The Accounting Review, November 2017, Vol. 92, No. 6, pp. 77-101.
会计稳健性是否减轻了CEO过度自信的缺点？
作者：Charles Hsu (The Hong Kong University of Science and Technology, China), Kirill E. Novoselov (Shanghai University of Finance and Economics, China), Rencheng Wang (The University of Melbourne, Australia)
摘要
过于自信的CEO们更愿意启动需要实验的投资项目，然而当项目没有按计划执行时，他们往往会推迟对坏消息的回应。会计稳健性加速了对坏消息的认识以及对公司领导人的传播，这使得CEO更有可能提前承认问题并开始寻找解决方案。因此，拥有CEO过度自信和会计稳健性这两个特征的公司应该表现得更好。我们的实验证实了这一预测：实行稳健性会计准则同时被过度自信的CEO管理的公司，有着更好的现金流表现。我们的结果在各种设置中继续成立，包括市场对收购的反应，现金流的下行风险，以及分析师的跟踪。此外， CEO过度自信和会计稳健性的联合正面效应在高度不确定性环境下，和在融资约束不严格的公司中表现得更强，这与理论预测一致。
Does Accounting Conservatism Mitigate the Shortcomings of CEO Overconfidence?
Charles Hsu (The Hong Kong University of Science and Technology, China), Kirill E. Novoselov (Shanghai University of Finance and Economics, China), Rencheng Wang (The University of Melbourne, Australia)
ABSTRACT
Overconfident CEOs are more willing to initiate investment projects that require experimentation, yet tend to defer responding to the bad news when the project is not performing as planned. Accounting conservatism accelerates the recognition of the bad news and its dissemination to gatekeepers, making it more likely that the CEO will acknowledge the problem earlier and start searching for solutions. Therefore, firms where both characteristics—CEO overconfidence and accounting conservatism—are present should perform better. Our empirical tests confirm this prediction: firms that practice conservative accounting and are run by overconfident CEOs exhibit better cash flow performance. Our results continue to hold in a variety of settings, including market reactions to acquisitions, cash flow downside risk, and analyst following. Further, the joint positive effect of CEO overconfidence and accounting conservatism on firm performance is stronger in high-uncertainty environments and in firms facing less stringent financing constraints, consistent with theoretical predictions.
原文链接：http://www.aaajournals.org/doi/pdf/10.2308/accr-51718
翻译：阙江静
