文献类型：期刊文献

中文题名：中小股东“在线发声”与企业会计稳健性——来自雪球论坛的证据

英文题名：Minority Shareholders’ “Online Voice” and Accounting Conservatism:Evidence from the Snowball Forum

作者：罗劲博[1];熊艳[2]

机构：[1]兰州大学管理学院,甘肃兰州730000;[2]华东理工大学商学院,上海200237

年份：2021

卷号：47

期号：12

起止页码：150

中文期刊名：财经研究

外文期刊名：Journal of Finance and Economics

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;社科基金资助期刊;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家自然科学基金青年项目(71702056);国家自然科学基金地区项目(71762014);教育部人文社会科学研究规划基金项目(21YJA630101)。

语种：中文

中文关键词：社交媒体;中小股东;会计稳健性

外文关键词：social media;minority shareholders;accounting conservatism

摘要：长期以来,中小股东参与公司治理的实际效果饱受质疑,而社交媒体为中小股东提供的"在线发声"平台极大地扭转了中小股东边缘化的弱势局面。文章基于2013-2017年雪球股票论坛的讨论帖数据,分析了中小股东在雪球股票论坛的讨论对企业会计稳健性的影响及其机制。研究发现,中小股东在社交媒体上的在线讨论显著提高了被讨论公司下一年的会计稳健性,这一作用主要通过增加监管介入、抑制大股东掏空和降低企业盈余管理水平实现。此外,社交媒体讨论提高会计稳健性降低了债务融资成本,增加了股东权益保护,提高了公司业绩。因此,社交媒体已成为影响会计稳健性的重要因素,是中小股东参与公司治理的新"通道"。文章的研究有助于揭示社交媒体的公司治理价值,丰富和更新中小股东在公司治理中的作用和功能,为会计稳健性的影响因素研究提供新的视角与证据。
Listed companies have potential losses and other bad news due to governance failure and improper decision-making. If it is not confirmed in time, the accounting conservatism of the company will be reduced, and the rights and interests of minority shareholders will suffer losses. On the one hand, strict and standardized corporate governance will bring a high level of accounting conservatism demand. However, its successful implementation requires the effective coordination and integration of other mechanisms. On the other hand, corporate creditors are the main demanders of accounting conservatism originally, but due to the strong voice of creditors and the collusion between controlling shareholders and creditors, creditors’ awareness of accounting conservatism is significantly reduced, resulting in small and medium-sized shareholders becoming the loss bearers in the multi-party interest game. Meanwhile, due to the inherent limitations of the governance ability and means of minority shareholders, when other stakeholders of the company cannot rely on,minority shareholders can only take the initiative to “voice” and require the company to confirm the bad news in time and improve accounting conservatism, while the use of large-scale social media will provide important help for their voice.Using the text analysis method of large samples, this paper empirically tests the impact of social media discussion of minority shareholders on accounting conservatism, as well as the relevant action mechanism and economic consequences. It is found that the social media discussion of minority shareholders can significantly improve accounting conservatism, and has an impact on accounting conservatism by improving the probability of inquiry and supervision, inhibiting the tunneling of major shareholders and corporate earnings management. The economic consequence test shows that the positive impact of social media discussion of minority shareholders on accounting conservatism has significantly reduced the cost of corporate debt financing, improved the protection of shareholders’ rights and interests, and improved corporate performance.The contributions of this paper are as follows: Firstly, it finds that minority shareholders are important demanders of accounting conservatism, which enriches the motivation research of improving accounting conservatism. Secondly, it provides new empirical evidence for the research on the impact of social media on executive decision-making. The social media voice of minority shareholders affects accounting conservatism by asking for supervision, tunneling of major shareholders and inhibiting earnings management, which is an expansion and supplement to the active participation of minority shareholders in corporate governance research.Thirdly, it expands the research vision on the impact of social media on the capital market, enriching the literature on the economic consequences of social media. This paper provides a reference for the securities regulatory authority to protect the rights and interests of minority shareholders. We need to attach great importance to the governance function of social media voice of minority shareholders. In the future, we should not only standardize the information exchange content of social media, but also combine unofficial media with official voice channels, so as to provide greater convenience for social media to supervise listed companies.