Separation Of Control Right And Cash Flow Right,Nature Of Property Right And Accounting Robustness

The principle of accounting conservatism is a long-standing and far-reaching accounting principle.In the field of corporate governance,his role can not be underestimated.Basu(1997)systematically combs the theory and practice of accounting conservatism,and finds that accounting conservatism has existed for more than five hundred years.Since the 1980s,the value of fair value measurement has been implemented in international accounting standards and the outbreak of the US subprime mortgage crisis in 2008 has made people's attention to the year.Since La Porta R.et al.(1999)published an article entitled "Corporate Ownership around the World" in "Journal of Finance",the core issue of corporate governance has been marked by shifting from the traditional first-class principal-agent conflict The second kind of principal-agent problem between the medium-sized shareholder and the ultimate controlling shareholder.At present,the academic circles in the study of the impact of accounting conservatism factors,mostly from the company's top shareholders of the ownership structure of the company,but the direct holding of large shareholders may be less influential than the actual control of the company;in the study of the ultimate controlling shareholder characteristics of the enterprise The impact of more emphasis on the performance of enterprises,value,earnings management and investment efficiency and other fields,to study its impact on accounting conservatism of the article is numbered.At the same time,most studies only stay at the level of the relationship between the separation of the ultimate controlling shareholder and the accounting conservatism,and the discussion on the relationship between the two is discussed in the background.As China's share reform from the beginning,the system background is relatively special,state-owned and non-state property rights of the enterprise operating mechanism there is a big difference,it is necessary to further further study.Therefore,this paper chooses 5804 data of listed companies traded in Shanghai and Shenzhen from 2009 to 2016 as the research samples,from the perspective of the second type of principal-agent relationship,traced back to the ultimate controlling shareholder,based on the Basu model and accrual-cash(Hereinafter referred to as the"ACC model"),the relationship between the ultimate controlling shareholder and the accounting conservatism is studied,and the mechanism of the ultimate property right in this relationship is studied in order to promote the capital market Healthy development,strong policy to promote the provision of data and theoretical support.The results show that:(1)the ultimate control and cash flow separation of listed companies exist accounting conservatism.(2)There is a negative correlation between the degree of control and the cash flow right of the ultimate controlling shareholder of the listed company and the accounting conservatism.(3)Under the nature of different property rights,the relationship between the degree of separation of powers and the conservatism of accounting is different.The negative correlation between the ultimate controlling shareholder and the state-owned listed company is more significant than that of non-state-owned listed companies.Because the Basu model has a high demand for market effectiveness,this paper uses the Ball and Shivakumar(2005),which is not required for market effectiveness,to perform a robustness test and set the threshold for ultimate control from 20%The results show that the above conclusions are robust and reliable.The innovation of this paper is that the research angle of this paper is novel.At present,the academic circles in the study of the impact of accounting conservatism factors,mostly from the company's top shareholders of the ownership structure of the company,but the direct holding of large shareholders may be less influential than the actual control of the company;in the study of the ultimate controlling shareholder characteristics of the enterprise The impact is also focused on the business performance,value,earnings management and investment efficiency and other common areas,to study its impact on the accounting of the impact of the number of articles.Therefore,the retrospective control chain to the ultimate controlling shareholder,from the ultimate ownership structure to study its impact on the accounting conservatism is quite new.Secondly,it has been studied that only the ultimate degree of separation of the ultimate controlling shareholder and the level of accounting conservatism are discussed.The further refinement of the relationship between the two is discussed in the background.This paper not only studies the overall impact of the second kind of principal-agent problem on the accounting conservatism,but also discusses the background of China's special system and discusses its impact from the perspective of property rights,and uses two different empirical models(BASU Model and ACC model)to verify the conclusions of this paper,so that the study more detailed and in-depth.