【正文】 產(chǎn)權(quán)理論與財(cái)務(wù)和會(huì)計(jì)研究 魏明海 教授 Phone: 02084114179 Email: SYSUminghai 2 內(nèi)容提要 ?為什么選擇產(chǎn)權(quán)理論？ ?如何運(yùn)用產(chǎn)權(quán)理論研究財(cái)務(wù)與會(huì)計(jì)問題？ ?專用資產(chǎn)與繼承對財(cái)務(wù)和會(huì)計(jì)問題的解釋 ?關(guān)系資產(chǎn)與腐敗對財(cái)務(wù)和會(huì)計(jì)問題的解釋 ?股權(quán)分置改革后的相關(guān)問題（股權(quán)可交易性對會(huì)計(jì)問題的解釋） SYSUminghai 3 第一部分 為什么選擇產(chǎn)權(quán)理論？ SYSUminghai 4 先看 Topdown research approach SYSUminghai 5 Institutions Government Firm anization system Corporate governance Role of accounting and corporate policies Topdown Research Framework SYSUminghai 6 Country Institutions The legal system (the court and the law) The government (regulations, public sector governance) The society (religion, ideology, custom, social norm) Markets Product, labor, manager, raw material, financial capital Firms Firm boundary (vertical integration, diversification) Ownership and control structures Governance structures (accounting, boards of directors, executive pensation, reputation mechanisms) SYSUminghai 7 Topdown research approach (FAN 2022) ? Observe ? Identify a key institutional factor ? Develop a series of research issues ? Analyze how incentives and behaviors of economic agents (governments or firms) are affected when we impose the institutional constraint ? Analyze how the governance structures of contracts and anizations are chosen subject to the institutional constraint ? Data collection and empirical tests SYSUminghai 8 key institutional factors ? Ownership ?Concentration, transferability ?Government ownership ?Family ownership ? Organization ?Vertical integration, diversification, group affiliation ?Allocation of decision rights within a firm SYSUminghai 9 Topdown Approach的程序是（ T. J. Wong, 2022 ） ? Identify key institutional factors that shape anization and incentives ? These factors include property rules, government’s role in economy, market and legal development ? These factors also shape the corporate governance, accounting and corporate policies ? Apply mon theories or analytical frameworks only institutions are different SYSUminghai 10 可以從哪些方面理解 Institutional Setting ? Institutions of East Asia （ T. J. Wong, 2022 ） ? Political economy ? Close ties between government and business ? Rent seeking society ? Legal systems ? Poor protection of property rights ? Private enforcement of contracts ? Weak protection of outside shareholders ? Culture and social norm ? Low trust society ? Relationshipbased transactions ? Family firms SYSUminghai 11 ? China’s Institutional Setting （ Economic in transition ? Govt vs. Market） （ T. J. Wong, 2022 ） ? Capital markets (state vs. market) ? IPO, rights offerings and delisting controlled by govt (quota system。 ROE targets) ? State banks – related lending ? Government not market plays a big role ? Majority ownership by the state ? partial privatization (minority shares) of SOEs ? direct (SAMB) and indirect (parent SOE) government majority ownership ? Government shares cannot to be sold easily ? Incentive issues: soft budget constraints。 SOE pursuing noneconomic goals SYSUminghai 12 ? Control (mgmt vs. state) ? 1992, central govt granted SOEs 14 rights, mainly operating rights ? Rights not given: Mamp。A, disposal of assets, appointment of chairman and CEO ? Boards and management filled with govt bureaucrats。 not professional ? Incentives issue: government interventions。 double agency of management ? Economy is decentralized ? Local governments own SOEs and have production and fiscal autonomy ? Listed SOE can bring resources and political capital to local govt ? Weak legal systems and undeveloped markets ? Poorly developed legal system and markets, more government interventions ? Institutions vary across provinces in China, which allows xsectional parisons across regions SYSUminghai 13 再看一篇論文 及投資者保護(hù)會(huì)計(jì)研究 Bushman R， A Smith. 2022. Financial accounting information and corporate governance. Journal of Accounting and Economics. 32: 237–333. SYSUminghai 14 財(cái)務(wù)會(huì)計(jì)信息 股價(jià)信息 經(jīng)濟(jì)業(yè)績 渠道 1 更好地辨識好項(xiàng)目和壞項(xiàng)目 （項(xiàng)目辨識） 渠道 2 對經(jīng)理人項(xiàng)目選擇和利益侵占的約束 （治理作用） 渠道 3 減少投資者之間的信息不對稱 （逆向選擇） 降低外部 融資成本 財(cái)務(wù)會(huì)計(jì)信息影響經(jīng)濟(jì)業(yè)績的三條渠道 轉(zhuǎn)引自 Bushman和 Smith（ 2022） SYSUminghai 15 ? 當(dāng)投資者權(quán)利的法律保護(hù)較強(qiáng)時(shí)，經(jīng)濟(jì)業(yè)績可以作為投資者保護(hù)程度的一個(gè)替代變量。 ? Bushman和 Smith（ 2022）在綜述相關(guān)的會(huì)計(jì)實(shí)證研究時(shí)，詳細(xì)分析了會(huì)計(jì)信息提高經(jīng)濟(jì)業(yè)績的三條渠道。 SYSUminghai 16 ? 在不考慮逆向選擇和道德風(fēng)險(xiǎn)的情況下，公司高管人員和投資者仍然可能由于缺乏相關(guān)、可靠的信息對投資項(xiàng)目進(jìn)行錯(cuò)誤的判斷，從而導(dǎo)致無效投資。會(huì)計(jì)信息能夠幫助公司高管人員和投資者辨別投資項(xiàng)目的優(yōu)劣，提高投資的效率，發(fā)揮項(xiàng)目辨識的作用（如圖中渠道 1所示）。 ? 然而，在研究設(shè)計(jì)中往往難以單獨(dú)區(qū)分出這一渠道的作用機(jī)制，與其他渠道的作用相分離，因此，相關(guān)的實(shí)證研究并不多見（ Biddle和 Hilary， 2022）。 SYSUminghai 17 ? 考慮到公司高管人員可能存在的道德風(fēng)險(xiǎn)，會(huì)計(jì)信息在投資者與公司高管人員的激勵(lì)和約束機(jī)制中可發(fā)揮重要的治理作用（如圖中渠道 2所示），降低公司內(nèi)部的代理成本。 ? 這個(gè)領(lǐng)域的研究隨著公司治理相關(guān)研究的擴(kuò)展得到了迅速的發(fā)展。 SYSUminghai 18 ? 由于公司內(nèi)部人與外部投資者（包括潛在投資者）之間存在著信息不對稱，會(huì)計(jì)信息有助于緩解這種信息不對稱，幫助外部投資者對公司資產(chǎn)進(jìn)行合理定價(jià)，減少可能發(fā)生的逆向選擇現(xiàn)象（如圖中渠道 3所示）。 ? 這個(gè)領(lǐng)域的研究大都伴隨著對資本市場有效性的檢驗(yàn)和討論。 SYSUminghai 19 ? 財(cái)務(wù)會(huì)計(jì)信息是公司財(cái)務(wù)會(huì)計(jì)過程和外部報(bào)告系統(tǒng)的產(chǎn)品，并按要求公開披露，反映公司財(cái)務(wù)狀況和業(yè)績。 ? 在投資者保護(hù)中，財(cái)務(wù)會(huì)計(jì)信息主要有定價(jià)和治理兩個(gè)方面的作用機(jī)制： SYSUminghai 20 ? 一方面，財(cái)務(wù)會(huì)計(jì)信息能夠降低公司內(nèi)部人與外部投資者之間的信息不對稱程度，促進(jìn)投資者事前準(zhǔn)確定價(jià)和形成正確的投資決策； ? 另一方面，財(cái)務(wù)會(huì)計(jì)信息進(jìn)入治理過程，約束和限制公司內(nèi)部人的機(jī)會(huì)主義行為或利益侵占行為，減少事后可能的代理成本，保護(hù)投資者獲取投資回報(bào)（ Healy和Palepu， 2022）。 SYSUminghai 21 SYSUminghai 22 SYSUminghai 23 SYSUminghai 24 SYSUminghai 25 SYSUminghai 26 Property rights and transaction costs as useful analytical tools for understanding how governance works SYSUminghai 27 Economics of Property Rights Economics of Transaction Costs Agency Theory SYSUminghai 28 The property rights theory – overview ? Any asset is attached with a bundle of property rights ? The property rights of the asset are assigned (partitioned) among economic agents through laws/rules and exchanges ? The property rights theory analyzes what determine the partition of