实证会计理论

出版时间：2009  出版社：中国人民大学出版社  作者：（美）瓦茨（Watts R.L.）,（美）齐默尔曼（Zimmerman，J.L.）  页数：381  
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前言

This book reviews the theory and methodology underlyingthe large and growing economics-based empirical literature in account-ing. Theory does not present a rule for choosing among alternativeaccounting procedures （e.g., choose the one that better matches revenueand expense）. Rather, theory provides an explanation for accountingand auditing practice. For example, a theory explains why some firmsuse accelerated depreciation methods and others use straight line andwhy some firms use Big Eight auditors and others do not. Such a theoryis important to accountants and managers; it helps them to make betterdecisions when conditions change and they are confronted with unfa-miliar situations.The theory, as it currently exists, is far from complete. In fact,the investigation into the factors affecting accounting and auditingpractice is just beginning, and the causes of the empirical regularitiesthat have been observed are still debated. This is expected because theworld is complex and continually changing. Complexity and changeensure that we will never have a complete theory of accounting.

内容概要

　　《实证会计理论》是第一部汇集实证研究成果的会计理论专著，也是久负盛名的实证研究的发源地——罗切斯特大学——所属学派研究成果的浓缩，总结了瓦茨和齐默尔曼在1978—1979年提出的实证会计理论框架，以及随后产生的一些经验主义的证据。两位著名会计学专家在书中探讨了资产计价模型、盈利信息含量、管理者薪酬计划、会计政策选择等实证会计研究的前沿领域，介绍和评述了许多著名的实证研究成果。《实证会计理论》虽成书于20世纪80年代后期，但经久不衰，所倡导的实证研究方法也风行学界。它是最经常被引用的经典会计著作之一，也是会计专业研究生的必读书。

作者简介

作者：(英国)罗斯·L·瓦茨 (Ross L.Watts) (英国)杰罗尔德·L·齐默尔曼 (Jerold L.Zimmerman) 罗斯·L·瓦茨(RossL Watts)，罗切斯特大学教授，著名会计学家。1971年在芝加哥大学获博士学位。曾任澳大利亚纽卡斯尔大学商业系主任，罗切斯特大学教员委员会副主席，西蒙商学院院长遴选委员会主席、金融研究与政策项目主任、院长顾问，兼任．Journal0，AccountingandEconomics等学术期刊的编委。杰罗尔德·L·齐默尔曼(JeroldL．Zimmerman)。罗切斯特大学教授，著名会计学家。兼任。JournalofAccountingandEconomics等学术期刊的编委。讲授会计学、财务学和经济学等多门课程，著述主要集中在成本分配、预算、审计、财务会计理论、兼并与收购、资本市场等领域。

书籍目录

前言序言第1章  会计理论的作用第2章  有效市场假说与资本资产计价模型第3章  会计盈利与股票价格第4章  竞争性假说的辨识第5章  会计数据、破产与风险第6章  盈利预测第7章  信息揭示管制理论的演变：一种新理论的开端第8章  订约程序第9章  薪酬计划、债务契约与会计程序第10章  会计与政治活动第11章  会计选择的经验检验第12章  股票价格的检验理论第13章  契约理论在审计中的应用第14章  会计研究的作用第15章  实证会计理论：总结、评价与前景参考文献

章节摘录

Biddle and Lindahl's sample is 311 LIFO change firms and spansthe years 1973 through 1980. But over half the sample, 183 firms, areclustered in 1974. They find that the c1 and C2 coefficients are positiveand statistically significant. That is, the larger the tax savings, the largerthe change in the value of the firm. Similarly, the larger the unexpected"as if" earnings, the higher the value of the firm. These results areconsistent with the EMH and the capitalization of the tax savings andare inconsistent with the mechanistic hypothesis.Over half of Biddle and Lindahl's sample have decreases in risk,a finding that is inconsistent with Ball, Sunder, and Ricks. The coeffi-cient of tax savings is still positive and significant after accounting forthe risk changes.One methodological problem with the study is the clusteringof the observations in time and in particular industries. The resultsare primarily due to 1974 changes. The clustering means that there iscross-sectional correlation in the data that will tend to understate thestandard errors of, and overstate the significance of, the coefficients c~and c2.Perhaps a more important problem is discovered when Biddleand Lindahl estimate equation （4.2） using abnormal returns for theindividual quarters of 1974. The coefficient of the tax savings vari-able is significantly positive only for the regressions estimated using thefirst and third quarters of 1974. It is significantly negative for thefourth quarter, a quarter in which the change tends to be announced.Biddle and Lindahl explain this result by suggesting that it couldbe due to measurement errors in abnormal returns （see Biddle andLindahl, 1982, p. 581）. Their measurement error explanation doesnot rule out the mechanistic hypothesis but rather is another competinghypothesis.CONCLUSIONBiddle and Lindahl's argument that Ricks's results are influencedby a self-selection bias is plausible, and it is consistent with macroecon-omic data. Their own results from using a 15-month cumulation periodfor abnormal returns （which confirm the joint hypothesis and rejectthe mechanistic hypothesis）, combined with this argument, suggest thatthe no-effects hypothesis rather than the competing hypothesis isdescriptive. However, the negative coefficient of tax savings for thefourth quarter of 1974 confuses the issue. More empirical research intothe fourth quarter effect and the contradictory results of Ricks （1982）and Biddle and Lindahl （1982） will undoubtedly be forthcoming.A common hypothesis in the accounting literature prior to theintroduction of the EMH, CAPM, and positive theory was that the stockmarket is misled by changes in accounting procedures. Such a hy-pothesis contradicts the EMH, which implies that the stock marketreacts in an unbiased fashion to all information, including informationthat accounting procedures have changed. The natural outcome, giventhe early empiricists' adherence to scientific methodology, was anattempt to discriminate empirically between the two hypotheses.The EMH has no predictions about the direction or sign of stockprice changes associated with accounting changes. Its only predictionis that any stock price changes accompanying accounting changes aresuch that the resultant stock price is an unbiased estimate of the stock'sfuture value. Prediction of stock price changes requires a valuationmodel. I nfiuenced by the finance literature, the early researchers adoptedthe CAPM and its assumptions of no information and transaction costs.The only potential cash flow effect of accounting procedures wasassumed to be taxes. Thus they predicted that no stock price changeswould accompany accounting changes unless those changes affectedtaxes.The competing hypothesis （the mechanistic hypothesis） has acontradictory prediction （i.e., that an accounting change that increasesearnings increases stock prices）. The earliest researchers attempted todiscriminate between the two contradictory predictions. Kaplan andRoll （1972） investigated stock price changes associated with changes inprocedures for the investment tax credit and depreciation switchbacksusing the event study methodology introduced to accounting by Balland Brown （1968）. Ball （1972） investigated the stock price effects of alltypes of accounting changes, arguing that the stock price effect of anychanges affecting taxes would not influence the predictions.Both studies revealed methodological problems associated withusing event studies to test the stock price effects of accounting changes.A problem observable in the results of both is a selection bias in termsof contemporaneous unexpected earnings that prevents the "averagingout" of variables other than accounting changes. A second problempresent in the Kaplan and Roll study is the clustering of observationsin time and industries. That clustering also leads to the result thatvariables other than accounting changes do not average out. A thirdproblem Ball's study reveals also involves the violation of the ceterisparibus assumptionmthe risk of a firm's stock changes when accountingprocedures change.very weak evidence on the no-effects hypothesis. This methodologicalproblem and those in the preceding paragraph reduce the ability ofthe early studies to discriminate between the no-effects and mechanistichypotheses.A more powerful test of the no-effects hypothesis is a test of anonzero stock price change prediction. Such a prediction can begenerated from the no-effects hypothesis for accounting changes thataffect taxes. Sunder （1973, 1975） led the literature in this direction bytrying to discriminate between the two competing hypotheses usingLIFO and FIFO changes. Sunder's study, however, is subject to theclustering and contemporaneous unexpected earnings selection biasproblems.Eventually, studies attempted to discriminate between the hy-potheses using LIFO changes and controlling for the contemporaneousunexpected earnings selection bias. Ricks （1982） controls the selectionbias problem by matching firms that change to LIFO with firms thatdo not change but have approximately the same earnings change. Hefinds evidence consistent with the mechanistic hypothesis and incon-sistent with the no-effects hypothesis.Biddle and Lindahl （1982） argue that Ricks's matching procedureintroduces a self-selection bias that can explain Ricks's results. Theyconcentrate on LIFO change firms, controlling the earnings selectionbias using unexpected earnings as an explanatory variable when testingthe effect of LIFO tax savings on abnormal rates of return. Biddle andLindahl's results are consistent with the no-effects hypothesis andinconsistent with the mechanistic hypothesis. However, those resultsare not definitive because the stock price effects of the tax savings areconcentrated in early quarters and because of clustering problems.The way the discriminatory tests developed illustrates the waystudies build on previous studies. Problems discovered in one study areaddressed by a later study. The literature gradually iterates towardmore powerful tests, tests that can better discriminate. No early studycan hope to be definitive. The development process shows that progressis made by attempting to answer the questions. The more powerfultests used by Biddle and Lindahl are possible because of the efforts ofthe pioneers, Kaplan and Roll, Ball and Sunder.The literature, the leading articles of which are summarized inthis chapter, had an important effect that has not been discussed: itcaused researchers to ask questions that led to a related, but differentliterature on the stock price effect of accounting changes. One of thequestions raised is, Why do whole industries change accounting proce-dures （e.g., paper and steel in Kaplan and Roll's sample） when suchchanges are costly and have no beneficial effects on stock price？ Thosequestions, in turn, led some researchers to drop the zero information

编辑推荐

《实证会计理论》的主要贡献在于：深入研究了会计信息（主要是盈利信息）与股票价格的相关性；针对会计与管理者薪酬计划、债务契约进行了实证检验；对会计政策选择进行了实证检验。作者在引进有效市场假说与资本资产计价模型的基础上，通过检验。提出了信息成本不为零的观点。由于信息成本、代理成本和政治成本等的存在，进一步论证了契约理论和各种最佳选择的必要性。《实证会计理论》的出版，对提高实证会计理论研究和掌握实证会计研究方法具有重要的指导意义，有利于推动我国实证会计研究的发展。——葛家澍实证会计理论从20世纪70年代末被提出至今已有30年了。回顾这30年会计研究发展的历史。实证会计理论在其中占据了重要的地位。实证会计理论一个最重要的贡献在于把会计方法作为主要的研究变量，引导会计研究者对会计问题进行思考，改变了纯粹把会计抽象为一个信息信号的思考角度，为会计研究注入了活力。

用户评论 (总计4条)

•   这本书对于学会计专业的研究生以上阶段的人来说应该是必读的！
•   会计专业研究生不可不读的一本书~英文原版必须一读再度~
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