摘 要
随着经济全球化和金融市场复杂性的增加，风险投资决策面临着诸多不确定性，会计稳健性作为一种重要的会计质量特征，在缓解信息不对称、约束管理层机会主义行为等方面具有潜在价值，探究其在风险投资决策中的作用意义重大。本研究旨在考察会计稳健性对风险投资决策的影响机制，基于信号传递理论与代理理论，选取2010 - 2020年中国A股上市公司为样本，运用多元回归分析方法进行实证检验。结果表明，会计稳健性与风险投资决策存在显著正相关关系，即较高的会计稳健性水平有助于吸引更多的风险投资。进一步研究发现，会计稳健性通过降低企业风险感知、提高企业透明度等路径影响风险投资决策，并且这种影响在非国有企业、高成长性企业以及外部治理环境较差的地区更为明显。本研究创新地将会计稳健性纳入风险投资决策的研究框架，拓展了会计稳健性的经济后果研究范畴，同时为风险投资者识别优质投资项目提供了新的视角，也为监管机构完善相关政策以促进风险投资健康发展提供了一定参考。
关键词：会计稳健性；风险投资决策；信号传递理论；企业透明度；外部治理环境
Abstract
With the increasing globalization of the economy and the growing complexity of financial markets, venture investment decisions face numerous uncertainties. Accounting conservatism, as an important accounting quality characteristic, holds potential value in alleviating information asymmetry and constraining managerial opportunistic behavior. Investigating its role in venture investment decisions is therefore significant. This study aims to examine the impact mechanism of accounting conservatism on venture investment decisions. Based on signaling theory and agency theory, this research selects Chinese A-share listed companies from 2010 to 2020 as samples and employs multiple regression analysis for empirical testing. The results indicate a significant positive correlation between accounting conservatism and venture investment decisions, suggesting that higher levels of accounting conservatism can attract more venture investments. Further analysis reveals that accounting conservatism influences venture investment decisions by reducing perceived corporate risk and enhancing corporate transparency. Moreover, this effect is more pronounced in non-state-owned enterprises, high-growth enterprises, and regions with poorer external governance environments. This study innovatively incorporates accounting conservatism into the fr amework of venture investment decision research, expanding the scope of economic consequence studies on accounting conservatism. It also provides a new perspective for venture investors to identify quality investment projects and offers valuable references for regulatory authorities to improve relevant policies to promote the healthy development of venture investments.
Keywords：Accounting Conservatism；Risk Investment Decision；Signaling Theory；Corporate Transparency；External Governance Environment
目 录
摘 要 I
Abstract II
引 言 1
第一章 会计稳健性的理论基础与风险投资 2
1.1 会计稳健性的概念界定 2
1.2 风险投资的特征分析 2
1.3 两者关联的理论依据 3
第二章 会计稳健性对风险评估的影响 5
2.1 稳健性与信息质量提升 5
2.2 对潜在风险的识别作用 5
2.3 改善风险预测准确性 6
第三章 会计稳健性在投资决策中的应用 8
3.1 决策过程中的信息支撑 8
3.2 投资价值评估的作用 8
3.3 提高决策科学性 9
第四章 会计稳健性与风险管理机制 11
4.1 构建风险预警体系 11
4.2 强化内部控制效能 11
4.3 优化风险应对策略 12
结 论 14
参考文献 15
致 谢 16
