西方会计期刊中的中国问题研究系列3

今天推荐的两篇论文均来自《Advances in Accounting》中文译名又叫《会计进展》。

一、《研发资本和审计费用：来自中国的证据》。

第一篇由台湾袁泽大学的Cheng、台湾中央大学的Lu和南开大学的Kuo合作的《研发资本和审计费用：来自中国的证据》。

这篇论文主要研究了资本化R＆D成本与审计费用之间的关系，以及这种关联是否反映了盈余管理的影响。论文通过对中国上市公司进行探索，发现资本化研发成本与审计费用正相关，这种正相关对于资本化研发成本的任意部分和非全部部分都适用。此外，资本化R＆D成本的自由部分与审计收费对于具有更强动力来操纵收益的公司更为明显。

总体而言，该文研究发现意味着公司的报告激励机制会影响审计师对客户会计选择的反应。这反过来表明，审计师认为一些公司利用研发来操纵收益，由此产生的收益管理问题导致他们收取更高的费用。

题目：R&D capitalization and audit fees: Evidence from China

作者：Jia-Chi Cheng, Chia-Chi Lu, Nan-Ting Kuo

来源：Advances in Accounting, incorporating Advances in InternationalAccounting 35 (2016) 39–48

摘要：Our study investigates the association between capitalized R&Dcosts and audit fees andwhether this association reflects the effect ofearnings management. By exploring Chinese listed firms, we find thatcapitalized R&D costs are positively associated with audit fees, where suchpositive association holds for both the discretionary and nondiscretionaryportions of capitalized R&D costs.Moreover, the positive associationbetween the discretionary portion of capitalized R&D costs and audit feesis more pronounced for firms with stronger incentives tomanipulate earnings.Overall, our findings imply that firms' reporting incentives affect howauditors react to clients' accounting choices. This in turn suggests thatauditors believe some firms capitalize R&D to manipulate earnings, and theresulting earnings-management concerns lead them to charge higher fees..

二、《为什么中国的股市具有高度同步的股价走势？信息供给的角度》

这篇论文是对Morck等人（2000）研究的一个回应，Morck等人（2000）证明中国股市是全球第二大同步市场，表明信息环境较差。但Morck等人（2000）的研究结论只是一种猜测，认为政府质量与各国信息环境的横截面变化有关，但缺乏政府质量影响同步证券价格的渠道证据。

与Morck等人（2000）的研究不同，这篇论文的研究填补了空白，为政府质量和信息环境之间的联系提供了渠道。研究发现，低质量的政府财产权保护薄弱与公司特定信息的供应减少有关。也就是说，由这些政府统治的企业没有披露其真实表现，导致中国股价同步性高。这篇论文的研究还发现，企业的隐藏活动受到企业政治联系和外部信息调解的影响。综合来看，这篇论文的研究有助于解释信息环境中的跨国差异及其与国家政治经济的联系。

题目：Why does China's stock market have highly synchronous stock pricemovements? An information supply perspective

作者：Karen Jingrong Lin, Khondkar E. Karim, Clairmont Carter

期刊：Advances in Accounting, incorporating Advances in InternationalAccounting 31 (2015) 68–79

摘要：Morck et al. (2000) document that China's stock market is thesecondmost synchronous market in the world, indicating an inferior informationenvironment. These authors conjecture that government quality is associatedwith cross-sectional variance of information environments across countries, yetevidence on the channels through which government quality affects synchronoussecurity prices is lacking. Our study fills the void and presents a channel forthe link between government quality and information environment.We find thatlow-quality government with weak property rights protection is associated withless supply of firm-specific information. That is, firms ruled by thesegovernments are refrained fromdisclosing their true performances, causing highstock price synchronicity in China. We also find that firms' hiding activitiesare affected by firms' political connectedness and external informationmediation. Our study contributes to the literature explaining cross-countrydifferences in information environments and its link to the country's politicaleconomy..