会计稳健性对债务与权益融资成本影响差异研究

发布时间：2018-05-26 16:28

本文选题：会计稳健性 + 债务融资成本　；参考：《武汉科技大学》2013年硕士论文

【摘要】：在我国资本市场蓬勃发展以及新会计准则与国际趋同的大背景下，稳健性的会计信息在企业融资方面发挥着越来越重要的作用，，而债务融资和股权融资又是上市公司的主要融资渠道。会计信息的稳健性能缓解企业契约各方的利益冲突，降低他们的代理成本和信息不对称风险，从而实现投资者保护与债权人保护的治理机制。因此稳健的会计信息使得投资者与债权人期望的报酬率降低，也就降低了企业的权益融资成本与债务融资成本。另外，作为企业契约的不同主体，投资者与债权人势必对稳健会计信息的需求程度存在差异。因此，本文试图以会计信息的稳健性为切入点，研究会计稳健性与公司的融资成本之间的关系，分析投资者和债权人哪方对会计信息的稳健性需求更加强烈。本文旨在为丰富会计稳健性的经济后果研究提供新的视角。本文主要采用了规范研究与实证研究相结合的方法。首先，从委托代理理论、契约理论与风险信号理论的角度分析了稳健性与融资成本之间的关系；然后，建立了三个模型，分别检验稳健性与债务融资成本、权益融资成本的相关关系，以及稳健性对债务融资与权益成本的负相关关系的差异程度。通过研究认为，会计稳健性水平的提高有利于降低公司的债务融资成本；其次，会计稳健性水平的提高有利于降低公司的权益融资成本；最后，会计稳健性与权益融资成本的负相关程度明显大于其与债务融资成本的负相关程度。也就是说，股东们对稳健的会计信息的需求欲望比债权人更强烈。
[Abstract]:Under the background of vigorous development of Chinese capital market and the convergence of new accounting standards and international convergence, conservative accounting information plays a more and more important role in enterprise financing. Debt financing and equity financing are the main financing channels of listed companies. The prudent performance of accounting information alleviates the conflicts of interests of the parties to the contract, reduces their agency costs and asymmetric information risks, and realizes the governance mechanism of investor protection and creditor protection. Therefore, prudent accounting information reduces the expected rate of return of investors and creditors, which reduces the cost of equity financing and debt financing. In addition, as different subjects of enterprise contract, investors and creditors are bound to have different demands for prudent accounting information. Therefore, this paper attempts to study the relationship between accounting conservatism and the financing cost of the company by starting with the conservatism of accounting information, and analyzes which parties of investors and creditors have a stronger demand for conservatism of accounting information. The purpose of this paper is to provide a new perspective for the study of the economic consequences of accounting conservatism. This paper mainly adopts the method of combining normative research with empirical research. Firstly, the relationship between robustness and financing cost is analyzed from the perspective of principal-agent theory, contract theory and risk signal theory, and then, three models are established to test the robustness and debt financing costs, respectively. The correlation between equity financing cost and the difference between robustness and debt financing and equity cost. Through the research, the improvement of accounting conservatism level is beneficial to reduce the debt financing cost of the company; secondly, the improvement of accounting conservatism level is conducive to reduce the equity financing cost of the company; finally, The negative correlation between accounting conservatism and equity financing cost is obviously greater than that between accounting conservatism and debt financing cost. In other words, shareholders' demand for sound accounting information is stronger than creditors'.
【学位授予单位】：武汉科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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