货币政策波动、银行信贷与会计稳健性

发布时间：2018-06-12 13:31

本文选题：货币政策紧缩阶段 + 债务合约　；参考：《金融研究》2011年03期

【摘要】：宏观经济政策(如货币政策)如何通过改变微观企业行为来影响经济发展是学术界探讨得比较少的领域。本文在此方向上进行研究尝试,并以货币政策波动对企业会计政策稳健性与银行贷款之间的关系为切人点。具体来说,当货币政策进入紧缩期时,我们预期企业会计政策变得更加稳健,以更容易取得银行贷款。运用1998～2008年的年度数据,并根据央行要求的金融机构存款准备金率、对金融机构的再贷款利率和再贴现利率的变化,我们定义2004、2006、2007年为我国的货币政策紧缩阶段。实证结果基本上支持我们的预期。我们进一步发现依赖于外部融资和拥有更高债务水平的企业会计稳健性更高,持有大量现金的企业会计稳健性更低,国有企业的会计稳健性更低。在会计稳健性的经济后果上,本文发现在货币政策紧缩阶段,会计稳健性的提高有助于企业获得更多的信贷资源。
[Abstract]:How macroeconomic policy (such as monetary policy) affects economic development by changing microenterprise behavior is a less explored area in academic circles. This paper tries to study in this direction and takes the relationship between the fluctuation of monetary policy and the conservatism of accounting policy and bank loans as the key point. Specifically, when monetary policy enters a period of tightening, we expect business accounting policies to become more robust to facilitate access to bank loans. Based on the annual data from 1998 to 2008, and according to the required reserve ratio of financial institutions, the changes of reloan rate and rediscount interest rate of financial institutions, we define 2004,2006,2007 as the stage of monetary policy tightening in China. The empirical results basically support our expectations. We further find that firms that rely on external financing and have higher levels of debt have higher accounting conservatism, firms with large amounts of cash have lower accounting conservatism, and state-owned enterprises have lower accounting conservatism. In terms of the economic consequences of accounting conservatism, this paper finds that the improvement of accounting conservatism helps enterprises to obtain more credit resources in the period of monetary policy tightening.
【作者单位】：暨南大学管理学院;北京大学光华管理学院;
【基金】：国家自然科学基金(批准号:71032006和70972010)资助
【分类号】：F822.0;F832.4;F233

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