我国上市公司会计稳健性对债务资本成本影响研究

发布时间：2018-06-07 17:45

本文选题：会计稳健性 + 债务成本　；参考：《武汉科技大学》2016年硕士论文

【摘要】：企业发展离不开资金的支持,而企业获得发展所需资金除内部融资外,往往还需要大量的外部融资来弥补。债权融资作为我国公司主要的外部融资渠道,已成为企业的一项重要经济活动,债务资本成本也随之成为企业债务融资关注的焦点。由于信息不对称和道德风险,债务契约中存在着利益相关者的冲突。债权人为保护自身的利益,需要借助会计信息来对融资企业的财务能力进行分析,以做出合理的决策,降低投资风险。因此,会计信息的质量会直接影响到企业的债务融资成本。现有研究发现,会计稳健性作为衡量会计信息质量的指标之一,可以在一定程度缓解股东和债权人之间的利益冲突,增强会计信息的信贷决策有用性,影响债务资本成本。研究会计稳健性对上市公司债务成本的影响,可以为企业进行债务融资决策、会计政策的选择和债权人保护提供一定的理论依据。本文在回顾国内外研究现状的基础上,利用前人的经验数据研究会计稳健性对债务资本成本的影响,选取我国全部A股上市公司为样本,采用面板数据实证研究我国上市公司会计稳健和债务资本成本的关系。本文在会计稳健性的计量方面,选取了应计-现金流和负的累计应计制这两种方法计量稳健性,并对这两种会计稳健性计量方式在我国的适用性进行检验,检验结果显示非经营性应计项比其它属性的应计项在我国更具适用性,负的累计应计制在我国也具适用性。然后选择经过适用性检验的稳健性计量法,分别对会计稳健性与债务资本成本的关系进行实证分析,使结果更具说服力,更可靠。回归分析的最终结果证明会计稳健性程度越高,债务资本成本越低,得出了与国外相一致的研究结论。
[Abstract]:The development of enterprises can not be separated from the support of funds. Besides internal financing, enterprises often need a large amount of external financing to make up for it. As the main external financing channel of Chinese companies, creditor's rights financing has become an important economic activity of enterprises, and the cost of debt capital has become the focus of corporate debt financing. Due to asymmetric information and moral hazard, there is a conflict of stakeholders in debt contracts. In order to protect their own interests, creditors need to use accounting information to analyze the financial ability of financing enterprises in order to make reasonable decisions and reduce investment risks. Therefore, the quality of accounting information will directly affect the debt financing costs of enterprises. It is found that accounting conservatism, as one of the indexes to measure the quality of accounting information, can alleviate the conflict of interest between shareholders and creditors to a certain extent, enhance the usefulness of credit decision of accounting information, and affect the cost of debt capital. Studying the influence of accounting conservatism on debt cost of listed companies can provide certain theoretical basis for enterprises to make debt financing decisions, to choose accounting policies and to protect creditors. On the basis of reviewing the current research situation at home and abroad, this paper studies the impact of accounting conservatism on debt capital cost by using previous empirical data, and selects all A-share listed companies in China as samples. The relationship between accounting conservatism and debt capital cost of listed companies in China is studied empirically by panel data. In the measurement of accounting conservatism, this paper selects accrual-cash flow and negative accrual basis to measure conservatism, and tests the applicability of these two accounting conservatism measurement methods in China. The test results show that the non-operational accruals are more applicable than those of other attributes in China, and the negative cumulative accruals are also applicable in China. Then we choose the conservatism metering method which has been tested to analyze the relationship between accounting conservatism and debt capital cost, which makes the results more convincing and reliable. The final result of regression analysis proves that the higher the degree of accounting conservatism, the lower the cost of debt capital.
【学位授予单位】：武汉科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F832.51

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