会计系学术讲座系列2022年第1讲

主 题：债权人治理与强制性信息披露质量

主讲人: 周键（夏威夷大学马诺阿分校德勤基金会杰出教授）

协调人: 徐图 张敏

时 间：2022-03-09 14:00

地 点：Zoom会议室

语 言：中英文

地点：Zoom会议室

https://zoom.us/j/86557086347?pwd=TnZ6cXVYREpsbXJNakoyRmtsZ2xPdz09 

会议 ID：865 5708 6347

密码：0309

讲座摘要：

我们研究强制性披露信息的质量如何随着债权人治理力度的增加而变化。当银行利用控制权来影响公司政策时，债权人治理在公司违反债务契约后起着更大的作用。我们发现，在公司违反债务契约后，其10-K报表的复杂性会增加。断点回归设计检验的结果为我们的基线回归提供了因果证据。其他检验表明，在公司违反债务契约后，其自愿性披露的复杂性会增加，而固有性披露的复杂性不会增加。我们的横向分析表明，披露复杂性的变化随着债权人影响和股东治理的强度而系统性地变化。最后我们发现，财务报表的可比性会在债务契约被违反后恶化。我们的证据表明，债权人治理对强制性信息披露质量有重大影响。我们的研究对债权人治理对公司行为影响方面的文献做出了贡献。

We examine how the information disclosure quality of mandatory disclosure changes in response to the increasing strength of creditor governance. Creditor governance is more prominent after debt covenant violations when banks use the control rights to influence firm policies. We find that the complexity of firms’ 10-K filings increases after debt covenant violations. The result of the regression discontinuity design test provides causal evidence for our baseline regressions. Additional tests show that discretionary reporting complexity, but not innate reporting complexity, increases after debt covenant violations. Our cross-sectional analyses show that the change in complexity varies systematically with the strength of creditor influence and shareholder governance. Finally, we show that the comparability of financial statements also deteriorates after debt covenant violations. Our evidence indicates that creditor governance has a significant impact on mandatory information disclosure quality, and we contribute to the literature examining the impact of creditor governance on firm behavior.

主讲人简介：

周键博士是夏威夷大学马诺阿分校的德勤基金会杰出教授。他在Journal of Accounting and Economics、Contemporary Accounting Research、Journal of Financial and Quantitative Analysis、Management Science、Organization Science等国际期刊发表论文40余篇。他的论文被华尔街日报、SmartMoney、Financial Accounting Theory以及会计、金融、营销和法律等领域的顶级期刊所引用。他的研究被引用达4900多次，下载量超过42800次。截至2002年8月21日，他被列入SSRN前185名会计作者名单中。周教授主持了多项研究基金，如普华永道INQuires基金（2007，2008，2011）。周教授现任The Accounting Review, Auditing: A Journal of Practice and Theory 期刊编委，并获得过2014年度Auditing: A Journal of Practice and Theory的杰出服务奖。另外，周教授也获得过2016年美国会计协会审计分会的杰出服务奖和2017年及2019年度的Shirley M. Lee研究奖。最后，周教授还获得过Marquis Who’s Who颁发的Albert Nelson Marquis终身成就奖。

Jian Zhou is the Lloyd Fujie/Deloitte Foundation Distinguished Professor at University of Hawaii at Manoa. He has more than 40 publications including in journals such as Journal of Accounting and Economics, Contemporary Accounting Research, Journal of Financial and Quantitative Analysis, Management Science, Organization Science. His research has been referenced in the Wall Street Journal, SmartMoney, Financial Accounting Theory and in top-tier journals in accounting, finance, marketing and law. Zhou’s research has been cited in a US GAO study, a SEC study and in a joint letter to the US Congress from the Center for Audit Quality, the Council for Institutional Investors, and the CFA Institute. His research has more than 4,900 citations and has more than 42,800 downloads. He is listed among the SSRN Top 185 Accounting Authors as of August 21, 2002. Zhou has won many research grants such as the PricewaterhouseCoopers INQuires Grant (2007, 2008, 2011). Zhou is on the Editorial Board of The Accounting Review, Auditing: A Journal of Practice and Theory and won the 2014 Award for Outstanding Service to this journal. Zhou won the 2016 Award for Outstanding Service to the American Accounting Association Auditing Section and the 2017 and 2019 Shirley M. Lee Research Award. Zhou also received the Albert Nelson Marquis Lifetime Achievement Award from Marquis Who’s Who.