会计稳健性、融资约束与公司成长性关联分析

发布时间：2018-03-23 02:24

本文选题：会计稳健性　切入点：融资约束　出处：《中国矿业大学》2017年硕士论文　论文类型：学位论文

【摘要】：会计稳健性,是损失与收益确认非对称性的主要依据,能够为企业提供可靠的财务信息,2010年国际准则发生变化,在与其趋同接轨的大潮流下,会计稳健性再次被拉回了研究学者的视野之中。由于不完全市场的存在,资金需求者与供给者之间的信息不对称和代理冲突造成了融资约束现象的出现。成长性作为公司的“灵魂”,是企业稳定持续发展的基础,对促进我国经济发展发挥着不可或缺的作用。金融危机之后,我国经济整体上处于增速换挡、结构调整和前期政策消化三期压力叠加的再平衡调整阶段。那么,在这种特殊阶段,会计稳健性作为公司治理的重要机制,能否减轻企业所受的融资约束及提高公司成长性成为理论界与实务界所关注的焦点。本文基于我国独特文化背景和制度环境,梳理了国内外会计稳健性、融资约束与公司成长性的相关已有研究文献,以已有学者研究为基础,选取2011年至2015年深沪两市A股上市公司作为研究样本,立足于公司成长性,将会计稳健性这一会计概念与融资约束和公司成长性相联系,将三者纳入统一的分析框架,尝试系统探讨了三者之间的作用机理,发现其内在联系和变化规律,并从实证分析的角度进行验证,最终得出的结论对现有研究进行检验和有益补充,并拓展相关问题的研究领域。本文在理论分析的基础上,运用EXCEL、SPSS等软件,选用C-SCORE模型和综合指数Logit模型分别度量会计稳健性和融资约束,然后构建相关模型,检验了会计稳健性与融资约束、会计稳健性与公司成长性、融资约束与公司成长性之间的关系,最后考察会计稳健性在融资约束与公司成长性二者之间发挥的作用。实证结果表明:(1)会计稳健性在我国上市公司普遍存在,并能传递出积极的信号,缓解融资约束程度及提升公司成长性;(2)融资约束与公司成长性呈负相关关系,融资约束对公司成长性具有显著的抑制效应;(3)会计稳健性能够缓解融资约束与公司成长性之间的负向效应。在理论和实证分析的基础上,本文最终得出的结论证实了会计稳健性的重要性,丰富了会计稳健性经济后果领域的研究,对于准则的完善和有关监管措施的改进具有现实意义,同时也能够通过相关政策建议为企业如何持续稳定成长和发展提供可靠的经验数据和实证依据。
[Abstract]:Accounting conservatism is the main basis for asymmetric recognition of loss and income. It can provide reliable financial information for enterprises. In 2010, the international standards changed, and in the tide of convergence with them, Accounting conservatism is once again drawn back into the field of view of researchers. Due to the existence of incomplete markets, The information asymmetry and agency conflict between the fund demanders and the suppliers lead to the emergence of financing constraints. As the "soul" of the company, growth is the basis for the stable and sustainable development of the enterprise. It plays an indispensable role in promoting the economic development of our country. After the financial crisis, China's economy as a whole is in the stage of rebalancing adjustment of growth rate shift, structural adjustment and pre-policy digestion. At this special stage, accounting conservatism is an important mechanism of corporate governance. Whether we can lighten the financing constraints on enterprises and improve the growth of companies has become the focus of the theoretical and practical circles. Based on the unique cultural background and institutional environment of our country, this paper combs the accounting conservatism at home and abroad. Based on the existing research literature on financing constraints and corporate growth, this paper selects A-share listed companies in Shenzhen and Shanghai from 2011 to 2015 as research samples, which is based on corporate growth. The accounting concept of accounting conservatism is connected with the financial constraints and the growth of the company, and the three are brought into the unified analysis framework, and the mechanism of the three is discussed systematically, and the internal relation and the changing law are found. And from the perspective of empirical analysis to verify, the final conclusion of the existing research to test and useful supplement, and expand the research areas of related issues. Based on the theoretical analysis, the use of excel SPSS and other software, The C-SCORE model and the composite index Logit model are used to measure accounting conservatism and financing constraints respectively, and then the related models are constructed to test accounting conservatism and financing constraints, accounting conservatism and corporate growth. The relationship between financing constraints and corporate growth. Finally, the paper examines the role of accounting conservatism in financing constraints and corporate growth. The empirical results show that accounting conservatism is prevalent in listed companies in China. And can send a positive signal, ease the degree of financing constraints and enhance the growth of companies / 2) financing constraints and corporate growth are negatively related. Financial constraints have a significant inhibitory effect on corporate growth. Accounting conservatism can alleviate the negative effect between financing constraints and corporate growth. The conclusion of this paper proves the importance of accounting conservatism, enriches the research in the field of economic consequences of accounting conservatism, and has practical significance for the perfection of standards and the improvement of relevant regulatory measures. At the same time, it can also provide reliable empirical data and empirical evidence for the sustained and stable growth and development of enterprises through relevant policy recommendations.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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