Research On The Impact Of Stock Incentives On Accounting Robustness Of Listed Companies In China

In recent years,China has set off a wave of equity incentive,since 2006,the state promulgated the implementation of equity incentive laws,the implementation of equity incentive companies each year is also increasing,the past five years this growth trend is particularly evident.However,due to the late development of China’s capital market,in the development of equity incentive mechanism,there are some obvious problems,resulting in the actual implementation of the final effect of equity incentive greatly reduced.This paper studies the effect of equity incentive from the perspective of prudence in the quality of accounting information,which has certain reference significance for the listed companies to choose the equity incentive model reasonably.This article mainly includes the following five chapters.The first chapter introduces the research background and significance of this paper,literature review and research content and methods.In the literature review part of the domestic and foreign research on equity incentive and accounting conservatism of the relevant literature were reviewed,through the domestic and foreign related literature can be found in a large part of the study concluded that the implementation of equity incentive will reduce the company’s Accounting conservatism,but the analysis of the reasons more one-sided.In this paper,the change of accounting conservatism level as a measure of dialectical thinking to analyze the effect of the implementation of equity incentive,has a certain practical significance.The research method of this paper mainly adopts the method of combining qualitative and quantitative.The second part of the theoretical analysis is the main part of the equity incentive and accounting conservatism of the two aspects of the relevant theory.In the description of the theory of equity incentive,the first step is to clarify the concept of equity incentive;secondly,five kinds of existing equity incentive model,especially the most widely used stock option model and the characteristics of restrictive stock model are described,The analysis of the characteristics of the implementation of equity incentive in China to analyze the status quo,found that the implementation of equity incentive to the majority of listed companies did not really play its long-term incentive role.In the analysis of the theory of accounting conservatism,the concept of accounting conservatism is discussed first.Secondly,the classification of accounting conservatism is divided,and the accounting conservatism referred to in this paper is defined.Finally,this paper introduces the main methods and their application of accounting conservatism,and finds out that the measurement method of cash flow is the most in line with the national conditions of our country.The last part of the other related theories that will be used are described,which enriches the theoretical basis of this paper.Finally,three hypotheses of this paper are obtained from the theoretical analysis.The third chapter of the study design selected from 2011 to 2015 5 years in the A-share listed 662 companies 3310 data as the observed value;in the choice of model,taking into account the applicability of the model and the specific circumstances of China’s market,Project-cash flow model as the basic model.In order to better verify the impact of the implementation of the equity incentive plan on the accounting conservatism,the accrual-cash flow model and the C-Score method Combined to quantify the company’s accounting conservatism level.In the empirical analysis of descriptive statistics,correlation analysis and multiple regression analysis,the following conclusions are drawn: First,in the regression results of the original model and the modified model,the accounting conservativeness project The coefficient is positive,and the results are significant,indicating that the vast majority of listed companies in China have followed the principle of accounting prudence.Second,in the model regression results,the implementation of equity incentive and accounting conservatism level cross-impact project coefficient is negative,indicating that the implementation of equity incentive in China will be to a certain extent,reduce the level of corporate accounting conservatism.Thirdly,we can see from the hypothesis that the size of the proportion of executive holdings and the degree of accounting conservatism show a more obvious inverted U-type,which shows that the implementation of equity incentive is weakening the accounting conservatism The role is not absolute,the proportion of managers will change the proportion of equity incentive to the ultimate effect of accounting conservatism.In the fifth chapter,this paper provides some suggestions,such as perfecting the management system of equity incentive,making effective performance appraisal system and perfecting the internal supervision system of the company.At the same time,there are some shortcomings in this paper,mainly on the accrual project-the cash flow model is not comprehensive consideration,the choice of variables is not rich,in the future study will be more comprehensive view of the problem,analysis of the problem.