会计稳健性对融资成本的影响研究

发布时间：2018-07-21 08:56

【摘要】：会计稳健性作为“会计计量中最古老并且最有影响力的原则”(Sterling,1967),对于会计实务的影响至少有500年以上的历史(Basu,1997)。会计稳健性通常定义为对收益和损失确认可验证性的非对称性要求(Watts,2003),对于会计实务和会计制度制定都有较高的指导意义。但是目前对会计稳健性的相关研究还比较少,即便是在国外,这方面的系统研究从开始至今尚且不到20年,这与稳健性实务应用几百年的历史相比严重滞后。而在我国,此类研究起步更晚。随着我国证券市场的发展,近年来对会计稳健性的重视程度逐步增加。我国1992年发布的《企业会计准则》规定：“会计核算应当遵循稳健性原则的要求,合理核算可能发生的损失和费用”。在企业会计准则中明确向企业提出在会计核算中遵循稳健性要求,在我国尚属首次,并且这也奠定了会计稳健性在我国的制度基础。2006年新《企业会计准则》的第二章“会计信息质量要求”第十八条指出“企业对交易或者事项进行会计确认、计量和报告应当坚持应有谨慎,不应高估资产或者收益、低估负债或者费用”。这是我国首次在企业会计准则中将稳健性明确定位为会计信息质量要求之一,会计稳健性在我国的地位由此得以进一步提升。随着现行会计准则的深入实施以及金融危机的影响,财政部门、证券监管部门多次提醒企业选择会计政策时也应该遵循稳健性原则。对会计稳健性重视程度的逐步增加,将很大程度上影响我国企业的会计稳健性程度。而稳健性水平的提高究竟会带来哪些经济后果呢?特别地,会计稳健性水平和企业融资成本间是否存在关系呢?对这些问题的研究是会计稳健性相关理论研究体系的重要构成部分,具有重要的理论意义。从我国企业目前的融资现状看,我国资本市场和法律制度还不完善,特别是在金融危机爆发后,企业经营环境的恶化,使得债权人和股东均面临着较大的投资风险。财务数据作为投资者衡量投资风险的重要信息来源,其质量如何尤为引起投资者关注。而企业会计政策的选择及运用是否遵循会计稳健性原则,会直接影响财务数据的可靠性,影响着投资者对企业生产经营效率、偿债能力和盈利能力的判断和投资决策。因此,就不难理解,会计稳健性与公司的融资成本存在一定的关系。本文就主要从融资成本角度对我国A股上市公司会计稳健性的影响进行初步探索,旨在通过实证分析,为会计稳健性的影响研究提供经验证据,期望可以为我国会计稳健性研究提供参考,同时为企业会计政策的选择和会计准则的制定提供理论支持和实证证据。本文共分为六大部分,紧紧围绕着会计稳健性对债务融资成本、股权融资成本的影响展开。主要内容可以概括为以下六个部分：第一部分是绪论。在阐述本文的研究背景及意义的基础上,有针对性地回顾总结国内外有关会计稳健性的相关研究,介绍本文的研究方法和创新不足,并简要说明本文的结构安排。纵观国内外已有研究,会计稳健性对融资成本影响的研究较少,仅有的研究也一般主要集中于对债务成本研究,研究结果大都表明会计稳健性降低了企业的债务成本。而对于股权资本影响的研究更是极其匮乏,本文的研究在一定程度上弥补了这一空白。第二部分是会计稳健性及理论基础。本部分结合相关文献,首先明确在实证研究及规范研究中是如何对会计稳健性进行界定的。然后分别从契约理论、代理理论及信号理论三个理论视角阐述会计稳健性的理论基础,并结合我国实际情况加以说明。第三部分是理论分析与假设。结合第二部分的理论基础,本部分对会计稳健性对融资成本的影响进行理论分析,并提出相关假设。在会计稳健性对企业债务成本的影响方面,分别从债权人和债务人角度对会计稳健性在债务契约中的收益和成本进行分析。会计稳健性降低了债权人的风险,债权人所要求的风险补偿减少,就会更乐意为企业提供成本低廉的借贷资金,企业债务成本的降低就具备了可能性。但是,由于会计稳健性损失与收益确认非对称性的本质,在同样的经营状况下,相比稳健性水平低的公司,稳健性水平高的公司报告盈余和净资产因被低估而偏低,会带来一定的负面影响。这些负面影响可以视为债务人因高会计稳健性水平而需要承担的成本。只有对这一成本进行补偿,企业和管理层才可能有足够的动力提供稳健性的会计信息,其中一种有效补偿方式就是债权人降低债务人的贷款利率。在会计稳健性对企业股权成本的影响方面,本文主要从股票市场资金供给方(投资方)和需求方(上市公司)两个层面进行分析。从投资方来看,会计稳健性通过减少管理者与投资者的信息不对称,降低了投资者的投资风险。投资者要求的报酬率也就有所降低,企业股权融资成本相应降低。从上市公司来看,会计稳健性通过降低公司管理层以及内外部投资者之间的信息不对称水平,使更多的潜在投资者愿意投资于公司,从而增强股票的流动性,降低公司融资成本。接着在理论分析的基础上提出本文的两个假设。假设1：会计稳健性程度越高的企业,其债务成本越低；假设2：会计稳健性程度越高的企业,其股权成本越低。第四部分,样本选择与模型创建。选取实证研究样本数据、相应变量的计量方法以及模型的控制变量,建立回归模型。为控制金融危机的影响以及提高研究结论的可靠性,本研究选取2009年至2010年的沪深两市A股上市公司作为研究样本,同时在遵循一定原则的基础上对样本进行了筛选处理。在会计稳健性的计量方面,根据Givoly等(2007)的研究结论,单一指标计量很可能导致结论错误,综合考虑各种计量方法优缺点及其适用性之后,本文选取权益市价-账面价值比和经标准化的非经营性应计项目相反数两个不同的指标来计量会计稳健性。第五部分,实证结果与分析。利用描述性统计分析、相关系数分析以及回归分析等方法检验稳健性原则下的会计处理是否能降低企业的股权成本和债务成本。对债务成本和股权成本两个研究模型分别进行多元线性回归分析后发现,会计稳健性与债务融资成本、股权融资成本的回归系数为均为负数,并且在1%的水平上显著,证实本文提出的两个假设是成立的,即会计稳健性与融资成本呈负相关关系。第六部分,研究结论与启示。在前面各章分析的基础上归纳出本文的研究结论,具体而言：第一,本文再次确认会计稳健性在我国上市公司的存在性。第二,会计稳健性在债务契约和股权契约中都发挥了积极的作用,对我国上市公司的融资成本产生了正面的影响。第三,在实证研究的过程中,也发现了一些问题。上市公司间财务数据的稳健性程度差异较大,财务报告不具备稳健性的公司依然存在；会计稳健性的作用尚未完全发挥。紧接着本文结合研究结论从两个方面提出一些有益的建议。其一是要切实贯彻新会计准则以及相配套的法律制度;其二是要大力培育和提高投资者对稳健性会计信息的需求。纵观上述研究,本文在以下几方面进行了创新：第一,会计稳健性是最有影响力的会计原则之一,融资成本是财务管理的核心概念之一,目前国内外对于两者关系的研究很少。仅有的此类研究也多是讨论会计稳健性与债务成本的关系,很少股权成本相关的研究。而本文分别从债务、股权两个方面研究会计稳健性与融资成本的关系,在一定程度上填补了国内的空白。第二,从契约理论、代理理论和信号理论三大基础理论出发,并结合中国市场现实状况,分析说明会计稳健性对融资成本的影响。第三,本文使用两种稳健性的计量方法对比分析以增强研究的说服力,这与其他国内相关稳健性研究多以单一方法的计量稳健性不同。尽管笔者尽力确保本研究的严谨,但仍难免存在一些不足之处：第一,为确保研究的准确性,本文尽量使用多种方法计量会计稳健性,但是由于计量方法本身的缺陷以及具体操作的局限,对稳健性的计量还是不够准确。第二,由于2008年金融危机对会计稳健性的影响未知,本文仅选取其后即2009年后的A股上市公司进行研究,而无法在较长时间范围内进行研究。第三,影响融资成本的因素错综复杂,尽管本文在实证研究过程中尽量考虑各种可能存在的影响因素,但因本人能力及和论文篇幅所限,还是有一些重要的因素没有考虑进来。
[Abstract]:Accounting conservatism , as the oldest and most influential principle in accounting measurement , has influenced accounting practices for at least 500 years ( Basu , 1997 ) . The accounting conservatism is usually defined as the non - symmetry requirement ( Watts , 2003 ) for confirming the verifiability of earnings and loss , which has high guiding significance for the accounting practice and accounting system development . However , the current research on accounting conservatism has been relatively few , even in foreign countries , the system research in this area has not yet been less than 20 years , which has lagged behind the history of steady practice applied for centuries , and in our country , this kind of research starts late .

With the development of China ' s securities market , the importance of accounting conservatism has been gradually increased in recent years . Accounting accounting should follow the requirements of the principle of robustness and reasonable accounting of possible losses and expenses .

In view of the current financing situation of Chinese enterprises , China ' s capital market and legal system are not perfect , especially after the outbreak of the financial crisis , the operation environment of the enterprise is aggravated , so that the creditor and the shareholder face a large investment risk . The financial data is the important information source for investors to measure the investment risk , and the quality of the financial data can directly influence the reliability of the financial data and influence the judgment and investment decision of the investors to the enterprise production and operation efficiency , the debt service ability and the profitability .

This paper makes a preliminary exploration on the influence of the financing cost angle on the accounting robustness of Chinese A - share listed companies , aiming at providing empirical evidence for the research of accounting conservatism through empirical analysis . It is expected that it can provide reference for the research of accounting conservatism in China , and provide theoretical support and empirical evidence for the selection of accounting policies and the formulation of accounting standards .

This paper is divided into six parts . The influence of accounting conservatism on debt financing cost and equity financing cost is expanded . The main contents can be summarized as follows :

The first part is introduction . On the basis of elaborating the research background and significance of this paper , the research methods and shortcomings of this paper are summarized and summarized , and the research methods and shortcomings of this paper are introduced briefly . The research on the effect of accounting conservatism on financing cost is mainly focused on the research of debt cost .

The second part is the accounting conservatism and the theoretical foundation . This part combines the relevant literatures , firstly , makes clear how to define the accounting conservatism in the empirical research and the normative research . Then the theoretical basis of accounting robustness is explained from the three theoretical perspectives of contract theory , agent theory and signal theory , and the practical situation of our country is explained .

The third part is the theoretical analysis and hypothesis . Based on the theoretical foundation of the second part , this part makes a theoretical analysis on the effect of accounting robustness on the financing cost , and puts forward the relevant assumptions .

In terms of the influence of accounting conservatism on the debt cost of the enterprise , the earnings and costs of accounting conservatism in the debt contract are analyzed from the perspective of creditor and debtor .

From the point of view of listed companies , accounting conservatism has reduced the information asymmetry between managers and investors , so that more potential investors are willing to invest in the company , thus enhancing the liquidity of the stock and reducing the financing cost of the company .

On the basis of theoretical analysis , two hypotheses are put forward . Suppose 1 : the higher the degree of robustness of accounting , the lower the debt cost ;
Scenario 2 : The lower the accounting robustness , the lower the equity cost .

In order to control the financial crisis and to improve the reliability of the research conclusion , a regression model is established .

The fifth part , the empirical result and the analysis . Using descriptive statistical analysis , correlation coefficient analysis and regression analysis , the accounting treatment under the principle of robustness can reduce the equity cost and the debt cost of the enterprise . After the multivariate linear regression analysis of the debt cost and equity cost , we find that the regression coefficient of accounting conservatism and debt financing cost and equity financing cost is negative , and the two assumptions proposed in this paper are established , that is , the accounting conservatism is negatively related to the financing cost .

The sixth part , the research conclusion and the inspiration . Based on the analysis of the previous chapters , the conclusions of this paper are summarized , in particular :

First , this paper reconfirms the existence of accounting conservatism in China ' s listed companies .

Second , accounting conservatism plays a positive role in the debt contract and equity contract , which has a positive impact on the financing cost of listed companies in China .

Third , in the process of the empirical research , some problems are also found . The financial data between listed companies have different robustness , and the financial reports do not have the robustness of the company .
The role of accounting robustness has not been fully played .

The first is to implement the new accounting standards and the supporting legal system , and secondly , to cultivate and improve the investor ' s demand for the stable accounting information .

In view of the above research , this paper makes innovations in the following aspects :

First , accounting conservatism is one of the most influential accounting principles , and the financing cost is one of the core concepts of financial management . There are few studies on the relationship between accounting conservatism and debt cost .

Second , from the three basic theories of contract theory , agent theory and signal theory , and combining with the reality of China market , this paper analyzes the influence of accounting conservatism on financing cost .

Thirdly , this paper makes a comparative analysis of the two methods of robust measurement to enhance the persuasion of the study , which is different from that of other domestic researches .

Although I do my best to make sure this study is rigorous , there are still some shortcomings :

First , in order to ensure the accuracy of the research , this paper tries to use a variety of methods to measure the accounting robustness , but because of the defects of the measurement method and the limitation of the specific operation , the measurement of robustness is not accurate enough .

Second , because the impact of the 2008 financial crisis on accounting conservatism is unknown , this paper only selects the A - share listed company after 2009 , which cannot be studied over a long time .

Third , the factors that affect the financing cost are complex , although this paper tries to take into account the possible influence factors in the process of empirical research , but there are some important factors that have not been taken into account because of my ability and the length of the paper .
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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