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

本研究考察了并购防御计划对股价的影响、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和日本信息披露研究协会的年度会议上发表了这些实证结果。我找到了割草的证据：(1)在150家2005 - 2006年采取收购防御计划的公司中，既观察到堑堑战效应，也观察到对股价的积极影响；(2)在1998 - 2006年的14498家公司样本中，部门信息的国外和国内收益具有显著的价值相关性，合并收益和股东权益账面价值的定价考虑了合并的范围、业务的多样化和国外业务的活动。(3)在2000 - 2004年的665家ipo样本中，审计人员总体上保证了财务报表的可靠性。本研究的启示是：(1)收购防御计划的股票效应取决于公司治理制度；(2)实证证据表明合并财务报表中公司战略信息的有用性；(3)注册会计师审计加强了管理者的纪律。会计政策制定者应考虑会计法规对市场价格形成、公司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