Research On The Relationship Between Accounting Conservatism And Enterprise

With the continuous expansion of enterprise scale,enterprise management and related stakeholders pay more and more attention to enterprise value.Enterprise value is the symbol of sustainable profit and long-term development of enterprises,and also the guarantee of stakeholders to obtain benefits.There is a very important relationship between accounting conservatism and enterprise value.In the accounting practice of enterprises,the principle of accounting conservatism is to deal with various uncertainties faced by enterprises with a cautious attitude.The moderate accounting information can alleviate information asymmetry,reduce agency costs,attract more investment,and protect the interests of stakeholders.Therefore,the study of the relationship between accounting conservatism and enterprise value has a certain significance.In the course of the study,this paper introduces the background and significance of the study,comprehensively expounds the domestic and foreign literature on accounting conservatism and enterprise value,and puts forward the research contents,methods and innovations.On the basis of contract theory,agency theory and information asymmetry theory,the mechanism of accounting conservatism to enterprise value is analyzed.According to the above theoretical analysis,the hypothesis is put forward and the empirical analysis is carried out.In the process of empirical analysis,this paper selects the A-share manufacturing listed companies in Shanghai and Shenzhen from 2011 to 2017 as the sample,and selects relevant financial data and corporate governance data from CSMAR database.Taking Tobin Q value as agent variable of enterprise value,accounting conservatism and property right nature as explanatory variables,choosing enterprise size,financial leverage profitability and the proportion of independent directors as control variables,and exploring the internal relationship between accounting conservatism and enterprise value.The results show that:(1)there is accounting conservatism in listed manufacturing companies in our country;(2)there is a positive correlation between accounting conservatism and enterprise value,which shows that accounting conservatism can enhance enterprise value;(3)under different property rights,the impact of accounting conservatism on enterprise value is different,in non-state enterprises,accounting conservatism plays a more significant role in enhancing the value of enterprises.Finally,according to the results of the study,suggestions are put forward from three perspectives: the government management department,the enterprise itself and the stakeholders,so as to promote enterprises to use accounting conservatism more reasonably and enhance their own enterprise value.