会计稳健性改善了企业债务融资环境吗——基于中国证券市场的经验数据

发布时间：2018-01-13 07:16

本文关键词：会计稳健性改善了企业债务融资环境吗——基于中国证券市场的经验数据　出处：《财会月刊》2015年26期 　论文类型：期刊论文

【摘要】：本文以2009~2013年沪深A股上市公司为研究对象,从债务融资环境的两个代理变量:贷款额度和贷款成本两个角度,考察会计稳健性是否改善了企业的债务融资环境。实证研究结果表明:会计稳健性有助于改善企业的债务融资环境,会计稳健程度越高,企业更易获取较多的贷款额度和支付较低的贷款成本。区分产权性质后,发现会计稳健性对非国有企业的作用更为明显,即稳健程度越高的非国有企业,其贷款额度就越高及贷款成本就越低,而会计稳健性对国有企业没有影响。
[Abstract]:This paper takes the Shanghai and Shenzhen A-share listed companies as the research object from 2009 to 2013, from the two proxy variables of debt financing environment: loan quota and loan cost. The empirical results show that accounting conservatism is helpful to improve the debt financing environment of enterprises, and the degree of accounting conservatism is higher. It is easier for enterprises to obtain more loans and pay lower loan costs. After distinguishing the nature of property rights, it is found that accounting conservatism plays a more significant role in non-state-owned enterprises, that is, the higher the degree of conservatism is, the more the non-state-owned enterprises are. The higher the loan amount and the lower the loan cost, the less the accounting conservatism has on state-owned enterprises.
【作者单位】：太原理工大学经济管理学院;
【分类号】：F275;F832.51
【正文快照】： 一、引言作为调解契约双方信息不对称矛盾的重要载体,会计稳健性在资本市场运行中起到重要的推动作用。企业的资本构成一般分为两种,一种是股权资本,一种是债务资本,而两者的融资成本却不尽相同。债务融资不仅筹资成本较低,而且还具有抵税作用。相比之下,股权融资在一般情况下

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