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1 43 2 Vol.43No JournalofFinanceandEconomics Feb.2017 * 1,2 (1., ; 2., ) :,,,,,, :,, ;,,,,,,,,, : ; ; :F276.6 DOI: /j.cnki.jfe :A : (2017) , 2015,,,,,,, : : (13JJD790019); (13YJA790057); ( , ) : (1974-),,,, 4

2 : 20,, ( ),,,,,, (,2009),,,, (,2015),,, (Previts Merino, 1998),,,, (,2015),,,,,,,,, 20,,,,,,,, 5

3 2017 2,,,,,, ( ), ( ),,,,,,,,,,,,,,, ;,,,,,,,,, - -,,,,,,,,, 6

4 :,, :, ;, ; : ( ), (discovery),,, : ( Houseman(2007) Ryan (2002) ),, ( ) :(1) (2) Friedman(1953) Popper(1956), Friedman(1953),, 1,, ;,,,, ( ),, (2002),,, Friedman (1953),,,,,,, 20,,,Al- chian(1950) ( ),,,,,, 1Friedman(1953),,,, ( Wats Zimmerman,1986) 7

5 2017 2, 1,,,,Popper(1956),, (2002), :, ;,,,,,, :, ;,,, 2,,,,, (Popper,1963), ( ) ( ),, ad-hoc,, ad-hoc ( ),, 20, (Wats Zimmerman,1986) 20,, :,, ;,,,, 1,,, (2012),,, Coase(1936), 2,, ( ), 8

6 :,, ;,,,Bal Brown(1968),,,,,,,, ( ), ;, 20,, Jensen Meckling(1976),,,,, ( ),, ( ) (Wats Zimmerman,1986), ( ) (Fields,2001;Arm- strong,2010),,,,, Wats Zimmerman(1986),,, (2009), 1 1 (2009) 2007,,,, 9

7 :The Accounting Review(TAR ) Journalof Accounting and Economics(JAE) Journalof Accounting Research(JAR) Contemporary Accounting Research(CAR) Review of Accounting Studies(RAS), 44 1, 20 2, 21, ( ) ( ) Piotroski Wong(2012) Wong(2016),, ( ), ( 1 ), : TAR JAE JAR CAR RAS, ( ); , ( ) ( ) , , , : , , : :The Accounting Review (TAR) Journalof Accounting and Econo- mics (JAE ) Journal of Accounting Research (JAR) Contemporary Accounting Research(CAR), Review of Accounting Studies(RAS) Chan Chow(1997),,,, ( ) :(1), ( 2010 ) ;(2) FDI ,, Chan Mo(2000), 583,, 10

8 :,,, 20 90,, (, ),,,Chan (2010),,, 1998,,, , ( 36%), 7,,,,,,,,,, Chen (2000), A , ( GAAP) ( ),,,,,, DeAngelo(1981),, ( ),,, 11

9 2017 2,,, Hung Wu(2011) ,,,,,Gong (2016),,,,, , Hung Wu (2011),,,, ( ), ( ),, , Firth (2012) , :,, ;,,,,, Gul (2013),,,,,,Huang (2015),, LOW -BALLING ;Chen (2016) ;Li ( ), 12

10 : Lennox (2014,2016),,,,, ;, 3.,,,, 2006, 2009,, Cheng (2016),,,,,,,, IPO, ,IPO,, Huyghebaert Xu(2016) IPO, IPO, IPO,,,,, ;,,,, 13

11 Gu (2013) Firth (2013),,,,,, ( ),, 44, 60%(26 ),,, 1. ( ), Pistor Xu(2005),, (Krueger,1974), IPO,,,,,, Aharony (2000),,,,, Chen Yuan(2004) Haw (2005) , 10%, ( ), Hou (2015), 14

12 : 1,,,,, 2.,, 20,, ( ),,,,,, 60% (Wong,2016), LaPorta (1999),,, 30%,, 50%(,2005),,, ( Wong(2016) ),,,,,, DeFond (1999) ,,,,,,, Wang (2008) , 1/4 :, Chan (2006) ,, 1,,, 15

13 2017 2,,,Fang ( ),, ( ),,,,Chen (2013) Ke (2012),, ;Chen (2010),, ;Chen (2011),,, Du (2012) 63,,, Hung (2012) ,,,, Yang(2013), IPO, IPO, IPO, :(1),, ;(2), Piotroski (2015),,,,, Kim ( ),,,,,Ke (2015) AH ( A H ) A ( A ),,AH 16

14 : A, AH,,, Chen (2010),,,Chen (2016),,, ;He (2012) 2006,,,, ( BoardEx),, Guan (2016) , 10%,, ( ), ;,,,, Coase(1977),,, ( ),,,,,,,,,,,, 17

15 2017 2,,,,,,,,,,, ( ) Barkema (2015), 20,,,,,,, Wong(2016) Top-Down, - -,,,,, Top-Down ( ), Wiliam- son(2000), ( ) ( ) ( ) ( ),, ,,,,,,,,, 18

16 :,,, ( ),,, ( ) Lakotos(1978),,,, ( ),,,,, (Alchian,1965),,, Alchian(1965), ( ),,,, (Demsetz,1964),,,, Cheung (1983), Coase(1937) Alchian Demsetz(1972),,,, :,,,LaPorta (1999),, (Wilamson,1979),,,,,,, 19

17 (Klein,1978), (Wiliamson, 1983),,,,, (Klein Lefler,1981),,,,,,,,, ( ) ( ), ;,,, North (2009),,,, Coase(1990),,Jensen Meckling(1976) ( ),,, ( ), ;,,,Wats Zimmerman(1986),,,,,,Bal (2000),,,,,,,,,,, 20

18 : ( ) (2009),Wong(2016),, ( ),,,, 2 Panel A,, ( 5% ) 50%,,, PanelB,,, 20% 30%, (,2011) PanelC Panel D, 30%,20% 50%, PanelE, 2014,40%, (Faccio,2006) 2, 2 Panel A: SOE Non-SOE 5% 5%

19 PanelB: / 0 [0,10%] [10%,30%] [30%,50%] 50% PanelC: [0,10%] [10%,30%] [30%,50%] 50% Panel D: [0,10%] [10%,30%] [30%,50%] 50%

20 : 2 PanelE: : Wong(2016), CSMAR, %, Hayek(1945),,,,, ;,, :, ; ;, ;,,,,, :,, (Klein Lefler,1981;Wiliamson,1983),, (Coleman,1988), Fan (2014),,,, 23

21 2017 2,,,,, ( ),,,,, :,, ;,,,,,, ( ), ( ),,, (Tul- lock,1965),,, (Alchian Demsetz,1972) :,, ;,, ;,,,,,,,,,,,,,,,,, ( ) 24

22 :,,,,,,, (Granoviter,1985,2005),, Burt(1992),,,,,,,,, :, ;,,, :,, ;,,,,,,,,, :,,,, 1/4 ( 10% ), 1 50% 30%;,Faccio(2006) 47, 2.68%, 0.2%,, Coleman(1988),,,,,,, 1 (SFAS14#) 10%, 1997 SFAS131,, , 23%,, 2, 34%( 28%) 25

23 2017 2,,,, ;,,, (Jacobs,1979),, (,1985);, :, (Fukuyama,1996), Wiliamson(2000),,, 2016, 1, (Rajan Zingales,1998),,, 20,,,,,,,,,,,, 1 htp:// 26

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30 : istepistemology,andthen providestheoreticalconstructionlogicbasedonaccounting ingstoobtainknowledgeistoconstructtheorieswhichareusedtoexplainphenomenaand predictpracticesthroughconjecturesandthentesttheorieswithempiricaldatatoeliminate portanceroleofpracticeintheoreticalconjecturesandrefutation,andimplytherationality countingpracticeintheoreticaltest,thechinaaccountingstudiescoveredinthispaperare classifiedintotwocategories,supportiveandcritical.thefirstgroupofstudiesfocuseson providingempiricalevidenceusingchinadatatosupportexistingwesterntheories,while isticstoprovideempiricalevidencewhichisnotinaccordancewiththeoreticalpredictions andpointoutthelimitationsofrelatedtheoriesapplicabletochina.althoughbothgroups ofstudiesmakecontributionstothedevelopmentofexistingwesterntheories,theyhave notconstructednewtheoriesbasedonaccountingpracticewithchinesecharacteristics,so theyhavelimitedassistancetotheidentificationofcharacteristicsofchina saccounting practiceandoperationrulesbehindthepractice.itarguesthatpropertyrightseconomics research,thispaperreviewspriorchinaaccountingstudieswithinaframeworkofpositiv- practicewithchinesecharacteristics.positivistepistemologyalwaysemphasizestheimpor- tantroleofpracticeintheoreticaldevelopment,andnotesthattheonlywayforhumanbe- thefalseones.thehistoryandrapidgrowthofwesternaccountingresearchprovetheim- ofaccountingpracticewithchinesecharacteristicsasvaluesourceoftheinternationaliza- tionofchina saccountingresearch.alongthisline,accordingtotheroleofchina sac- thesecondgroupofstudiesplacesemphasisonaccountingpracticewithchinesecharacter- takespropertyrightsasananalyticaltool,andemphasizesthatbusinessmodelsareendog- enoustoinstitutionalvariables,thusoferingtheanalyticalroutetotheidentificationand ship-basedtransaction modelisbasicalydiferentfromtheonein western market-based transactionmodel.futurechina saccountingresearchaimstoproposeasetofconceptual explanationofaccountingpracticewithchinesecharacteristicsfrom aninstitutionalper- spective.finalyitanalyzesthegovernancelogicofaccountinginformationinrelationship- basedtransactions,andpointsoutthatthedemandforaccountinginformationinrelation- frameworkandlogicrulestoexplainandpredictthegovernanceroleofaccountinginrela- tionship-basedtransactions.itnotonlyenrichestheguidanceofresearchtopractice,butal- soincreasestheinternationalizationvalueofchina saccountingresearch. Keywords:relationship-basedtransaction; governanceroleofaccounting ; positivist epistemology ( ) 33

1 CAPM CAPM % % Wippern, aGebhardt Lee Swaminathan % 5.10% 4.18% 2 3 1Gebhardt Lee Swa

1 CAPM CAPM % % Wippern, aGebhardt Lee Swaminathan % 5.10% 4.18% 2 3 1Gebhardt Lee Swa Zingales 2000 Corporate finance is the study of the way firms are financed 1 2 3 1 2 3 4 1 2 1 1 1 CAPM CAPM 2001 2.42% 20002001 1.18% Wippern, 1966 2003aGebhardt Lee Swaminathan 2003 1 1998 2000 1 1998