德勤-复旦会计论坛系列讲座之一百五十九

 

时 间:2019年3月26日(周二)下午14:00

地 点:史带楼604室

主持人:倪晨凯 副教授

演讲者:黄蓉  (长江商学院)

主 题Revenue-Expense Matching and Performance Measure Choice

AbstractRecent research shows that matching between contemporaneous revenues and expenses has declined over the past 40 years. We argue that this decline in matching reduces the contracting usefulness of earnings and affects managerial effort allocation and performance measure choice. Based on a theoretical model, we predict that firms with low matching benefit from stipulating a compensation contract based on both sales revenue and income, whereas firms with high matching are better off by offering a compensation contract based on only income. Using hand-collected CEO performance measure data from S&P 500 firms, we document a significant increase in the use of sales revenue coupled with a significant decline in the use of bottom-line income as a performance measure over time. We confirm the model prediction that firms are more likely to explicitly employ sales revenue as a performance measure when matching is lower. We further show that this negative association between matching and the use of sales revenue performance is more pronounced for firms with higher sales noise, higher gross margins and operating in less competitive industries. This study contributes to the literature by explaining the effect of revenue-expense matching on compensation design and documenting the increasing trend of revenue-based compensation in recent years.

报告人简介:

黄蓉教授现任长江商学院会计学副教授,此前曾在美国纽约城市大学巴鲁克学院(City University of New York-Baruch College)执教,获终身教授职称,2006年获德克萨斯大学达拉斯分校会计学博士学位。黄教授是绩效评估、薪酬设计、成本管理,企业估值,和资本市场等领域的国际知名专家,在国际顶级会计学专业学术期刊Journal of Accounting Research, The Accounting Review, Contemporary Accounting Research, Review of Accounting Studies发表多篇论文。

 

会计学系

2019-3-22