税收征管、会计稳健性对债务融资成本的影响研究

发布时间：2018-03-22 14:04

本文选题：税收征管　切入点：会计稳健性　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：为了贯彻落实建立健全社会信用体系的政策,各地纷纷开展"银税互动"助力解决企业融资难、融资贵的活动,银行与征管部门之间已对区域内企业纳税信用的评价结果进行共享,并且银行将会据此为纳税信用良好的企业提供成本更低的债务资金。由此可见,税收征管作为影响企业经济活动的重要外部因素,在督促企业积极履行纳税义务、影响企业融资决策中所发挥的作用越来越不容小觑。会计稳健性对会计理论的发展及企业多方面的经济活动特别是债务融资方面具有较为深远的影响,而外部的税收征管亦会对企业内部的会计稳健性提出不同程度的要求。因此,本文结合了企业内、外部的两个方面,对税收征管、会计稳健性是如何对企业的债务融资成本产生影响进行研究。为此,本文基于信息不对称理论、委托代理理论、现代契约理论和法规基础,以2010至2014年中国沪深两市A股上市公司为研究样本,运用实证分析的方法,研究税收征管、会计稳健性对企业债务融资成本的交互影响,并基于产权性质、是否受到产业政策支持等企业自身特征,对税收征管、会计稳健性与债务成本之间的关系在何类企业中表现得更为突出,做出了进一步的分析,并得出了以下结论:(1)税收征管与企业债务融资成本之间存在显著负相关关系;(2)会计稳健性与企业债务融资成本之间存在显著负相关关系;(3)在税收征管强度较大的区域,会计稳健性与企业债务融资成本之间的负相关关系更显著;(4)在税收征管强度较大的区域,民营企业的会计稳健性与企业债务融资成本之间的负相关关系比国有企业更为显著;(5)在税收征管强度较大的区域,不受产业政策支持的企业会计稳健性与企业债务融资成本之间的负相关关系更显著,并且上述关系在不受产业政策支持的民营企业中表现得尤为突出。最后,对上述研究结论进行总结,并根据结论提出了相关建议。
[Abstract]:In order to implement the policy of establishing and improving the social credit system, various localities have launched "silver tax interaction" to help solve the financing difficulties and expensive activities of enterprises. The results of the assessment of the tax credit of enterprises in the region have been shared between the banks and the levy authorities, and the banks will provide lower cost debt funds for enterprises with good tax credit. As an important external factor affecting enterprises' economic activities, tax collection and management are urging enterprises to actively fulfill their tax obligations. The influence of accounting conservatism on the development of accounting theory and various aspects of economic activities, especially debt financing, is more and more important. The external tax collection and management will also put forward different demands on the accounting conservatism within the enterprise. Therefore, this paper combines the internal and external aspects of the tax collection and management, Accounting conservatism is how to influence the debt financing cost of enterprises. Therefore, this paper is based on information asymmetry theory, principal-agent theory, modern contract theory and the basis of laws and regulations. Taking the A-share listed companies of Shanghai and Shenzhen stock markets in China from 2010 to 2014 as the research samples, using the method of empirical analysis, this paper studies the interactive influence of tax collection and accounting conservatism on the corporate debt financing cost, and based on the property right nature. Whether or not the enterprises are supported by industrial policies, the relationship between tax collection and management, accounting conservatism and debt cost is more prominent in the enterprises, and further analysis is made on the relationship between tax collection and management, accounting conservatism and debt costs. The conclusions are as follows: (1) there is a significant negative correlation between tax collection and corporate debt financing cost. 2) there is a significant negative correlation between accounting conservatism and corporate debt financing cost. (3) in the region with higher tax collection and management intensity, there is a significant negative correlation between accounting conservatism and corporate debt financing cost. The negative correlation between accounting conservatism and corporate debt financing cost is more significant. The negative correlation between accounting conservatism and debt financing cost of private enterprises is more significant than that of state-owned enterprises. The negative correlation between accounting conservatism and corporate debt financing cost is more significant, especially among private enterprises that are not supported by industrial policy. Finally, The conclusions are summarized and the relevant suggestions are put forward.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F812.42

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