会计信息质量对银行长期借款成本影响实证研究

发布时间：2018-04-20 09:45

本文选题：会计信息质量 + 产权性质　；参考：《东北石油大学》2014年硕士论文

【摘要】：银行信贷融资是公司获取经营与发展所需资金的重要来源，但银企间的信息不对称会严重影响资金配置效率，导致大量银行不良贷款的产生，损害银行的利益。会计信息作为一种减轻信息不对称程度的媒介，在上市公司和银行等资金提供者之间架起了一座沟通的桥梁。银行具有依据上市公司的会计信息质量，制定信贷契约条款来保护自身的利益。论文以深市信息评级作为上市公司会计信息质量的代理变量，深入考察上市公司会计信息质量对银行长期借款成本的影响，在丰富相关研究文献的同时，积累基于中国制度背景的经验证据。论文研究有利于指导资金提供者借助监管机构的权威评价进行信贷决策，降低自身获取信息的成本，缓解上市公司面临的债务融资压力；有利于鼓励上市公司加强信息质量建设的积极性，通过提高自身的会计信息质量，获得较低成本资金的好处；对于监管机构科学合理地制定、推进和逐步完善监管政策具有重要的现实意义。论文采用规范研究与实证研究相结合的研究方法，遵循“提出问题——理论分析——实证检验——政策建议”的逻辑思路。首先，阐述论文的研究背景，对已有的相关文献进行回顾，并在分析和评述的基础上指出论文的研究意义。其次，运用信贷契约理论、信息不对称理论、信号传递理论以及委托代理理论分析上市公司会计信息质量对银行长期借款成本的影响，理论分析表明，会计信息质量越高的上市公司，所承担的银行长期借款成本可能越低。最后，运用实证研究方法，以2007-2012年深圳证券交易所A股非金融类上市公司为研究样本，设计实证研究模型，研究我国上市公司会计信息质量对银行长期借款成本的影响，同时考虑到我国上市公司产权性质差异的特殊制度背景，将研究样本进行产权分组，进一步考察产权性质对会计信息质量与银行长期借款成本间关系产生的可能影响。论文的实证研究发现：高质量的会计信息能够发挥信号传递功能，有利于银行正确评估申贷公司的风险，从而显著降低银行长期借款成本。基于产权分组的研究进一步发现，制度因素会对会计信息质量在信贷融资中的作用产生影响，国有产权承担的隐性担保作用会削弱会计信息质量的信号传递功效，即相对于民营性质的上市公司来说，国有上市公司在进行银行长期借款融资时，其会计信息质量对融资成本的正面影响会减弱。通过上述结论可知，，上市公司可以通过提高自身的会计信息质量来向外部使用者传递公司的真实情况，从而降低投资者和债权人的信息风险，进而提高上市公司的融资效率，降低上市公司的融资成本。
[Abstract]:Bank credit financing is an important source for companies to obtain funds for operation and development, but the information asymmetry between banks and enterprises will seriously affect the efficiency of capital allocation, leading to the emergence of a large number of non-performing loans in banks and harming the interests of banks. As a medium to reduce the asymmetry of information, accounting information has built a bridge between listed companies and banks. According to the quality of accounting information of listed companies, banks have to make terms of credit contracts to protect their own interests. Taking Shenzhen Stock Market Information rating as the proxy variable of accounting information quality of listed companies, this paper investigates the influence of accounting information quality of listed companies on the long-term borrowing cost of banks, and enriches the relevant research literature at the same time. Accumulate empirical evidence based on Chinese institutional background. The research of this paper is helpful to guide fund providers to make credit decisions with the help of authoritative evaluation of regulatory bodies, reduce the cost of obtaining information, and alleviate the debt financing pressure faced by listed companies. Conducive to encouraging listed companies to strengthen the enthusiasm of information quality construction, by improving the quality of their own accounting information, to obtain the benefits of lower cost funds; for regulatory bodies to formulate scientifically and rationally, To promote and gradually improve the regulatory policy has important practical significance. This paper adopts the research method of combining normative research with empirical research, and follows the logical thinking of "posing questions-theoretical analysis-empirical testing-policy recommendations". Firstly, the research background of the thesis is expounded, and the research significance is pointed out on the basis of analysis and comment. Secondly, using credit contract theory, information asymmetry theory, signal transmission theory and principal-agent theory to analyze the impact of accounting information quality on bank long-term borrowing costs. The higher the quality of accounting information, the lower the long-term borrowing cost of banks. Finally, using the empirical research method and taking the A-share non-financial listed companies of Shenzhen Stock Exchange from 2007 to 2012 as the research samples, the empirical research model is designed to study the impact of the quality of accounting information of listed companies on the long-term borrowing costs of banks. At the same time, considering the special institutional background of the property rights differences of listed companies in China, the research samples are grouped into property rights groups to further investigate the possible impact of property rights on the relationship between the quality of accounting information and the long-term borrowing costs of banks. The empirical research in this paper finds that high quality accounting information can play a signalling role, which is helpful for banks to correctly assess the risk of loan companies, thus significantly reducing the long-term borrowing costs of banks. Based on the research of property right group, it is found that institutional factors will affect the role of accounting information quality in credit financing, and the implicit guarantee effect of state-owned property rights will weaken the signal transmission effect of accounting information quality. That is to say, compared with the private listed companies, the positive effect of the quality of accounting information on the financing costs of the state-owned listed companies will be weakened when the banks borrow for a long time. Through the above conclusions, listed companies can improve their accounting information quality to transfer the real situation of the company to external users, thereby reducing the information risk of investors and creditors, and then improving the financing efficiency of listed companies. Reduce the financing costs of listed companies.
【学位授予单位】：东北石油大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F830.42;F832.3

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