| Economic information plays a crucial role in macroeconomic management,working as a bridge between stakeholder and enterprises,and also an important means of enterprise and competitors.It is even used by government to make macro-control decisions.The development and perfection of market economy are becoming more and more independent of the support and orientation of economic information.In this context,the information quality takes an important prerequisite to ensure the rationality of corporate governance mechanism and the effectiveness of resource allocation.As an important part of economic information,accounting information plays an indispensable role in the operation of capital market As a consequence,accounting information can eliminate the asymmetry of information and make the market more efficient and supply decision making information for decision makers.However,with the development of the stock market,the enterprises tended to use financial data to whitewash report,give false positive news to investors influencing interests in the results of causing serious damage to the interests of investors.In the recent years many listed companies have exposed scandals of accounting information quality,which led accounting information quality to a hot discussion topic in public.Although the China Securities Regulatory Commission(CSRC)and other regulatory agencies continue to improve the way and method of accounting information disclosure to avoid and constrain accounting information fraud,but because information needs are diverse,different preferences for the users of information are not the same.Even the same class of users,their needs are different,when the analysis method and preference differences.Which cause information quality to be hardly ensured and,it seems not to solve fundamentally the problem of accounting information distortion.There is a realized need to reduce the negative environmental impacts of economic society.The quality of accounting information is closely related to the internal and external factors of company.In terms of internal factors,a higher professional level and moral quality of the top management has a direct and more positive impact on the authenticity and reliability of accounting information,vice versa.At same time external factors as the macro survival environment can hardly be ignored alone.Hence,in this paper,we studied on the combination of external macro environment during China’s economic transition period with executive compensation and excess compensation taken as important parts of the internal governance mechanism from aspects of principal agent,compensation contract and management power using the methods of normative research and empirical research.After data analysis,influence of the external macro environment and the executive compensation on the quality of accounting information was found,and some suggestions on improving the quality of accounting information in China were put forward.This thesis was composed of five parts.First part was about introduction in which a review of literature about the influencing factors of information quality,macro environment,executive compensation and executive excess compensation to exposure the theoretical significance and practical significance of the research in the context of the transition period,as well as the research ideas and research methods and show the necessity for research on theoretical,practical significance,research ideas and research methods under the background of economy transition.In the second part,we elucidated the definition and theoretical basis about macro environment,executive compensation,executive excess compensation and the quality of accounting information,and then elaborated the principal-agent,contract and compensation management power theories.The third part included theoretical analysis on the present situation of the macro environment of China’s listed companies and executive compensation leading to discussion about mechanism of macro environment,executive compensation in excess of the quality of accounting information.The fourth part was about empirical test.A share of the 11638 observation samples in Shanghai and Shenzhen stock markets during the years of 2009-2015 were selected to test the accordance to hypothesis mentioned above using OLS regression method.In the fifth part were the conclusions and policy recommendations.The study found that:(1)the relationship of macro environment and the quality of accounting information is significantly positive,that means the macro environment as an exogenous variable has an important impact on corporate governance,a better macro environment could improve the quality of accounting information;(2)Executive compensation can significantly improve the quality of accounting information indicating that to some extent,a higher compensation of executive is cost-effective to economy developing.In the other hand high salary is the embodiment of executive ability,which shows that the compensation contract theory is still applicable in China;Though application of(2)to many economies,but(3)with the improvement of the macroeconomic environment,the macro environment had a certain degree of substitution effect of the impact of the executive compensation in excess on accounting information quality,that was the macro environment could weaken the effect of executive compensation on the quality of accounting information;(4)Compared with the private enterprises,the macro environment had a stronger influence on the accounting information quality.An important reason for this interesting phenomenon stems from their differences in management and operation mode.This may be also due to the state owned enterprises have a more favorable environment for development and the existence.,of pay restraint mechanism.Nevertheless it showed that the discrepancy of the economic consequences brought by the nature of property rights was worthy of further study. |
