会计理论 陈良华 李志华 张昉课件11. The Background of Positive Accounting Theory

11.TheBackgroundofPositiveAccountingTheoryNormativeaccountingtheoryinaverylongtimetooccupythemainstreamofaccountingtheoryresearchposition.In1970,positiveaccountingtheoryresearchinaccountingtheorybegintooccupytheplaceanditsstatusinrecentyearsbecomemoreandmoreimportant,Westernaccountingtheformationofanormativetheoryofaccountingtheoryandempiricaltheoreticalsystemofthetwomajoraccountingtheory.Positiveaccountingtheorydoesnothaveacastleintheair,butatalotofsetupbasedon:normativeaccountingtheoryitself;economics,especiallythecapitalmarkettheoryandthetheoryofthefirm'sdevelopment,aswellaschangesinmethodology.

11.1ThedefectsofNormativeaccountingtheory11.1.1PositiveAccountingTheoryandNormativeAccountingTheory

Theso-calledaccountingtheoryisasetofnormsregardingtheaccounting,"Whatshouldbethe"knowledgeofthesystem,throughaseriesofbasicaccountingprinciples,accountingstandardsofthenormativerequirementsonthelogicofahighdegreeofoptimizationofageneralorspecifiedwhattheaccountingpractice.

Theso-calledpositiveaccountingtheoryiscomparedwiththenormsintermsofaccountingtheoryandaccountingareasetof"what"systemofknowledgefortheinterpretationofexistingaccountingpracticeandaccountingpracticetopredictthefutureandprovideatheoreticalbasis.11.1ThedefectsofNormativeaccountingtheoryNormativeaccountingtheory11.1.2defects

1,normsofaccountingtheorywithsubjectivevaluejudgments

2,standardizedmethodologyofaccountingtheoryinthegaps11.2EfficientMarketTheoryTheoreticalStudyofthecapitalmarketin-depthresearchtofurtherpromotethedevelopmentofaccounting,andthemostdirectevidencethatledthedevelopmentofaccountingtheoryfortworeasons:

First,capitalmarkettheorytothecompany'saccountinginformationasaview,arethecapitalmarketandthelinkbetweenmicro-enterprises,andaccountinginformationdirectlyaffectthecapitalmarkettodeterminethemicro-enterprise(efficientmarkettheory);

Second,theintegrityofthecapitalmarketdataandadequatesampleofempiricalaccountingresearchmakespossible.Becauseofthewholetheoreticalframeworkofcapitalmarkets,theefficientmarkettheoryandthecapitalassetpricingmodelisthemostbasic,butalsothenormsoftraditionalaccountingtheorybiggestimpact.11.2EfficientMarketTheory11.2.1theemergenceofefficientmarkettheoryanddevelopment

theEMH(Fama,1970)isnotonlyasystematicstudyofthesummingup,alsomadeacompletetheoreticalframework.Afterthat,EMHflourish,itscontentshavebeendeepenedandexpandedoutreach,andultimatelybecomethepillarsofmodernfinancialeconomicstheories.11.2EfficientMarketTheoryFama(1970)considertheestablishmentofeffectivemarketmusthaveasufficientconditionforthethree:

(1)thereisnomarkettransactioncostsandtaxes,allassetsarefreetoenterthemarkettransactions,andassetscanbeunlimited;

(2)thetransactionwillbeabletoequalaccesstoinformation,andwithoutanycost;

(3)thecommonaspirationofthetheory,thatis,fortheinformationofalltradershavethesameexpectations,andtradersarerationalpeople,thepursuitofutilitymaximization.11.2EfficientMarketTheoryInthatonthreebasicassumptions,accordingtosecuritiesreflectedinthepricesofdifferentinformation,theefficientmarkethypothesisisdividedintothreedifferenttypes:

Weak-formEfficientMarket(Weak-FormEfficiency).Itreferstothepriceofthesecuritiesalreadyreflecttheinformationofthepast,suchasprice,volumeandsoon.Insuchmarkets,investorsshouldnotuseanyoftheinformationoverthepastformulateinvestmentstrategyandaccesstothetradingofsecuritiesonabnormalearnings(ataneffectivemarket,andrisklevelofthenormalyieldsecuritiesyield,theactualrateofreturntonormalearningsthedifferencebetweentherateofabnormalyield).

11.2EfficientMarketTheorySemi-strongefficientmarket(Semistrong-FormEfficiency).Itreferstosecuritiespriceshavetoreflectallpublicinformation,suchasthecompany'searningsannouncement,stocksplit,dividenddeclarationandsoon.Insuchmarket,anyinvestorshouldnotusepublicinformationtodevelopthetradingofsecuritiesontheinvestmentstrategytoobtainabnormalrateofreturn.

Strong-formefficientmarket(Strong-FormEfficiency).Itreferstosecuritiespriceshavetoreflectallinformation,includingallpublicinformationandprivateinformationandinternalinformation,whichisthehighestformofefficientmarket.Insuchmarkets,investorsareunabletoobtainanyabnormalearnings,thecompanyisalsothecaseofinternalstaff.Infact,thisisanidealstatus.

11.2EfficientMarketTheory11.2.2EfficientMarketTheoryofNormativeAccountingTheory

Earlystudiesofaccountinghavethefollowingtwoviews:one,thenon-uniformaccountingproceduresallowmanagershaveacomprehensiveandsystematicwaypossibletohidethetruthofcapitalmarkets;two,accountingprofitismeaningless.

Theaboveopinionisbasedonboththecompany'saccountingreportsaretheonlyaccesstocompanyinformationsources,theemergenceofefficientmarkettheoryisrefutedthisview.11.3CAPMEfficientmarkettheoryformicro-enterprisessothatpeoplewillbethebasiccontactinformationandstockpricesup,butthiscontactisonlyaqualitativeanalysisatthelevel,becauseofthelackofquantitativemodels,empiricaltestinghasbecomeacastleintheair.CapitalAssetPricingModel(CAPM)theemergenceofsolvingthisproblem.11.4ThedevelopmentofeconomictheoryEfficientMarketTheoryandCapitalAssetPricingModelsetupofaccountingdata(accountingprofits)andthesecuritiesmarket(stockprice)betweenthecontact,butfromthelastcenturysincethe70's,manyscholarshavefounddifferentaccountingindustryandamongenterprisesdifferencesinaccountingprocedures,whichareefficientmarkettheoryandthecapitalassetpricingmodelcannotberesolved.11.4Thedevelopmentofeconomictheory11.4.1Controlofinformationtheory

1,thetraditionalcontroltheoryanditscriticismofthegrounds

2,themarketfailuretheory

3,thecostofcontrol

11.4Thedevelopmentofeconomictheory11.4.2TheoryoftheFirm

Coase(1937)fromtheperspectiveoftransactioncoststhattheenterprisemarketarecostsavingsinordertosetupamechanismtoreplacethemarketpriceofanadministrativeauthorityofthemechanism,isrelativelyfixed,along-termcontracttoreplacethemarket,andwillconsiderthesizeofthebusinesshasbeentheexpansionoftheenterprisetoorganizeatransactionequalthemarginalcostofmarketorganizationofthemarginalcostofthetransactiondate.

ContractTheory:Theenterprisebenefitsarerelatedtotheleasebetweenthecombination,butthesigningoftheleasecontractdoesnotmeanthatallpartiestoprotecttheirowninterests,unlesstheleasewheretheleasecanbeaclearviolationwhen,aswellaspunitivemeasures.11.5Theimpactofphilosophicalresearch11.5.1empiricismandrationalism

11.5.2LogicalPositivism

11.5.3

Popper'sFalsificationism11.6ThemaincontentsofPositiveAccountingTheoryPartI:Anempiricalcapitalmarketoftheaccountingtheory.Alsoknownas"informationview"Positiveaccountingtheory,theaccountingpartoftheempiricalstudyisbasedonefficientmarkettheoryabove,thedatausedtotestwhethertheaccountinginformationasanimpactonthestockmarket.

(1)accountingearningsandstockpricerelationsbetweentheempiricalresearch.

(2)"noeffect"hypothesisandthe"mechanical"hypothesisofidentification.

(3)bankruptcymodelsetupanddevelopment.

(4)profitforecast.11.6ThemaincontentsofPositiveAccountingTheoryPartII:AnEmpiricalselectionoftheaccountingaccountingtheory.

AccountingChoiceTheoryofPositiveAccountingresearchershavederivedprimarilyfromtransactioncostsandinformationonthecostofre-recognize.Researchersbeginstudyintheaccountingrecognitionoftransactioncostsandthecostofinformationexistandarecontractsfromtheenterpriseintermsofacombinationofaccountingandaccountingre-examinetheselection.11.6ThemaincontentsofPositiveAccountingTheoryPartII:AnEmpiricalselectionoftheaccountingaccountingtheory.

Theselectionofaccountingempiricalresearchmainlyinvolvesthefollowingaspects:

(1)dividendhypothesisanditsaccountingproceduresandtherelationshipbetweentheselection.Researchonspecificpoints,includingtheremunerationofthemanagementplanon