会计稳健性对企业融资约束的影响实证研究

发布时间：2018-01-23 06:12

本文关键词： 会计稳健性融资约束信息不对称　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：根据融资优序理论,在企业产生资金需求时,首先会选择使用企业内部积累的资金,其次才是外源融资。在现代企业中,由于企业规模逐渐增大,对资金需求逐渐增多,企业仅仅依靠内部资金的积累已经不能满足其对资金的需求。因此,在企业产生资金需求时往往需要向外部的资本供给者寻求资金的帮助。外部资本供给者在向企业提供资金支持时,需要对企业的财务状况和经营业绩进行考察。由于信息不对称的存在,外部资本供给者无法直接观察到企业的经营业绩和财务状况,只能通过企业对外所披露的会计信息间接的对企业进行评价以判断企业是否符合提供资金的条件。会计稳健性一直以来都是一项重要的会计原则,在许多国家的会计准则中都有会计稳健性这一会计信息质量要求,会计稳健性对于增加企业的债务契约有效性和缓解企业过度投资有着积极的作用。但是会计稳健性引起企业会计信息的失真,对企业外部融资的消极作用也是不能忽视的。会计稳健性要求企业对于“坏消息”的确认优先于“好消息”的确认,这就造成了企业的资产和收益被低估。企业外部资本供给者在考察企业的财务状况和经营业绩时,是不会将被低估的资产和收益还原为企业的真实水平的。一来,由于信息的不对称外部资本供给者并不能完全获得反映企业真实水平的会计信息；二来,为还原企业资产和收益的真实性获取信息的成本过高。因此,外部资本供给者按照这一被低估的财务状况来评价是否应当向企业提供资金,以及提供的数量等就会使企业更难以较低的成本获得较多的资金支持,企业的外部融资能力被削弱。本文首先对会计稳健性和融资约束的相关研究文献进行梳理。主要是从会计稳健性和融资约束两个方面来进行的。其中,对会计稳健性的梳理主要从会计稳健性的衡量指标、存在性和经济后果三个方面进行；对融资约束的梳理主要从融资约束的衡量指标、影响因素两个方面进行。通过对现有文献的归纳总结发现,现有文献较少将会计稳健性和融资约束结合起来进行研究,其次对会计稳健性的经济后果研究也多是从积极的后果来研究的,对会计稳健性的负面影响研究较少。本文正是试图从负面的影响去研究会计稳健性的经济后果的。针对研究目的,本文认为可以从不确定性理论、契约理论、信息不对称理论、委托代理理论来进行理论的分析。在理论分析的基础上,提出了本文的4个假设。在实证研究部分,本文选取了2008年—2011年四年间在沪深两市上市的A股公司股票作为研究样本,共得到4239个样本。借鉴Almeida(2004)现金—现金流敏感性的基本模型以及我国学者的相关研究建立回归模型并对样本进行回归。具体框架如下：第—章,绪论。阐述了本文的研究背景及研究目的和意义：提出了本文的研究方法和研究思路；指出了本文的创新和贡献并对相关的概念进行了界定。第二章,文献综述。根据研究目的,本文主要从两个方面进行文献的综述：一个是从会计稳健性的角度,另一方面是关于融资约束的文献综述。对会计稳健性的综述主要包括会计稳健性的衡量指标、存在性和经济后果三个方面；对融资约束的文献综述主要包括融资约束的衡量指标和影响因素两个方面。第三章,会计稳健性与融资约束的理论基础。本文分析了不确定性理论、契约理论、信息不对称理论、委托代理理论的内容及其作用的机制,在上述理论分析的基础上分析会计稳健性与融资约束的关系。第四章,假设的提出和研究设计。在前文理论分析的基础上,结合行业垄断性、治理环境和股权结构等影响因素的特点,提出了本文的四个假设：1、会计稳健性会加重企业的融资约束,2、相对于垄断行业企业,非垄断行业企业会计稳健性对融资约束的加重作用更加明显,3、相对于外部治理环境较好地区的企业,外部治理环境较差地区企业会计稳健性对融资约束的加重作用更加明显,4、相对于不存在绝对控制的企业,存在大股东绝对控制的企业会计稳健性对融资约束的加重作用更加明显；根据假设收集并整理相关的数据；选取相关的变量并在Almeida(2004)现金—现金流敏感性的基本模型的基础上,结合我国学者的相关研究,设计研究的模型。第五章,实证结果。具体包括描述性统计,相关性分析,回归分析和稳健性检验。第六章,研究结论、建议及不足。结合本文的理论分析和实证结果得出本文的研究结论。针对本文的不足之处,指出了未来可能的研究方向。本文根据理论分析和实证的结果,得出以下结论： (1)会计稳健性与企业的融资约束正相关,这说明稳健性会计政策会加重企业的融资约束使企业的外部融资能力减弱,不利于企业在缺少资金时获得外部资金的支持。 (2)相对于垄断行业企业,非垄断行业企业会计稳健性对融资约束的加重作用更加明显。这说明非垄断行业企业在产生资金需求时更难获得外部的资金支持。 (3)相对于治理环境较好的地区,治理环境较差地区企业会计稳健性对融资约束的加重作用更加明显。这说明在治理环境较好的地区,其法律比较健全,社会监管体系比较完善,企业所报告的会计信息可信度高,而且金融业比较发达,银行等金融机构获取信息的能力较强,企业与外部资本供给者之间的信息不对称水平较低,企业外部借款能力较强。 (4)相对于不存在绝对控制的企业,存在大股东绝对控制的企业会计稳健性对融资约束的加重作用更加明显。这说明存在大股东绝对控制的企业由于存在大股东为了自身利益损害其他中小股东和债权人利益的动机,因而企业向外部所披露的会计信息的可信度可能不高,企业与外部资本供给者之间的信息不对称程度较高,不利于企业向外部融资。本文的创新和贡献主要有：第一,以往文献对于会计稳健性的经济后果的研究大部分是从会计稳健性的积极作用来研究。但是会计稳健性的有偏确认造成一定程度上会计信息失真也是客观存在的,本文考虑了会计稳健性在企业外部融资中的消极作用。弥补了现有文献在这方面研究的不足。第二,本文细化了会计稳健性对融资约束的影响,认为会计稳健性对非垄断行业的加重作用更加明显,对于治理环境较差地区企业的加重作用更加明显,对于存在大股东控制企业的加重作用更加明显。本文的不足之处和未来研究展望：在选择会计稳健性的衡量指标时,本文使用非经营性应计项目的相反数来衡量企业的会计稳健性水平,但是衡量会计稳健性水平的指标还有很多,在以后的研究中还可以采用稳健性评分模型等来衡量企业的会计稳健性水平；在对样本的分类时,本文只考虑了所属地区的治理环境、股权结构和行业的垄断性,还有一些其他的影响因素如董事会结构、政治关联等,在以后的研究中可以考察在不同的治理结构(如董事会结构)下会计稳健性与企业融资约束的关系。
[Abstract]:According to the pecking order theory, demand for funds in the enterprise, will be the first choice to use internal funds accumulated, followed by external financing. In the modern enterprise, the enterprise scale is gradually increased, the demand for capital increase gradually, enterprises rely solely on internal capital accumulation has been unable to meet the demand for capital. Therefore, often need to external capital suppliers seeking funds to help generate demand for funds in the enterprise. The external supply of capital in providing financial support to enterprises, the enterprise's financial situation and business performance were investigated. Because of the information asymmetry, external capital supply can not directly observe the operating results and financial condition of the company only through the foreign enterprise, the disclosure of accounting information of enterprises indirectly evaluated in order to determine whether the enterprise meet the funding conditions.
Accounting conservatism is always an important accounting principle, the accounting standards in many countries have accounting conservatism requirements of the quality of accounting information, accounting conservatism to increase corporate debt contract effectiveness and ease corporate over investment has a positive effect. But accounting conservatism caused the distortion of enterprise accounting information, negative effect the enterprise external financing also cannot be ignored. Accounting conservatism requires enterprises to "confirm bad news" prior to the "good news" confirmed, which resulted in the company's assets and incomes are underestimated. Supply of enterprise external capital in the study of enterprise's financial condition and results of operations, assets and profits do not the reduction will be underestimated the true level of the enterprise. As a result, due to asymmetric information and external capital supply can not completely reflect the true water The accounting information; secondly, for the reduction of enterprise assets and earnings of the authenticity of the information cost is too high. Therefore, the external capital provider in accordance with this underestimation of the financial situation to evaluate whether it should provide funds to enterprises, and provide the number will make the enterprise get more difficult to support low cost more money enterprise, external financing ability is weakened.
Firstly, the relevant research literature on Accounting Conservatism and financing constraints are reviewed. It is mainly from two aspects of accounting conservatism and financing constraints to. Among them, on Accounting Conservatism combing mainly from the measure of accounting conservatism, there are three aspects and economic consequences; the financing constraints combing mainly from measure financing constraints, two aspects influencing factors. Based on the existing literature summary, the existing literature less accounting conservatism and financing constraints to combine research, followed by the study of economic consequences of accounting conservatism is also from the positive consequences of the negative impact on accounting conservatism, less research in this paper. It is tried to study accounting conservatism from the negative impact of the economic consequences. For the purpose of the study, this paper considered uncertainty theory. About theory, asymmetric information theory, principal-agent theory to conduct theoretical analysis. On the basis of theoretical analysis, 4 hypotheses are put forward in this paper. In the part of empirical research, this paper selects the 2008 to 2011 four years listed in Shanghai and Shenzhen two A shares as the research sample, a total of 4239 samples. From Almeida (2004) basic research model of cash cash flow sensitivity and scholars in China to establish a regression model and a sample regression. The specific framework is as follows:
Chapter I, introduction, describes the research background, purpose and significance of this study: put forward the research methods and research ideas of this paper; point out the innovation and contribution of this paper, and define the related concepts.
The second chapter, literature review. According to the research objective, this paper conducted a literature review from two aspects: one is from the perspective of accounting conservatism, on the other hand is a literature review about the financing constraints. The measure of accounting conservatism review mainly includes the accounting conservatism, there are three aspects and economic consequences; two aspects of indicators and the factors affecting the literature review on financing constraints including financing constraints.
The third chapter, the theoretical basis of accounting conservatism and financing constraints. This paper analyzes the uncertainty theory, contract theory, information asymmetry theory, mechanism of content and function of the principal-agent theory, analysis of the relationship between accounting conservatism and the financing constraints based on the theoretical analysis.
The fourth chapter, put forward the hypothesis and research design. On the basis of previous theoretical analysis, combined with the characteristics of industry monopoly, the influence factors of environmental governance and equity structure, this paper proposes four hypotheses: 1, accounting conservatism will increase the financing constraints, enterprise 2, relative to the monopoly industries and enterprises, increase the role of non monopoly enterprise accounting conservatism of financing constraints is more obvious, compared to 3, better governance environment in enterprises, increase the role of external corporate governance environment in poor areas of accounting conservatism on financing constraints is more obvious, compared to 4, there is no absolute control of the enterprise, increase the effect of large shareholders control of enterprise accounting conservatism on the financing constraints according to the hypothesis is more obvious; to collect and collate relevant data; select the relevant variables in Almeida (2004) and the basic model of the cash cash flow sensitivity On the basis of the related research of Chinese scholars, the model of research is designed.
The fifth chapter, the empirical results, including descriptive statistics, correlation analysis, regression analysis and robustness test.
The sixth chapter, research conclusions, recommendations and shortcomings. Combined with the theoretical analysis and empirical results, we draw the conclusions of this study. Aiming at the shortcomings of this paper, we point out the possible research directions in the future.
On the basis of theoretical analysis and empirical results, the following conclusions are drawn.
(1) accounting conservatism is positively related to corporate financing constraints. This shows that robust accounting policy will aggravate the financing constraints of enterprises and weaken the external financing capability of enterprises, which is not conducive to the support of external funds when enterprises lack funds.
(2) compared with monopoly industries, accounting conservatism plays a more significant role in financing constraints than non monopoly industries. This shows that non monopoly industries are more difficult to obtain external financial support when generating capital needs.
(3) relative to the area of governance environment better, increase the role of corporate governance environment in poor areas of accounting conservatism on financing constraints more obvious. This shows that in the area of good governance environment, the relatively sound legal, social supervision system more perfect, the enterprise accounting information report high credibility, and the financial industry is relatively developed, bank etc. financial institutions to obtain information ability, the level of information asymmetry between enterprises and external capital supply is low, enterprise external borrowing ability.
(4) there is no relative to the absolute control of the enterprise, increase the effect of large shareholders control the accounting conservatism of financing constraints is more obvious. This shows that there is large shareholders control enterprises due to the existence of large shareholders for their own interests to damage other medium and small shareholders and creditors interests, so the enterprise to the outside and the disclosure of accounting information the credibility is not high, between the enterprise and external capital supply a higher degree of information asymmetry, is not conducive to enterprise external financing.
The innovation and contribution of this article are as follows:
First, most of the previous literature on the economic consequences of accounting conservatism is from the positive role of accounting conservatism of accounting conservatism. But the partial confirmation of causing a certain degree of distortion of accounting information is the objective existence, considering the negative effects of accounting conservatism in enterprise financing. To compensate for the lack of existing research literature in the the.
Second, this paper detailed the influence of accounting conservatism on the financing constraints, that aggravate the effect of accounting conservatism on the non monopoly industries more obvious effect for increasing the area of poor corporate governance environment is more obvious, for the existence of aggravating effect of large shareholder control of the enterprise is more obvious.
The inadequacies of this article and prospects for future research: in the choice of accounting conservatism index, this paper use the opposite to non operating accruals to measure the enterprise's accounting conservatism level, but there are a lot of measure of the level of accounting conservatism index, in the future research can also be used to measure the robustness evaluation model of enterprises accounting conservatism in level; the classification of samples, this paper only considers the area belongs to environmental governance, ownership structure and monopoly industries, there are some other factors such as the structure of the board of directors, political association, in the future research can be investigated in different governance structure (such as the structure of the board of directors) under the relation of accounting the robustness and financing constraints.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F233

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