履行社會(huì)責(zé)任的情況影響，社會(huì)責(zé)任表現(xiàn)越好的企業(yè)，其盈余的信息含量越高。王霞[14]研究發(fā)現(xiàn)，是否披露社會(huì)責(zé)任報(bào)告對(duì)操縱性應(yīng)計(jì)利潤(rùn)沒(méi)有顯著影響，自愿披露社會(huì)責(zé)任報(bào)告的公司真實(shí)盈余管理程度更低，更少進(jìn)行財(cái)務(wù)重述；企業(yè)社會(huì)責(zé)任報(bào)告評(píng)級(jí)得分越高的公司真實(shí)盈余管理程度越低，發(fā)生財(cái)務(wù)重述的概率越低。

綜合以往研究成果可以發(fā)現(xiàn)，對(duì)于公司治理和企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息質(zhì)量關(guān)系的研究，大多數(shù)都是從會(huì)計(jì)信息質(zhì)量中的可靠性角度展開的，而相關(guān)性作為會(huì)計(jì)信息質(zhì)量的另一主要特征，卻尚未受到學(xué)術(shù)界關(guān)注?，F(xiàn)階段已有關(guān)于會(huì)計(jì)信息相關(guān)性的研究主要以價(jià)值相關(guān)性作為衡量相關(guān)性的指標(biāo)，但價(jià)值相關(guān)性的研究是以資本市場(chǎng)有效性為前提，從資本市場(chǎng)定價(jià)機(jī)制的角度來(lái)驗(yàn)證會(huì)計(jì)信息的決策有用性，而并非是從會(huì)計(jì)信息自身的相關(guān)性進(jìn)行驗(yàn)證的。因此，本文從會(huì)計(jì)信息預(yù)測(cè)價(jià)值的視角出發(fā)，將會(huì)計(jì)盈余持續(xù)性作為會(huì)計(jì)信息相關(guān)性的衡量指標(biāo)，對(duì)公司治理和企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性之間的關(guān)系進(jìn)行研究。

三、理論分析與研究假設(shè)

(一)公司治理與會(huì)計(jì)信息相關(guān)性

會(huì)計(jì)信息的形成與披露受企業(yè)管理當(dāng)局所主導(dǎo)，因此，會(huì)計(jì)信息質(zhì)量取決于管理當(dāng)局對(duì)會(huì)計(jì)準(zhǔn)則的執(zhí)行程度。由于控股股東與中小股東之間存在利益沖突，而控股股東對(duì)公司具有絕對(duì)控制力，這使得控股股東存在與管理層合謀通過(guò)操縱財(cái)務(wù)信息的形成和披露，以犧牲其他股東的利益為代價(jià)追求自身利益最大化[15-16]。此外，委托代理理論認(rèn)為，由于股東和經(jīng)理人都以追求自身利益最大化為目標(biāo)，這種目標(biāo)函數(shù)的不一致導(dǎo)致了股東和經(jīng)理人之間的代理沖突[17]，當(dāng)經(jīng)理人有動(dòng)機(jī)在滿足某種可靠性要求的前提下，提供更多具有相關(guān)性的信息時(shí)，企業(yè)披露的會(huì)計(jì)信息質(zhì)量就會(huì)提高。而當(dāng)披露相關(guān)性的會(huì)計(jì)信息會(huì)有損經(jīng)理人自身利益時(shí)，經(jīng)理人就會(huì)對(duì)所披露的會(huì)計(jì)信息采取最優(yōu)選擇，從而導(dǎo)致會(huì)計(jì)信息質(zhì)量下降。由此可見，會(huì)計(jì)信息實(shí)際是企業(yè)管理當(dāng)局綜合各方面權(quán)利和利益的產(chǎn)物。而公司治理是通過(guò)一套正式或非正式的、內(nèi)部或外部的制度或機(jī)制來(lái)協(xié)調(diào)公司與所有利益相關(guān)者之間的利益關(guān)系，以保證公司決策的科學(xué)化，從而最終維護(hù)公司各方面的利益。因此，良好的公司治理能夠?qū)?huì)計(jì)信息的披露發(fā)揮監(jiān)督作用。由此，我們提出假設(shè)H1。

H1：公司治理水平與會(huì)計(jì)信息相關(guān)性存在正相關(guān)關(guān)系。

(二)企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性

企業(yè)履行社會(huì)責(zé)任的動(dòng)機(jī)不外乎以下兩種。一是出于自身經(jīng)濟(jì)利益的功利主義行為。企業(yè)通過(guò)履行社會(huì)責(zé)任，以滿足利益相關(guān)者對(duì)產(chǎn)品質(zhì)量和環(huán)境質(zhì)量的隱性需求，實(shí)現(xiàn)企業(yè)聲譽(yù)的提高[18]，進(jìn)而獲得競(jìng)爭(zhēng)優(yōu)勢(shì)的提升，并最終轉(zhuǎn)化為持續(xù)增長(zhǎng)的經(jīng)濟(jì)收益[19]。企業(yè)的社會(huì)責(zé)任履行情況是投資者分析和判斷企業(yè)戰(zhàn)略制定和執(zhí)行的重要依據(jù)，有助于避免由于逆向選擇問(wèn)題所導(dǎo)致的市場(chǎng)資源錯(cuò)配的現(xiàn)象[20]。而在投資經(jīng)營(yíng)決策時(shí)，會(huì)計(jì)信息能夠幫助管理層和投資者確定投資項(xiàng)目，減少逆向選擇和流動(dòng)性風(fēng)險(xiǎn)，提高企業(yè)經(jīng)濟(jì)績(jī)效[21]，而會(huì)計(jì)信息的相關(guān)性是會(huì)計(jì)信息決策有用的前提?；诠髁x視角的分析，社會(huì)責(zé)任表現(xiàn)較好的企業(yè)，應(yīng)積極地向市場(chǎng)中參與者傳遞具有預(yù)測(cè)價(jià)值的會(huì)計(jì)信息，通過(guò)提高投資者的投資效率，以贏得更多的社會(huì)資本。二是履行企業(yè)公民的義務(wù)真誠(chéng)的幫助社會(huì)。企業(yè)公民理論認(rèn)為，企業(yè)的成功與社會(huì)的健康和福利密切相關(guān)，因此，企業(yè)應(yīng)全面考慮其對(duì)社會(huì)環(huán)境的影響[22]，同時(shí)重視利益相關(guān)者的需求。利益相關(guān)者理論認(rèn)為企業(yè)在對(duì)股東承擔(dān)經(jīng)濟(jì)責(zé)任的同時(shí)，還應(yīng)當(dāng)對(duì)債權(quán)人、政府、供應(yīng)商、客戶、員工、社區(qū)等其他利益相關(guān)者承擔(dān)法律責(zé)任和道德責(zé)任。法律責(zé)任要求企業(yè)必須在相關(guān)的法律法規(guī)允許的范圍內(nèi)從事生產(chǎn)經(jīng)營(yíng)活動(dòng)，遵守會(huì)計(jì)準(zhǔn)則和會(huì)計(jì)信息披露制度。我國(guó)會(huì)計(jì)準(zhǔn)則將相關(guān)性作為衡量會(huì)計(jì)信息質(zhì)量的重要指標(biāo)，因此，企業(yè)基于對(duì)道德的真實(shí)追求，真誠(chéng)的履行企業(yè)公民的義務(wù)，應(yīng)能夠遵守會(huì)計(jì)準(zhǔn)則的規(guī)定，向利益相關(guān)者提供會(huì)計(jì)信息相關(guān)性較強(qiáng)的財(cái)務(wù)報(bào)告。綜合以上兩種動(dòng)機(jī)分析，我們認(rèn)為不論是出于自身經(jīng)濟(jì)利益考慮，還是真實(shí)的履行企業(yè)公民的義務(wù)，社會(huì)責(zé)任表現(xiàn)較好的企業(yè)都會(huì)為財(cái)務(wù)報(bào)告使用者提供決策有用的會(huì)計(jì)信息。由此，我們提出假設(shè)H2。

H2：企業(yè)社會(huì)責(zé)任表現(xiàn)與會(huì)計(jì)信息相關(guān)性存在正相關(guān)關(guān)系。

(三)公司治理、企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性

有效的內(nèi)部治理機(jī)制和強(qiáng)烈的社會(huì)責(zé)任感是企業(yè)追求真正社會(huì)責(zé)任的基礎(chǔ)，可持續(xù)的企業(yè)社會(huì)責(zé)任是公司治理機(jī)制保障企業(yè)滿足各利益相關(guān)者需求的驅(qū)動(dòng)因素，這表明公司治理與企業(yè)社會(huì)責(zé)任存在顯著地雙向互動(dòng)關(guān)系[23]。因此，在研究企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性的關(guān)系時(shí)，如果不同時(shí)考慮公司治理的作用，這可能會(huì)導(dǎo)致研究科學(xué)性的不足。因而，我們對(duì)公司治理因素加以控制，進(jìn)一步對(duì)企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性的關(guān)系進(jìn)行研究。

公司治理與企業(yè)社會(huì)責(zé)任之間除了呈正相關(guān)關(guān)系，我們認(rèn)為二者還會(huì)由于相互影響，共同對(duì)會(huì)計(jì)信息相關(guān)性產(chǎn)生促進(jìn)作用。首先，雖然公司治理水平的提高有助于增強(qiáng)會(huì)計(jì)信息相關(guān)性的程度，但一家沒(méi)有社會(huì)責(zé)任感的企業(yè)，由于其未能公平對(duì)待各利益相關(guān)者的契約需求，因此，難以有效地發(fā)揮公司治理對(duì)會(huì)計(jì)信息決策有用性的監(jiān)督和約束作用。而企業(yè)的社會(huì)責(zé)任表現(xiàn)為外部投資者提供了一個(gè)評(píng)價(jià)企業(yè)的商業(yè)倫理和社會(huì)責(zé)任履行的指標(biāo)。其次，McWilliam等[24]認(rèn)為企業(yè)履行社會(huì)責(zé)任是管理層自利動(dòng)機(jī)的行為，目的是利用履行社會(huì)責(zé)任的機(jī)會(huì)贏得個(gè)人聲譽(yù)和社會(huì)地位提升，以實(shí)現(xiàn)個(gè)人未來(lái)的職業(yè)發(fā)展。而公司治理機(jī)制可以約束管理層無(wú)視股東及其他利益相關(guān)者權(quán)益的行為，尤其是對(duì)外部利益相關(guān)者的信息需求。綜合上述分析，我們認(rèn)為企業(yè)社會(huì)責(zé)任表現(xiàn)將正向調(diào)節(jié)公司治理水平對(duì)會(huì)計(jì)信息相關(guān)性的積極影響，公司治理水平正向調(diào)節(jié)企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的促進(jìn)作用，即公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響存在協(xié)同效應(yīng)。由于這種協(xié)同效應(yīng)的存在，使得企業(yè)應(yīng)當(dāng)同時(shí)重視社會(huì)責(zé)任的履行和公司治理結(jié)構(gòu)的設(shè)置，換言之，企業(yè)應(yīng)制定一套將公司治理機(jī)制與社會(huì)責(zé)任治理機(jī)制相融合的內(nèi)部治理戰(zhàn)略?；谏鲜龇治?，我們提出假設(shè)H3。

H3：公司治理與企業(yè)社會(huì)責(zé)任互相調(diào)節(jié)增強(qiáng)了各自對(duì)會(huì)計(jì)信息相關(guān)性的促進(jìn)作用。

四、研究設(shè)計(jì)

(一)樣本選擇與數(shù)據(jù)來(lái)源

本文選取2009-2013年滬深兩市A股中發(fā)布企業(yè)社會(huì)責(zé)任報(bào)告的上市公司作為初始樣本，并按如下標(biāo)準(zhǔn)對(duì)樣本進(jìn)行了篩選：(1)剔除金融保險(xiǎn)行業(yè)上市公司；(2)剔除ST/PT上市公司；(3)剔除缺少模型中所需數(shù)據(jù)的公司年度。經(jīng)過(guò)上述程序，最后得到5年共計(jì)2481個(gè)公司年度樣本，其中2009年404個(gè)，2010年412個(gè)，2011年483個(gè)，2012年550個(gè)，2013年632個(gè)。為了消除奇異值的影響，我們對(duì)模型中所有連續(xù)變量在1%和99%分位上進(jìn)行了Winsorize縮尾處理。本文所需的財(cái)務(wù)數(shù)據(jù)和公司治理數(shù)據(jù)均來(lái)自國(guó)泰安(CSMAR)，企業(yè)社會(huì)責(zé)任報(bào)告的評(píng)級(jí)得分?jǐn)?shù)據(jù)來(lái)自于潤(rùn)靈環(huán)球責(zé)任評(píng)級(jí)公司(RKS)。數(shù)據(jù)處理使用EXCEL2007軟件進(jìn)行，實(shí)證研究使用STATA12.0完成。

(二)變量定義

1.公司治理的度量

公司治理是通過(guò)一系列的制度安排對(duì)控股股東或管理人員進(jìn)行監(jiān)督，以實(shí)現(xiàn)對(duì)外部投資者利益的保護(hù)。因此，單獨(dú)選取某一指標(biāo)都難以對(duì)公司治理的整體水平進(jìn)行全面的反映。故學(xué)術(shù)界通常采用主成分分析法，構(gòu)建衡量公司治理整體水平的指標(biāo)。本文借鑒張學(xué)勇和廖理[25]構(gòu)建公司治理指數(shù)的方法，分別選用代表股權(quán)結(jié)構(gòu)與股東權(quán)益、管理層治理以及董事、監(jiān)事與其他治理形式的指標(biāo)，運(yùn)用主成分分析法構(gòu)建公司治理指數(shù)，并將通過(guò)主成分分析法得到的第一大主成分作為衡量公司治理水平的指標(biāo)(CGI)，表1報(bào)告了12個(gè)變量對(duì)第一大主成分的載荷系數(shù)，系數(shù)的符號(hào)基本與理論預(yù)期相符。

2.企業(yè)社會(huì)責(zé)任的度量

國(guó)內(nèi)外常用的企業(yè)社會(huì)責(zé)任衡量方法包括：內(nèi)容分析法、問(wèn)卷調(diào)查法、污染指數(shù)法、聲譽(yù)指數(shù)法和專業(yè)機(jī)構(gòu)數(shù)據(jù)庫(kù)法。而這些方法都有各自的優(yōu)缺點(diǎn)，例如：內(nèi)容分析法以披露的字?jǐn)?shù)、句數(shù)和人數(shù)來(lái)衡量企業(yè)的社會(huì)責(zé)任表現(xiàn)，此方法認(rèn)為信息的數(shù)量越多，社會(huì)責(zé)任表現(xiàn)越好，但在企業(yè)社會(huì)責(zé)任報(bào)告中包含一些已量化的信息(稅收，慈善捐贈(zèng)，碳排放等)，因此，內(nèi)容分析法在衡量企業(yè)社會(huì)責(zé)任表現(xiàn)的合理性可能存在缺陷。問(wèn)卷調(diào)查法的缺陷在于，問(wèn)卷設(shè)計(jì)過(guò)程和調(diào)查對(duì)象在對(duì)企業(yè)社會(huì)責(zé)任表現(xiàn)評(píng)價(jià)時(shí)存在一定的主觀性，導(dǎo)致研究數(shù)據(jù)的信度和效度降低。聲譽(yù)指數(shù)法會(huì)受到公司自身特征、媒體關(guān)注度、問(wèn)卷對(duì)象經(jīng)歷的影響，并存在樣本數(shù)量受限的問(wèn)題。污染指數(shù)法衡量企業(yè)社會(huì)責(zé)任表現(xiàn)，主要是從企業(yè)對(duì)環(huán)境保護(hù)和治理的角度出發(fā)，未能全面的考察社會(huì)責(zé)任的各方面事項(xiàng)。而專業(yè)機(jī)構(gòu)數(shù)據(jù)庫(kù)法最突出的優(yōu)點(diǎn)是擁有專業(yè)的評(píng)價(jià)人員對(duì)企業(yè)的社會(huì)責(zé)任表現(xiàn)進(jìn)行評(píng)價(jià)，能夠提供充足的樣本和高質(zhì)量的評(píng)價(jià)結(jié)果。因此，本文借鑒前人的研究成果，采用潤(rùn)靈環(huán)球責(zé)任評(píng)級(jí)公司(RKS)對(duì)企業(yè)社會(huì)責(zé)任報(bào)告評(píng)分作為衡量企業(yè)社會(huì)責(zé)任的指標(biāo)。

表1 公司治理指數(shù)的載荷系數(shù)

3.會(huì)計(jì)信息相關(guān)性的度量

美國(guó)財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)(FASB)在其發(fā)布的第2號(hào)財(cái)務(wù)會(huì)計(jì)概念公告(SFAS No.2)《會(huì)計(jì)信息的質(zhì)量特征》中明確指出，相關(guān)性包含預(yù)測(cè)價(jià)值、反饋價(jià)值和及時(shí)性。其中，預(yù)測(cè)價(jià)值是指會(huì)計(jì)信息應(yīng)當(dāng)有助于使用者對(duì)其所關(guān)注的事項(xiàng)或未來(lái)的結(jié)果進(jìn)行合理預(yù)測(cè)，并通過(guò)減少其在決策中的不確定性，進(jìn)而有利于使用者的決策差異。反饋價(jià)值的實(shí)現(xiàn)要求會(huì)計(jì)信息能夠?qū)ο嚓P(guān)事項(xiàng)或過(guò)程的未來(lái)結(jié)果進(jìn)行預(yù)測(cè)和調(diào)整，換言之，反饋價(jià)值通?？醋鳛轭A(yù)測(cè)價(jià)值的基礎(chǔ)或是前提條件。因此，本文以會(huì)計(jì)信息的預(yù)測(cè)價(jià)值為切入點(diǎn)對(duì)會(huì)計(jì)信息相關(guān)性的問(wèn)題進(jìn)行研究。

Jonas和Blanchet[26]在評(píng)估財(cái)務(wù)報(bào)告質(zhì)量時(shí)指出，預(yù)測(cè)價(jià)值與會(huì)計(jì)信息的有用性直接相關(guān)，并將盈余持續(xù)性作為衡量相關(guān)性的重要指標(biāo)。Dechow等[27]認(rèn)為盈余持續(xù)性反映了企業(yè)當(dāng)期盈余在未來(lái)期間盈余的再現(xiàn)程度，即在利用當(dāng)期業(yè)績(jī)預(yù)測(cè)下一期業(yè)績(jī)時(shí)，持續(xù)性水平越高，預(yù)測(cè)結(jié)果的有用性越強(qiáng)。因此，盈余持續(xù)性可以作為衡量盈余相關(guān)性的指標(biāo)。對(duì)于盈余持續(xù)性的度量，已有研究大多采用一階自回歸模型。該方法通過(guò)分公司按時(shí)間序列回歸，將回歸估計(jì)的系數(shù)作為衡量持續(xù)性的指標(biāo)，即回歸系數(shù)越接近于1，說(shuō)明盈余及其組成部分的持續(xù)性越強(qiáng)。Fama和French[28]采用橫截面模型逐年對(duì)盈余滯后值進(jìn)行回歸，并將回歸系數(shù)的均值和時(shí)間序列的標(biāo)準(zhǔn)差作為盈利能力和盈余的預(yù)測(cè)指標(biāo)。由于企業(yè)報(bào)告的財(cái)務(wù)信息除受自身經(jīng)營(yíng)成果和財(cái)務(wù)狀況的影響外，還受到制度環(huán)境、經(jīng)濟(jì)動(dòng)機(jī)、公司治理等因素的影響，而自回歸模型僅適用于受自身歷史因素影響較大的經(jīng)濟(jì)現(xiàn)象。因此，本文借鑒肖華和張國(guó)清[29]的研究方法，并結(jié)合研究對(duì)象的特征，采用橫截面模型對(duì)盈余持續(xù)性進(jìn)行度量，以回歸系數(shù)作為衡量盈余持續(xù)性的指標(biāo)。計(jì)算公式如下：

Earnit+1=α0+α1Earnit+vit

其中，Earnit+1，Earnit分別為公司i第t+1年和t年會(huì)計(jì)盈余(總資產(chǎn)收益率ROA=凈利潤(rùn)/期末總資產(chǎn))；vit為模型估計(jì)的隨機(jī)誤差。

(三)模型設(shè)計(jì)

根據(jù)前文的分析和提出的假設(shè)，并結(jié)合會(huì)計(jì)盈余持續(xù)性模型，我們分三步對(duì)研究模型進(jìn)行設(shè)計(jì)。第一，將代表公司治理水平的變量CGI和交乘項(xiàng)CGI×Earn加入到模型中，得到檢驗(yàn)公司治理水平與會(huì)計(jì)信息相關(guān)性關(guān)系的回歸模型(1)。第二，將代表企業(yè)社會(huì)責(zé)任表現(xiàn)的變量CSR和交乘項(xiàng)CSR×Earn加入到會(huì)計(jì)盈余模型中，得到檢驗(yàn)企業(yè)社會(huì)責(zé)任表現(xiàn)與會(huì)計(jì)信息相關(guān)性關(guān)系的回歸模型(2)。第三，我們?cè)跁?huì)計(jì)盈余持續(xù)性模型的基礎(chǔ)上，加入代表公司治理水平的代理變量CGI和交乘項(xiàng)CGI×Earn以及代表企業(yè)社會(huì)責(zé)任表現(xiàn)的代理變量CSR和交乘項(xiàng)CSR×Earn得到考慮同時(shí)考慮兩因素對(duì)會(huì)計(jì)信息相關(guān)性影響的模型(3)。然后為了分析公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性協(xié)同影響，我們還將交乘項(xiàng)CGI×CSR和交乘項(xiàng)CGI×CSR×Earn加入到模型(3)中，最終構(gòu)建得到模型(4)。建立如下模型：

Earnit+1=α0+α1Earnit+α2CGIit+α3CGIit×Earnit+ΣλjCONSTROLit+ΣλjCONSTROLit×Earnit+Year+Industry+εit

(1)

Earnit+1=α0+α1Earnit+α2CSRit+α3CSRit×Earnit+ΣλjCONSTROLit+ΣλjCONSTROLit×Earnit+Year+Industry+εit

(2)

Earnit+1=α0+α1Earnit+α2CSRit+α3CSRit×Earnit+α3CGIit+α4CGIit×Earnit+ΣλjCONSTROLit+ΣλjCONSTROLit×Earnit+Year+Industry+εit

(3)

Earnit+1=α0+α1Earnit+α2CSRit+α3CSRit×Earnit+α3CGIit+α4CGIit×Earnit+α5CGIit×CSRit+α6CGIit×CSRit×Earnit+ΣλjCONSTROLit+ΣλjCONSTROLit×Earnit+Year+Industry+εit

(4)

其中，CSR為企業(yè)社會(huì)責(zé)任，CONSTROL為控制變量。根據(jù)已有的研究成果，我們選擇了公司規(guī)模(SIZE=期末總資產(chǎn)的自然對(duì)數(shù))、財(cái)務(wù)風(fēng)險(xiǎn)(DEBT=期末總負(fù)債/期末總資產(chǎn))、公司成長(zhǎng)性(GROWTH，主營(yíng)業(yè)務(wù)收入增長(zhǎng)率)、無(wú)形資產(chǎn)比例(INTAN=無(wú)形資產(chǎn)凈值/期末總資產(chǎn))以及是否虧損(LOSS，當(dāng)期凈利潤(rùn)為負(fù)時(shí)，取值為1，否則為0)，Year和Industry分別為控制年度和行業(yè)固定效應(yīng)影響的啞變量。

五、研究結(jié)果與分析

(一)描述性統(tǒng)計(jì)分析

表1列示了本文主要變量的描述性統(tǒng)計(jì)分析。從結(jié)果中可以看出，會(huì)計(jì)盈余的均值都處于0.04-0.05之間，這表明上市公司擁有較好的盈利能力。表2列示了企業(yè)社會(huì)責(zé)任表現(xiàn)的均值為36.245，中值為33.360，這表明上市公司的企業(yè)社會(huì)責(zé)任表現(xiàn)略顯左偏態(tài)。公司治理指數(shù)的最大值和最小值分別為0.819和-0.824，這表明不同上市公司的公司治理水平存在較大差異。資產(chǎn)負(fù)債率的均值為0.507，這表明上市公司的整體負(fù)債水平較高。公司成長(zhǎng)性的均值為0.179，最大值為1.916，最小值為-0.485，這表明上市公司整體具有良好的成長(zhǎng)性，但不同公司之間的成長(zhǎng)性差異也較大。

(二)相關(guān)系數(shù)分析

表3為本文主要變量之間的相關(guān)系數(shù)分析結(jié)果。結(jié)果顯示，會(huì)計(jì)盈余的當(dāng)期值與下期值的系數(shù)為0.765，表明上市公司的會(huì)計(jì)盈余具有較高的持續(xù)性水平；公司治理和企業(yè)社會(huì)責(zé)任表現(xiàn)與當(dāng)期會(huì)計(jì)盈余和下期會(huì)計(jì)盈余的系數(shù)均為正，表明公司治理和企業(yè)社會(huì)責(zé)任對(duì)企業(yè)的財(cái)務(wù)績(jī)效均表現(xiàn)出積極影響。此外，各自變量之間的相關(guān)性系數(shù)小于0.5，表明回歸模型中各自變量之間不存在多重共線性問(wèn)題。

表2 變量的描述性統(tǒng)計(jì)分析

表3 主要變量的Pearson相關(guān)分析

注：***、**、*分別表示在1%、5%、10%的水平上顯著。

(三)回歸分析

表4列示了各解釋變量對(duì)會(huì)計(jì)信息相關(guān)性影響的回歸結(jié)果。模型1是檢驗(yàn)公司治理對(duì)會(huì)計(jì)信息相關(guān)性的直接影響。在回歸結(jié)果中，公司治理的交乘項(xiàng)CGI×Earn的系數(shù)顯著為正(ɑ= 0.0969，p<0.1)，表明公司治理對(duì)會(huì)計(jì)信息的相關(guān)性具有正向影響，假設(shè)H1得以驗(yàn)證。模型2是檢驗(yàn)企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的直接影響。在回歸結(jié)果中，企業(yè)社會(huì)責(zé)任的交乘項(xiàng)CSR×Earn的系數(shù)顯著為正(ɑ= 0.0026，p<0.1)，表明企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息的相關(guān)性具有正向影響，假設(shè)H2得以驗(yàn)證。

為驗(yàn)證假設(shè)H3，我們?cè)谀Ｐ?和模型2的基礎(chǔ)上構(gòu)建出一個(gè)兩階段模型(模型3和模型4)。模型3將公司治理和企業(yè)社會(huì)責(zé)任兩個(gè)因素同時(shí)加入到模型中，控制其中一個(gè)因素來(lái)觀察另一個(gè)因素對(duì)會(huì)計(jì)信息相關(guān)性的影響。從模型3的回歸結(jié)果中可以發(fā)現(xiàn)，在控制了公司治理的因素后，企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響程度提高，顯著性水平提高且回歸系數(shù)變大(0.0027>0.0026)，說(shuō)明公司治理增強(qiáng)了企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響。在控制企業(yè)社會(huì)責(zé)任的因素后，公司治理對(duì)會(huì)計(jì)信息相關(guān)性的影響程度提高(0.1040>0.0969)。模型4在模型3的基礎(chǔ)上加入公司治理與企業(yè)社會(huì)責(zé)任及其對(duì)應(yīng)的交乘項(xiàng)。從模型4的回歸結(jié)果中可以發(fā)現(xiàn)，公司治理與企業(yè)社會(huì)責(zé)任對(duì)應(yīng)的交乘項(xiàng)CGI×CSR×Earn的系數(shù)顯著為正(ɑ= 0.0067，p<0.05)，且公司治理和企業(yè)社會(huì)責(zé)任的交乘項(xiàng)系數(shù)依舊顯著，并進(jìn)一步變大(0.1042>0.1040，0.0030>0.0027)。說(shuō)明公司治理和企業(yè)社會(huì)責(zé)任相互調(diào)節(jié)增強(qiáng)了各自對(duì)會(huì)計(jì)信息相關(guān)性的影響，假設(shè)H3得以驗(yàn)證。此外，無(wú)形資產(chǎn)比例和是否虧損對(duì)應(yīng)的交乘項(xiàng)系數(shù)均表現(xiàn)出顯著為負(fù)，表明無(wú)形資產(chǎn)比重較大的企業(yè)或虧損的企業(yè)會(huì)導(dǎo)致其會(huì)計(jì)信息相關(guān)性降低。

表4 公司治理、企業(yè)社會(huì)責(zé)任與會(huì)計(jì)信息相關(guān)性的回歸結(jié)果

注：***、**、*分別表示統(tǒng)計(jì)量在1%、5%、10%的水平上顯著。

(四)穩(wěn)健性檢驗(yàn)

為了驗(yàn)證研究結(jié)論的可靠性，本文還進(jìn)行了如下穩(wěn)健性檢驗(yàn)：

(1)首先，由于會(huì)計(jì)盈余中包含了非經(jīng)常性損益部分，而這部分并非由日常經(jīng)營(yíng)活動(dòng)所產(chǎn)生的，無(wú)法真實(shí)的反映企業(yè)的經(jīng)營(yíng)狀況。其次，在應(yīng)計(jì)利潤(rùn)中包含操縱性應(yīng)計(jì)利潤(rùn)部分，而這部分應(yīng)計(jì)利潤(rùn)具有轉(zhuǎn)回的屬性，給予了管理層操縱盈余平滑利潤(rùn)的空間，而非操縱性應(yīng)計(jì)部分則來(lái)源于正常的經(jīng)營(yíng)活動(dòng)。因此，我們分別采用扣除非經(jīng)常性損益后和扣除操縱性應(yīng)計(jì)利潤(rùn)后凈利潤(rùn)作為會(huì)計(jì)盈余的替代變量對(duì)研究假設(shè)進(jìn)行重新檢驗(yàn)，最終實(shí)證結(jié)果仍支持研究假設(shè)的結(jié)論。

(2)國(guó)內(nèi)外學(xué)者認(rèn)為價(jià)值相關(guān)性是財(cái)務(wù)報(bào)告信息有用性的一種重要表現(xiàn)，即利用資本市場(chǎng)的定價(jià)機(jī)制，通過(guò)股票估值的方式對(duì)會(huì)計(jì)信息決策有用性進(jìn)行反映。因此，我們參考已有的研究成果，采用價(jià)格模型作為衡量會(huì)計(jì)盈余價(jià)值相關(guān)性的基礎(chǔ)模型，并將代表公司治理的變量CGI和企業(yè)社會(huì)責(zé)任的變量CSR及其對(duì)應(yīng)的交乘項(xiàng)依次加入到價(jià)格模型中構(gòu)建出如下模型。

Pit=α0+α1NIit+α2BVEit+α3CGIit+α4CGIit×NIit+ΣλjCONSTROLit+Year+Industry+εit

(5)

Pit=α0+α1NIit+α2BVEit+α3CSRit+α4CSRit×NIit+ΣλjCONSTROLit+Year+Industry+εit

(6)

Pit=α0+α1NIit+α2BVEit+α3CGIit+α4CGIit×NIit+α5CSRit+α6CSRit×NIit+ΣλjCONSTROLit+Year+Industry+εit

(7)

Pit=α0+α1NIit+α2BVEit+α3CGIit+α4CGIit×NIit+α5CSRit+α6CSRit×NIit+α7CGIit×CSRit+α8CGIit×CSRit×NIit+ΣλjCONSTROLit+Year+Industry+εit

(8)

其中：Pit為公司i從第t+1年4月最后一個(gè)交易日的股票收盤價(jià)；NIit公司i第t年的每股收益；BVEit公司i第t年的每股凈資產(chǎn)；其余變量同前文所述。

表5 公司治理、企業(yè)社會(huì)責(zé)任與會(huì)計(jì)盈余價(jià)值相關(guān)性的回歸結(jié)果

注：***、**、*分別表示統(tǒng)計(jì)量在1%、5%、10%的水平上顯著。

表5列示了公司治理和企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)盈余價(jià)值相關(guān)性影響的回歸結(jié)果。在模型5中，公司治理的交乘項(xiàng)CGI×NI的系數(shù)顯著為正(ɑ= 2.727，p<0.1)，表明公司治理能夠?qū)?huì)計(jì)盈余價(jià)值相關(guān)性產(chǎn)生促進(jìn)作用，假設(shè)H1成立。在模型6中，企業(yè)社會(huì)責(zé)任的交乘項(xiàng)CSR×NI的系數(shù)顯著為正(ɑ=0.047，p<0.05)，表明企業(yè)社會(huì)責(zé)任能夠?qū)?huì)計(jì)盈余價(jià)值相關(guān)性產(chǎn)生促進(jìn)作用，假設(shè)H2成立。在以模型5和模型6為基礎(chǔ)模型，以模型7和模型8作為擴(kuò)展模型的比較時(shí)發(fā)現(xiàn)，在模型7中公司治理的交乘項(xiàng)CGI×NI和企業(yè)社會(huì)責(zé)任的交乘項(xiàng)CSR×NI的系數(shù)均顯著提高(3.244>2.727，0.052>0.047)，在模型8中公司治理與企業(yè)社會(huì)責(zé)任對(duì)應(yīng)的交乘項(xiàng)CSR×CGI×NI的系數(shù)顯著為正(ɑ=0.168，p<0.05)，且公司治理和企業(yè)社會(huì)責(zé)任的交乘項(xiàng)系數(shù)進(jìn)一步變大(3.676>3.244，0.064>0.052)，表明公司治理和企業(yè)社會(huì)責(zé)任相互調(diào)節(jié)增強(qiáng)了各自對(duì)會(huì)計(jì)盈余價(jià)值相關(guān)性的影響，假設(shè)H3成立。

六、結(jié) 論

本文以我國(guó)2009-2013年滬深兩市A股中發(fā)布社會(huì)責(zé)任報(bào)告的上市公司為研究樣本，以會(huì)計(jì)信息的預(yù)測(cè)價(jià)值為研究視角，實(shí)證檢驗(yàn)了公司治理對(duì)會(huì)計(jì)信息相關(guān)性的影響，企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響以及公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的協(xié)同影響。研究結(jié)果表明：(1)良好的公司治理機(jī)制能夠有效地緩解由于委托代理問(wèn)題而導(dǎo)致的信息不對(duì)稱現(xiàn)象，從而實(shí)現(xiàn)企業(yè)對(duì)外披露會(huì)計(jì)信息相關(guān)性水平的提高，這說(shuō)明公司治理能夠?qū)?huì)計(jì)信息相關(guān)性發(fā)揮監(jiān)督和促進(jìn)作用。(2)履行社會(huì)責(zé)任較好的企業(yè)，能夠切實(shí)的遵守公認(rèn)會(huì)計(jì)準(zhǔn)則的規(guī)定，披露會(huì)計(jì)信息相關(guān)性較強(qiáng)的財(cái)務(wù)報(bào)告。因此，企業(yè)的受托社會(huì)責(zé)任表現(xiàn)與受托財(cái)務(wù)責(zé)任存在正相關(guān)關(guān)系。(3)公司治理與企業(yè)社會(huì)責(zé)任互相調(diào)節(jié)增強(qiáng)了各自對(duì)會(huì)計(jì)信息相關(guān)性的積極影響。公司治理水平的提高增強(qiáng)了企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的促進(jìn)作用，同時(shí)企業(yè)社會(huì)責(zé)任意識(shí)的提高也會(huì)增強(qiáng)公司治理對(duì)會(huì)計(jì)信息相關(guān)性的監(jiān)督作用，即公司治理與企業(yè)社會(huì)責(zé)任對(duì)會(huì)計(jì)信息相關(guān)性的影響存在協(xié)同效應(yīng)。

本文的研究結(jié)論也給了我們以下三方面的啟示。首先，不論是基于自身經(jīng)濟(jì)利益考慮，還是真誠(chéng)的履行企業(yè)公民的義務(wù)，履行社會(huì)責(zé)任較好的企業(yè)都能夠?qū)ν馀断嚓P(guān)性較強(qiáng)的會(huì)計(jì)信息。這表明在我國(guó)當(dāng)前市場(chǎng)環(huán)境下，企業(yè)的受托社會(huì)責(zé)任表現(xiàn)與受托財(cái)務(wù)責(zé)任存在正相關(guān)關(guān)系，企業(yè)社會(huì)責(zé)任能夠?qū)?huì)計(jì)信息質(zhì)量發(fā)揮治理作用。所以，企業(yè)社會(huì)責(zé)任并非外生于企業(yè)的公司治理結(jié)構(gòu)，而是嵌入于現(xiàn)代公司治理體系之中的。其次，企業(yè)應(yīng)當(dāng)在加強(qiáng)公司治理結(jié)構(gòu)建設(shè)的同時(shí)進(jìn)一步加強(qiáng)對(duì)管理層履行社會(huì)責(zé)任意識(shí)的培養(yǎng)，提高企業(yè)內(nèi)部公司治理效率，進(jìn)而完善內(nèi)部公司治理體系，在社會(huì)責(zé)任戰(zhàn)略的制定和執(zhí)行時(shí)，應(yīng)同時(shí)加強(qiáng)對(duì)公司治理機(jī)制的完善，切實(shí)提高企業(yè)的公民意識(shí)。如前文所述，如果企業(yè)沒(méi)有社會(huì)責(zé)任感，那么便不會(huì)重視與各利益相關(guān)者契約的公平性，公司治理就難以發(fā)揮對(duì)信息披露質(zhì)量的監(jiān)督和約束作用。因此，企業(yè)應(yīng)實(shí)現(xiàn)公司治理與企業(yè)社會(huì)責(zé)任相融合的整體性治理戰(zhàn)略的制定。最后，我國(guó)政府有關(guān)決策部門應(yīng)積極推廣上市公司的社會(huì)責(zé)任履行，不僅是注重企業(yè)在社會(huì)資源使用后回饋社會(huì)的要求，還應(yīng)著眼于社會(huì)責(zé)任意識(shí)在企業(yè)管理層受托責(zé)任履行中發(fā)揮的監(jiān)督和約束作用，進(jìn)而實(shí)現(xiàn)公司治理效率的提高以及現(xiàn)代企業(yè)公司治理結(jié)構(gòu)的完善。

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責(zé)任編輯、校對(duì)：李斌泉

Abstract: Using the sample of Shanghai and Shenzhen A-share listed companies from 2009-2013, this paper empirically examines the impact of corporate governance and corporate social responsibility on accounting information relevance, the synergy effect of corporate governance and corporate social responsibility on the accounting information relevance. The result shows that the improvement of the corporate governance is helpful to enhance the degree of relevance of accounting information; the better social responsibility performance of enterprises, the higher financial report accounting information relevance. Further study found that corporate governance can enhance the promoting effect of corporate social responsibility on the accounting information relevance, corporate social responsibility can enhance the positive impact of corporate governance on the accounting information relevance. It indicates that corporate governance and corporate social responsibility have a synergistic effect on the relevance of accounting information. The conclusions confirm that the corporate social responsibility plays a role of the governance of accounting information quality and has a certain guiding significance in promoting social responsibility performance of listed companies in the future.

Keywords: Corporate governance; Corporate social responsibility; Accounting information relevance; Synergistic effect

“The Comprehensively Deepening Reform Theory” and China’s Crossing “Middle-income Trap”

FENG Genfu1,2

(1.School of Economics and Finance, Xi’an JiaoTong University, Xi’an 710061, China;2.XJTU-SIDVC Financial and Investment Research Center, Suzhou 205000,China)

The third plenary session of the 18th central committee of the communist party of China puts forward the theory of comprehensively deepening reform, which was firstly proposed from the historical experience and realistic height by Comrade Xi Jinping as general secretary. It is a significant development of the theory of socialism with Chinese characteristics. Using the theory of comprehensively deepening reform to analyze the historical problems left over from the economic and social development in China since the reform and opening-up and the new problems emerging at present, it can be found that the uncoordinated economic system reform, political system reform, social system reform, cultural system reform and ecological civilization reform are the key issues that restrict China to overcome the “middle income trap” in the future. Therefore, we must, under the guidance of the comprehensively deepening reform theory put forward by the third plenary session of the 18th central committee of the communist party of China, comprehensively and orderly promote economic, political, social, cultural, ecological civilization and other fields to achieve a coordinated development of economy, politics, society, culture and ecology civilization. Only in this way, China will be able to overcome and resolve various social contradictions and risks, and successfully cross the “middle income trap” to achieve the great rejuvenation of the Chinese nation.

The comprehensively deepening reform theory; Coordinated development of the economic society; Crossing middle-income trap

Re-measuring Chinese Factor Income Distribution

TAN Xiaopeng, CHAO Xiaojing

(School of Economic and Management, Northwest University, Xi’an 710127, China)

Abstract: This paper uses the related data about Chinese flow of funds and provincial income approach of GDP, and calculates the factor income distribution structure of China and its every region from 1992 to 2014 on the basis of adjusting individual business owners’ mixed income and state farm operating surplus. The results demonstrate that, from the overall situation of the whole country, the share of labor income has stayed in a low level steady state since 1992, the share of capital income appears a long-term and moderate upward trend and the share of government appears a cyclical fluctuation. On the regional level, the provinces’ fluctuations and trends are significantly different. The common is that, the percentile of government income is smallest and the fluctuation extent is obscure. The provinces with obvious change trend include Liaoning, Jiangsu, Beijing city, Shaanxi, Jiangxi and Anhui.

Keywords: Factor income distribution; Flow of funds; Provincial income approach GDP; Individual business owners’ mixed income; State farm operating surplus

Promoting Capital Market Reform Surrounding Third Great Forces of Asset Pricing

WANG Ren, WEI Jie

(1.School of Finance and Finance, Chongqing Technology and Business University, Chongqing 400067, China;2.School of Economics and Management, Tsinghua University, Beijing 100084, China)

Abstract: The reform of Chinese capital market could not be confined to enhancing the quality of listed companies or restricting the behavior of listed companies and investors, but paying more attention to those third great forces such as investor protection, listing and trading system, micro market structure which is enough to affect asset pricing. Perfecting the system of securities legislation and law enforcement oriented to investor protection, and constricting the destructive growth behaviors is the institutional cornerstone of regulating the development of capital market. Breaking the threshold of access to capital market, and replacing the verification-based stock-issuing system with registration-based stock-issuing system is the guarantee of preventing unfair competition and rent seeking. Filling the technical loopholes in the transaction process to ensure the harmony of futures and spot, leverage and forward delivery, price limit and trade halts system is the firewall to ensure the smooth performance of capital market and prevent those potential financial risks. Developing different institutional investors, optimizing the micro market structure is the lasting and stable development road of China’s capital market.

Keywords:Investor protection; Market structure; Trading system

Basic Research or Applied Research: Who can Promote TFP Growth More?—Adjustment Effect of Ownership and Factor Market Distortion

WANG Wen, SUN Zao

(School of Economics and Finance, Xi’an Jiaotong University, Xi’an 710061, China)

Abstract: During the period of economic transition, the influencing mechanism of different types of research and development activities on the total factor productivity (TFP) in China is more complicated than that in the mature market economies. This paper first analyzes the different effects of basic research and applied research on innovation between state-owned enterprises and private enterprises due to their difference of resource endowment and institutional logic, and then analyzes the adjusting effect of factor market distortion and joint adjusting effect of ownership and factor market distortion on the relationship between two kinds of research and development activities and regional TFP. Further Empirical analysis results based on the provincial panel data of China from 1998 to 2014 and the finite distributed lag model show that, basic research contributed more to TFP growth than applied research in the regions with high proportion of state-owned economy, and applied research contribute more to TFP growth than basic research in the regions with low proportion of state-owned economy. It is also shown that factor market distortion will weaken the influence of basic research and applied research on TFP, among which the influence of basic research was weaken more, and the adjusting effect of ownership also relied on the factor market distortion. The discovery of this paper could provide further empirical evidence for scientifically determining the adjustment direction and implementation focus of national innovation support policy.

Keywords:Basic research; Applied research; Regional TFP; Ownership; Factor market distortion

A Study of the Forced Mechanism of the Low Carbon Constraint on Energy Intensity

PAN Xiongfeng, PAN Xianyou, LI Changyu

(Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, China)

Abstract: From the perspective of basic relationship between low carbon constraint and energy intensity, this paper theoretically argues direct and indirect impacts of carbon productivity on energy intensity. On this basis, this paper empirically analyzes China’s provincial panel data from the period 2000-2014. The results demonstrate that the trajectory of the direct effects of carbon productivity on energy intensity is U-shape. For China’s current situation, carbon productivity can effectively keep energy intensity down, but the marginal effects of “energy saving” that carbon productivity brings about are weakening because of the rise of the cost of energy saving. Moreover, carbon productivity regulation inversely force the industry structure to upgrade itself, changing the effects that industry restructure have on energy intensity; Secondly, the technology innovation induced by carbon constraint may somewhat have rebound effects on energy intensity; At last, foreign direct investment, as one of the effective measures to reduce energy intensity, whose technology spillover and capital accumulation will be influenced by the acceleration effects of carbon productivity

Keywords: Carbon productivity; Energy intensity; Forced mechanism; Dual effect

The Win-win Relationship between Environmental Regulation and Economic Growth:Evidence from TCZ Policies in China

WU Mingqin1,2, ZHOU Shimin2, CHEN Jiachang2

(1.South China Market Economy Research Center, South China Normal University, Guangzhou 510006, China;2.School of Economics and Management, South China Normal University, Guangzhou 510006, China)

Abstract:We take the “Acid Rain Control Zone and SO2Pollution Control Zone” (TCZ) policy that was implemented in 1998 as a natural experiment. Based on a large society and economy development dataset of 280 key cities in China from 1992-2009, this paper investigates the relationship between the policy of the TCZ and economic growth by employing the empirical method of difference-in-difference (DID). The results demonstrate that the policy of TCZ caused the GDP per capita to increase by 8.30% and the industrial GDP per capita to increase by 16.30%. This implies that implement of the appropriate and draconian environmental regulation can significantly promote economic development, and achieve a win-win situation for both the environmental protection and economic growth. Finally, the results are robust to a series of specification tests which include the test of difference of the geography, spatial distribution and the political factors in the TCZ cities.

Keywords:Environmental regulation; Economy growth; TCZ policy; DID

Uncertainty Shocks, Bank Risk-taking and Economic Fluctuations

MA Xutao, SHEN Yue

(School of Economics and Finance, Xi’an Jiaotong University, Xi’an 710061, China)

Abstract:Considering the uncertainty shocks, this paper constructs a continuous time DSGE model including banking sector to analyze the mechanism of bank risk-taking, explores the impacts of uncertainty shocks on bank risk-taking and economic fluctuations and reveals the bank risk-taking channel of uncertainty shock affecting economic fluctuations. The result finds that bank risk-taking behavior is related to bank capital quantity and economic uncertainty degree. The bank will increase risk-taking with the rise in bank capital or economic stability. The impulse response analysis demonstrates that economic shocks have direct effects on bank capital and economic uncertainty degree and are transmitted and amplified through this two mechanisms, and that the uncertainty shocks still is a non-ignorable factor contributing to economic fluctuations.

Keywords: Uncertainty shock; Bank risk-taking; Economic fluctuations; Continuous time DSGE Model

Life Expectation and National Saving—Based on the Analysis of Aggregate Equation with Variable Coefficient of GDP Growth Rate

JIN Gang1, ZHANG Qiuqiu2

(1.Institution of Population Research, Liaoning University, Shenyang 110036, China;2.School of Business Administration, Shenyang Univesity, Shenyang 110044, China)

Abstract:By relaxing on the assumption of traditional life-cycle theory about fixed time span of both life and working, this paper introduces survival function into analytical framework of traditional life-cycle theory. The results find that GDP growth rate in aggregate saving equation with survival function has variable coefficient, which should be constant in aggregate saving equation without survival function. The improvement of life expectation from 15 years old would increase the coefficient of GDP growth rate while the improvement of life expectation from 15 years old to 60 years old would decrease that. The result of empirical analysis of panel data based on 218 countries around the world during 1981-2010 supports the above conclusions. Along with the improvement of life expectation, the coefficient of GDP growth rate in aggregate saving equation is increasing. But the amplification of the coefficient of GDP growth rate of some countries or districts is apparently bigger than others, which might cause the improvement of national saving rate is faster than that of GDP growth rate in these countries or districts.

Keywords: Life expectation; Working period; Economic growth rate; National saving rate; Variable coefficient of GDP Growth Rate; Aggregate saving equation

Effectiveness of Monetary Policy on the Financial Asset Structure and Macro-economic Fluctuations

XU Mei

(School of Economics, Northwest University of Politics and Law, Xi’an 710063, China)

Abstract:The adjustment of monetary policy can affect the consumption and investment of the individuals. The accumulation of individual behavior will result in the creation of the macro financial asset structure. Through credit and financing, the financial capital will be converted to physical capital and thus have an impact on macroeconomic. In this paper, by constructing Sidrauski model, the effects of monetary policy path hypothesis are put forward. Then ARDL-ECM is build to argue that the monetary policy effect on the structure of financial assets is more effective than macroeconomic, short-term adjustment is more effective than long-term.

Keywords:Monetary policy; Financial assets structure; Macro-economic fluctuation; Sidrausiki model; ARDL-ECM

Decentralization, Local Debt and Modern Financial Reform—Based on the Effect Analysis from Different Angles of Fiscal Decentralization

WANG Jieru

(Institute of Finance and Taxation, Shandong University of Finance and Economics, Jinan 250014，China)

Abstract:It is generally recognized by domestic academia that local debt was born within fiscal decentralization. The mainstream view is that payment imbalance will lead to the expansion of local government spending scale. Another view supports the “l(fā)eviathan” hypothesis, and points out that fiscal decentralization can limit the excessive expansion of local government spending. But how fiscal decentralization functions specifically in local debt remains to be further research. This article sets up a theoretical framework of fiscal decentralization associated with local government debt, and conducts empirical tests from three angles of expenditure decentralization, revenue decentralization and vertical fiscal imbalance. The results show that the decentralization effects should not be treated as the same. Improving revenue decentralization, reducing expenditure decentralization and vertical fiscal imbalance will be helpful to a lower level of the local debt. To build the modern government relationship, it needs to increase central general transfer payment after the “split 50-50”, with strict management of government spending. At the same time, moderately relaxing revenue management, giving the local government limited tax revenue legislative right, and building a local tax system is very important.

Keywords:Debt level of local government; Expenditure decentralization; Revenue decentralization; Vertical fiscal imbalance

Formal Credit Constraints and Influencing Factors of Specialized Farmers:Evidence from 725 Apple Growers in China

MA Yanni, HUO Xuexi

(Western Rural Development Research Center School of Economics and Management,Northwest Agriculture and Forest University, Yangling 712100,China)

Abstract: The specialized household has a difficulty of financing. This paper comparatively analyzes formal credit constraints condition and causes of specialized households with different scales by using the micro-data of 725 apple growers in China and the status of leading specialized households. The results show that the specialized households generally are subject to credit constraints of formal financial institutions, and are given priority to that of demand type. Leading specialized households are vulnerable to credit constraints of supply type, and the cumbersome financial procedure, a long time of examination and approval are the main reasons that led to the credit constraints. The Logistic analysis shows that the farmers in the western region are vulnerable to credit constraints. In addition, the farmers with more family labor and apple planting area, less family net incomes, greater the distance to bank outlets, and larger amount of each loan, will be subject to credit constraints.

Keywords: Leading specialized household; Formal credit constraints; Logistic model; Influencing factors

The Effect of Housing Demolition on the Household Entrepreneurship in the Process of Urbanization

FAN Cijun, ZHANG Donghao

(Research Institute of Economics and Management, Southwestern University of Finance and Economics,Chengdu 611130, China)

Abstract: Since the reform and opening up, China’s urbanization level has substantially been improved, and the housing demolition also gradually accelerates. Using Chinese Household Finance Survey 2011 data, this paper studies the effect of housing demolition on household entrepreneurship. We find that the housing demolition significantly decreases the probability of entrepreneurship and the amount of company assets. In further studies, we show the negative relationship between the demolition and entrepreneurship varies in housing state. Those who have houses suffer less from this negative relationship. At last, we also find that the effects of demolition on entrepreneurship are heterogeneous, the negative effect of demolition is biggest for the renters, is smaller for households having one house and is smallest for households having multiple houses.

Keywords: Housing demolition; Entrepreneurship; Housing ownership; Heterogeneity

Corporate Governance, Corporate Social Responsibility and Accounting Information Relevance

MAO Zhihong, JIN Long

(Business School, Jilin University, Changchun 130012; China)

2016-06-28

教育部人文社會(huì)科學(xué)研究規(guī)劃基金項(xiàng)目“公允價(jià)值分層披露的經(jīng)濟(jì)后果研究”(批準(zhǔn)號(hào):14YJA630043)。

毛志宏(1961-)，吉林省吉林市人，吉林大學(xué)商學(xué)院教授，會(huì)計(jì)系主任，博士生導(dǎo)師，研究方向：財(cái)務(wù)會(huì)計(jì)；金龍(1988-)，吉林省長(zhǎng)春市人，吉林大學(xué)商學(xué)院博士研究生，研究方向：財(cái)務(wù)會(huì)計(jì)，公司金融。

A

1002-2848-2016(06)-0112-10