【2018年10月7日】2018年会计学术论坛
发布时间:09-29-18

时间:2018年10月7日(周日)9:00-17:00

地点:同济大厦A楼23楼会议室 

学术论坛共分四场学术报告:

报告一:

报告主题:融券业务对公司避税行为的制约效应

报告人:王西子 博士

工作单位:北京大学光华管理学院

报告摘要:本文研究了融券业务对公司避税行为的影响问题。研究发现,我国2010年推出的融券业务,能够制约上市公司的避税行为;进一步研究发现,融券业务推出后公司的信息透明度得到了显著的提升,同时,融券业务对公司避税行为的制约效应在公司所处地区市场化程度比较低的公司中更为明显,表明融券业务鼓励投资者挖掘出来的公司负面消息及其所带来的股票下跌直接对公司的管理层产生影响,从而体现了融券业务的公司治理作用。本文丰富了有关卖空机制方面的研究,也深化了公司避税方面的研究;本文的研究结论对于股票市场的设计与监管具有重要的启示作用。 

报告二:

报告主题:职业风险基金计提与审计质量

报告人:申慧慧 副教授

工作单位:首都经济贸易大学

报告摘要:本文研究会计师事务所职业风险基金计提比例对审计质量的影响及作用机制。研究结果表明,事务所职业风险基金计提比例越高,公司的超额应计越低。进一步研究显示,职业风险基金提取比例与审计工时正相关,且职业风险基金的提取比例越高,提出的审计调整中向下调整盈余显著较多,出具的非标审计意见也较多。以上研究结果表明,计提较高的职业风险基金增强了会计师事务所的风险意识,因此在审计过程中通过增加更多的审计程序以发现审计中的问题,同时,为了降低未来的诉讼风险,审计师更倾向于向下调整盈余以及出具更加保守的审计意见。 

报告三:

报告主题:Does Joining Global Audit Firm Networks & Associations Affect Audit Quality and Audit Pricing? Evidence from China

报告人:刘慧龙 副教授

工作单位:对外经济贸易大学

报告摘要:Taking Chinese domestic audit firms as cases, this paper uses DID approach to study the impact of joining global audit firm networks & associations (hereafter referred to as AF N&As)on audit quality and audit pricing. We find that joining global AF N&As reduces clients' accrual-based earnings management, but has no significant impact on audit opinions and audit fees. These results suggest that joining global AF N&As improves audit quality, but has no significant impact on audit independence, which means that the audit quality improvement stems from auditing capability improvement rather than audit independence improvement, and joining global AF N&As does not provide more pricing power for Chinese domestic audit firms. Additional tests shows that joining global AF N&As increases the clients' real earnings management, which suggest that the clients replace the accrual-based earnings management with real earnings management in response to the audit quality improvement. Our findings should be of interest to CICPA because they encourage domestic audit firms to join global AF N&As. In addition, our findings should be informative to audit firms when deciding whether to join global AF N&As, and to investors, regulators and researchers interested in audit quality or audit pricing in China stock market. 

报告四:

报告主题:When is Cash King?

International Evidence on the Value of Cash across the Business Cycle

报告人:游家兴 教授

工作单位:厦门大学管理学院财务学系

报告摘要:“Cash is king, especially in a recession.” The conventional wisdom suggests that corporate cash holdings should be valued at a premium during recessions when precautionary motives are stronger. However, from the perspective of agency conflicts, business downturns aggravate firms’ agency problems between insiders and outside shareholders; thus, investors tend to discount the value of firms’ cash holdings during recessions. We test these two competing hypotheses by examining the value of cash across different phases of the business cycle, using a sample of firms from 41 countries over the 1991–2009 period. Our results show that the business cycle has a substantial effect on the value of cash: $1 of cash is valued about $0.69–$0.74 higher during a boom than during a recession, which is consistent with the agency-conflicts hypothesis. Taking national differences in cultural psychology and legal institutions into account, we find that this effect is not sensitive to the level of national uncertainty avoidance, but varies with the level of investor protection, thereby lending further support to the agency-conflicts hypothesis rather than the precautionary-motive hypothesis. In sum, we find that investors place a higher value on $1 of a firm’s cash holdings during booms than during recessions, and the possible mechanism that drives this effect is that agency conflicts during recessions are more severe than during booms.