会计稳健性对融资约束影响的研究

发布时间：2019-01-02 17:10

【摘要】：稳健性作为会计确认和计量的重要原则,对财务会计实务的影响非常久远。然而,2010年3月IASB和FASB发布了《财务报告的概念框架》(征求意见稿),强调了有用财务报告的质量特征,取消了会计稳健性这一质量要求。随着经济全球化的不断深入,资本在全球范围内流动,为了能够增强公司财务报告的可比性,我国也逐步加快了会计准则国际趋同的步伐。2014年财政部修订了企业会计准则,新增了公允价值计量这一基本准则,进一步削弱了会计稳健性的地位。国内外学者对会计稳健性的经济后果进行了大量研究,但是研究结论尚不统一。我国学者研究发现:会计稳健性在提高融资效率、投资效率,降低资金成本方面具有积极的作用。然而,过度的稳健性会造成收入和费用的不对称确认,扭曲会计信息的真实性,使会计信息缺乏价值相关性,我国学者却很少对此进行研究。因此,研究会计稳健性对融资约束的影响及该影响的持续性具有重要意义。本文首先利用Basu模型和C-score模型,通过对全样本和控制亏损公司样本分别进行回归,验证了会计稳健性在我国上市公司的存在性;其次,通过运用Logistic模型构建了融资约束指数,用以衡量我国上市公司所受到的融资约束程度。并用C-score模型度量条件稳健性和MB指标度量非条件稳健性,然后将条件稳健性和非条件稳健性分别与融资约束指数进行回归,对会计稳健性与融资约束的关系进行检验,结果表明会计稳健性有助于缓解公司所受到的融资约束程度;最后,将条件稳健性和非条件稳健性分别进行四分位数分组,通过分组回归验证会计稳健性对融资约束影响的持续性,研究发现:在会计稳健性程度较低的时候,企业稳健性水平的提高能够大幅降低融资约束程度,但是随着稳健性升高到一定程度,如果稳健性水平继续升高,则会降低对融资约束的缓解作用。因此,企业披露的财务信息应该在价值相关性和稳健性之间做出选择,并且权衡会计稳健性所带来的收益和产生的成本,寻求最佳的稳健性水平。
[Abstract]:Conservatism, as an important principle of accounting recognition and measurement, has a long time influence on financial accounting practice. However, in March 2010, IASB and FASB issued the Conceptual Framework of Financial reporting (draft for comments), which emphasized the quality characteristics of useful financial reports and eliminated the quality requirement of accounting conservatism. With the deepening of economic globalization, capital flows around the world. In order to enhance the comparability of corporate financial reports, China has gradually accelerated the pace of international convergence of accounting standards. In 2014, the Ministry of Finance revised the Accounting Standards for Enterprises. Added fair value measurement of the basic standards, further weakened the status of accounting conservatism. Scholars at home and abroad have done a lot of research on the economic consequences of accounting conservatism, but the conclusions are not uniform. Chinese scholars have found that accounting conservatism plays an active role in improving financing efficiency, investment efficiency and reducing capital cost. However, excessive conservatism will lead to asymmetric recognition of income and expense, distort the authenticity of accounting information, and make accounting information lack value relevance, which is rarely studied by Chinese scholars. Therefore, it is of great significance to study the impact of accounting conservatism on financing constraints and its sustainability. Firstly, by using Basu model and C-score model, this paper verifies the existence of accounting conservatism in Chinese listed companies by regression of total sample and control loss company sample. Secondly, the financing constraint index is constructed by using Logistic model to measure the degree of financing constraint on listed companies in China. Using C-score model to measure conditional conservatism and MB index to measure non-conditional conservatism, then the conditional conservatism and non-conditional conservatism are regressed with financing constraint index to test the relationship between accounting conservatism and financing constraint. The results show that accounting conservatism is helpful to alleviate the degree of financing constraint. Finally, the conditional conservatism and non-conditional conservatism are divided into quartile groups, and the effects of accounting conservatism on financing constraints are verified by grouping regression. The results show that: when the degree of accounting conservatism is low, The improvement of firm robustness can greatly reduce the degree of financing constraint, but with the increase of robustness to a certain extent, if the level of robustness continues to increase, the mitigation of financing constraints will be reduced. Therefore, the financial information disclosed by enterprises should make a choice between value relevance and conservatism, and weigh the benefits and costs of accounting conservatism to seek the best level of conservatism.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275

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