会计稳健性与上市公司债务成本的关系研究

发布时间：2018-03-25 22:36

本文选题：会计稳健性　切入点：债务成本　出处：《东北师范大学》2013年硕士论文

【摘要】：会计稳健性是会计理论和实践中的一项基本原则，具有深厚的历史背景，对许多国家的会计实务产生了深刻的影响。目前国际上针对会计稳健性的研究主要包括四个方面：会计稳健性存在原因分析、会计稳健性的计量、会计稳健性与公司治理和会计稳健性的经济后果研究。我国关于会计稳健性的研究也越来越多，范围也越来越广，但是对会计稳健性经济后果的研究相对较少。因此，本文结合我国企业仍然以债务融资为主的现实，研究我国上市公司会计稳健性与债务成本之间的关系。由美国次贷危机引发的国际金融危机把会计问题提到了前所未有的高度，而会计稳健性能及时确认和充分地披露相关的风险和损失。特别是对债务投资而言，会计稳健性能有效地防范债务契约签订之后的道德风险，保护债权投资者的投资收益，同时，在契约签订之前，稳健的会计信息也能防止债权人的逆向选择。因此，会计稳健性在保护投资者利益特别是债权投资者利益中发挥着重要的作用。那么，会计稳健性是如何影响债务成本的呢？对于债权人来说，他们最关心的是企业的盈利能力和还本能力，，因此企业利润与净资产是债权人重点关注的会计指标。企业的会计稳健程度将直接影响上述会计指标，采用相对谨慎的会计政策的公司，一定程度上能够保证没有高估利润和资产，降低公司的违约风险，保证债权人贷款能够安全收回。所以，会计稳健性可以协调公司股东与债权人的利益冲突，保证契约有效执行，并且能显著降低信息不对称条件下契约各方的道德风险和逆向选择行为。本文通过对会计稳健性的相关概念进行回顾，对已有文献进行梳理，探寻会计稳健性与债务成本的理论基础，选用沪深两市A股2001-2011年上市公司作为研究样本，对会计稳健性与债务成本的相关关系进行了实证分析。文中采用财务费用与平均含息负债（短期借款+长期借款+一年到期长期借款+应付债券）的比率作为企业当年债务成本的替代变量，采用权益市值-账面价值比和非经营性应计项目两种计算方法分别作为会计稳健性的替代变量，并选用了资产负债率、企业规模、盈利能力、企业发展能力作为控制变量，利用回归分析研究了会计稳健性对债务成本的关系，研究结果表明：企业的会计稳健性越强，其债务成本也越低。
[Abstract]:Accounting conservatism is a basic principle in accounting theory and practice. The current international research on accounting conservatism mainly includes four aspects: analysis of the cause of accounting conservatism, accounting conservatism measurement, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, The study on the economic consequences of accounting conservatism and corporate governance and accounting conservatism. The research on accounting conservatism in China is more and more extensive, but the research on the economic consequences of accounting conservatism is relatively few. This paper studies the relationship between accounting conservatism and debt cost of listed companies in China. The international financial crisis caused by the subprime mortgage crisis in the United States has brought the accounting problem to an unprecedented height, and the accounting conservatism has recognized and fully disclosed the related risks and losses in a timely manner, especially in the case of debt investment. The performance of accounting conservatism can effectively guard against the moral hazard after the debt contract is signed, and protect the investment income of the creditor. At the same time, before the contract is signed, prudent accounting information can also prevent the creditor from adverse selection. Accounting conservatism plays an important role in protecting the interests of investors, especially creditors. How does accounting conservatism affect the cost of debt? For creditors, they are most concerned about the profitability and the ability to repay capital of the enterprise. Therefore, the profits and net assets of the enterprise are the accounting indicators that creditors focus on. The degree of accounting conservatism of the enterprise will directly affect the above accounting indicators. Companies that adopt relatively prudent accounting policies can, to some extent, guarantee that profits and assets are not overestimated, that the risk of default is reduced, and that creditors' loans are safely recovered. Accounting conservatism can coordinate the conflict of interests between shareholders and creditors, ensure the effective implementation of contracts, and significantly reduce the moral hazard and adverse selection behavior of the parties to the contract under the condition of asymmetric information. This paper reviews the related concepts of accounting conservatism, combs the existing literature, explores the theoretical basis of accounting conservatism and debt cost, and selects A shares listed companies in Shanghai and Shenzhen stock markets from 2001 to 2011 as the research samples. The relationship between accounting conservatism and debt cost is empirically analyzed. The ratio of financial expenses to average interest-bearing liabilities (short-term loans, long-term loans, one year long term loans payable bonds) is used as an enterprise. Alternative variables to the cost of debt in the current year, The two calculation methods of equity market value-book value ratio and non-profit accrual project are used as the substitute variables of accounting conservatism, and the asset-liability ratio, enterprise scale, profitability, and enterprise development ability are selected as control variables, respectively. The relationship between accounting conservatism and debt cost is studied by regression analysis. The results show that the stronger the accounting conservatism, the lower the debt cost.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F233;F275

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