The effects of accounting regulations on organizational change and corporate governance : an empirical perspective

本研究探讨了收购防御计划对股票价格的影响，分部信息的价值相关性，以及审计质量对IPO市场价格形成的影响。我在日本金融协会、日本审计协会、日本国际会计研究协会、日本信息披露研究协会的年会上发表了这些实证结果。我找到了割草的证据：（1）在2005 - 2006年采用防御性收购计划的150家公司中，既存在防御性收购的防御效应，也存在防御性收购对股票价格的正向影响;（2）在1998 - 2006年的14,498家公司年度样本中，分部信息的国内外收益显著与价值相关，合并收益和股东权益账面价值的定价考虑了合并范围、业务多元化和海外业务的活跃性。（3）在2000年至2004年的665起IPO样本中，财务报表的可靠性基本上得到审计员的保证。本研究的意涵是：（1）公司治理结构对收购防御计划的股票效应有显著影响;（2）合并财务报表中公司策略资讯的有效性得到实证检验;（3）注册会计师审计强化了经理人的纪律性。会计政策制定者应充分考虑会计规范对市场价格形成、企业活动透明度和市场进入条件的影响

This research examines the effect of takeover defense plans on stock prices, value relevance of segment information, and the effect of audit quality on IPO market price formation. I presented these empirical results at the annual conferences of Japan Finance Association, Japan Auditing Association, Japanese Association for International Accounting Studies, and Japan Association Sir Research in Disclosure. I find the Mowing evidences : (1) in 150 firms that adopt takeover defense plans between 2005 and 2006, both the entrenchment effect and the positive effect on stock prices are observed, (2) in 14,498 firm-year sample between 1998 and 2006, foreign and domestic earnings of segment information are significantly value-relevant, and consolidated earnings and book value of stockholders' equity are priced in considering the range of consolidation, the diversification of business, and the activity of foreign operations, (3) in the sample of 665 IPOs between 2000 and 2004, the reliability of the financial statements is on the whole assured by auditors. The implication of this research is that(1) the stock effect of takeover defense plans depends on the corporate governance system, (2) the empirical evidence shows the usefulness of corporate strategy information in consolidated financial statements, (3) the certified public accountants audit enforces manager's discipline. It is important that accounting policy makers should consider the effects of accounting regulations on the market price formation, the transparency in corporate activities, and the entry condition of market