佳作分享|论公司现金储备和可操纵性应计

Corporate cash savings and discretionary accruals

论公司现金储备和可操纵性应计

 · 文章作者 · 

Jianjun Jia

ShanghaiTech University, Shanghai, China

Lili Shao 

Shanghai Lixin University of Accounting and Finance, Shanghai, China, and

Zhenzhen Sun

University of Massachusetts Dartmouth, Massachusetts, USA, and

Fang Zhao

Siena College, Loudonville, New York, USA

Citation

Jia, J., Shao, L., Sun, Z. and Zhao, F. (2020), "Corporate cash savings and discretionary accruals", China Finance Review International, Vol. 10 No. 4, pp. 429-445. https://doi.org/10.1108/CFRI-09-2019-0139

 · 摘要 · 

本文研究了可操纵性应计对公司现金储备政策的影响，分析了公司现金储备行为的动机，在此基础上，探讨了可操纵性应计与现金储备的关系将如何影响资本市场对公司现金储备的价值判断。本文基于前五年平均信息构建可操纵性应计利润指标，研究可操纵性应计和现金变动的关系，同时借鉴了Faulkender和Wang（2006）的方法衡量了在可操纵性应计下现金储备的市场价值。本文的研究表明，可操纵性应计高的公司储备了更多的现金，前者增加一个标准差，后者将提升12.59％，与此同时这些公司的现金价值也将更低，这一现象在公司治理更差的样本中表现地更为突出，而财务约束对上述现象的影响并不显著。实证结果表明可操纵性应计对公司的现金市场价值有负面的影响，发现支持了可操纵性应计是管理层机会主义盈余管理的工具的观点。综上所述，我们的研究提供了管理层运用可操纵性应计进行盈余管理的进一步证据。

Purpose

This paper assesses how discretionary accruals (DAs) affect corporate cash savings policies and the motivation behind this cash saving behavior and, also whether the linkage between DAs and cash saving affect the market-perceived cash value.

Design/methodology/approach

We construct the measure of DAs using the previous five-year average information to investigate the association of DAs with the change in cash. Moreover, the Faulkender and Wang (2006) methodology is utilized to examine the market-perceived cash value in DAs.

Findings

The key finding is that firms with high DAs save significantly more cash. A one standard deviation increase in DAs saves cash by 12.59%. Furthermore, the value of cash is low for these firms. The effect is stronger in firms with poor governance but not present in financially constrained firms.

Research limitations/implications

The empirical evidence highlights DAs have negative effect on market-perceived cash value, which underscores the insight that managers manage earnings opportunistically using DAs.

Originality/value

Taken together, we provide more evidence on the literature of accruals in earnings manipulation.

Keywords

Corporate governance, Discretionary accruals, Earnings management, Cash savings, Financial constraints

 · 文章结构 · 

1. Introduction

2. Hypothesis development

3. Data and methodology

   3.1 Sample

   3.2 Discretionary accruals measures and other firm characteristics

   3.3 The cross-sectional regressions of the change in cash

   3.4 Descriptive statistics
   

4. Empirical results

   4.1 Sorting approach

   4.2 Regressions of the change in cash

   4.3 The marginal value of cash and discretionary accruals

   4.4 The marginal value of cash for poorly governed firms

   4.5 The marginal value of cash in financially constrained firms
   

5. Conclusions
   

研究成果

 · 1 ·   Summary statistics.

 · 2 ·   Correlations.

 · 3 ·   The change in cash for portfolios sorted on discretionary accruals.

 · 4 ·   Regressions of cash change on discretionary accruals.

 · 5 ·   The impact of discretionary accruals.

 · 6 ·   The impact of corporate governance proxy.

 · 7 ·   The impact of financial constraints

 · 结论· 

This paper ties DAs to corporate cash saving policy by investigating the role of DAs on the change in cash and the marginal cash value of high vs low discretionary accruals firm. To the best of our knowledge, our paper is the first paper studying the effects of DAs on corporate savings. We document that high DAs firm save significantly more cash. Additionally, we assess the effects of DAs on cash value. Specifically, the market places lower value to high DAs firm than that for low DAs firm. Finally, we show that the display of the negative effect of DAs on the value of cash is more pronounce for poorly governed firms but not presents in financially constrained firms. Overall, we provide supporting evidence to the hypothesis that managers use DAs as opportunistic device to deliberately manage earnings.

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作者简介

贾建军，上海科技大学创业与管理学院副教。他的研究领域为会计准则、公司金融等，他的主要学术成果发表在会计研究、当代财经等期刊上。他于2008年获得复旦大学大学会计学博士学位。

邵丽丽，上海立信会计金融学院，会计学院教授。她的研究领域主要为金融工具会计准则、企业风险管理。她2009年获得上海财经大学管理学博士学位。

孙珍珍， 美国麻州大学达特茅斯分校Charlton 商学院金融学助理教授。她的研究领域为公司金融，投资，以及风险管理等，她的主要学术成果发表在Management Science, Journal of Banking and Finance, Journal of Corporate Finance，Financial Analyst Journal， and Journal of Investment Consulting 等国际期刊上。在加入麻州大学达特茅斯分校以前，她曾经是Siena College的副教授。她于2010年获得罗德岛大学博士学位。

赵芳，美国Siena College商学院金融学副教授。她于2006年获得路易斯安娜理工大学工商管理博士学位。她的研究领域包括银行风险管理，公司金融，地产投资，以及金融服务等。她主要的学术成果发表在Banking and Finance Review, Journal of Real Estate Research, Case Research Journal, and Journal of Financial Services Marketing等国际期刊上。

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