环境不确定性、会计信息披露质量与债务成本

发布时间：2017-12-31 22:33

本文关键词：环境不确定性、会计信息披露质量与债务成本　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：债务融资是我国企业融资的重要的方式之一,企业债务融资成本问题一直是财务研究的热点话题,如何降低债务融资成本是企业管理的重中之重,因此对于债务成本的影响因素的研究具有十分重要的意义。研究表明,公司治理水平、会计稳健性、产权性质、企业规模以及负债水平等因素均对债务成本造成影响。本文从债务融资成本的影响因素的角度分析会计信息披露质量与债务成本的关系。会计信息披露机制是公司治理结构的一个重要组成部分,会计信息披露质量的高低对于优化企业资源结构、提高资本效率具有深远影响。而高质量的会计信息的披露会减少债权人与债务人之间的信息不对称,降低债权人的风险以及监督成本,进而降低债务成本。2008年金融危机的爆发至今,我国经济处于经济转型过程中,企业面临的外部环境更加复杂与动荡,外部环境不确定因素增多,结合外部环境不确定性,研究环境不确定与债务成本之间的关系以及在企业面临环境不确定性加大的情况下,会计信息披露质量与债务成本的关系会发生怎样的变化。文章以相关理论为先导,融合中国资本市场特征以及企业境况,运用规范与实证相结合的研究方法,探讨环境不确定性、会计信息披露质量与债务成本之间的关系,从内外部两个层面探讨债务成本的影响因素以及会计信息披露质量的治理效果。本篇文章的内容框架为五个方面。绪论部分结合国内外文献进行综述得出本文的研究背景、研究意义和研究方法,在此基础上指出本文创新之处;第二部分针对文中主要专业术语的概念进行一一阐释,引入论文主题涉及到的相关基础理论;第三部分为理论分析与研究假设,主要是采用图表的形式,对2010-2015年我国深交所上市公司所面临的环境不确定状况、会计信息披露质量情况以及债务成本现状进行较为详细的描述,对三者之间的关系进行理论剖析,进而提出本文假设;第四部分实证研究主要是对样本数据进行模型检验以此得到假设成立与否的过程,本文以2010-2015年深交所A股主板上市公司共1123家企业数据为研究对象,对数据进行深入分析以证明假设;最后综合表达本篇论文结论,以此提出相应的政策改善方案。本文研究发现:(1)会计信息披露质量与债务成本呈显著负相关。(2)环境不确定性与债务成本呈显著正相关。(3)在环境不确定性增大时,会计信息披露质量对债务成本的影响加大。
[Abstract]:Debt financing is one of the important financing way, the costs of debt financing problem has been a hot topic of financial research, how to reduce the cost of debt financing is the priority among priorities of the enterprise management, so the research on the influence factors of the cost of debt is of great significance. The study shows that the level of corporate governance, accounting the robustness, the nature of property rights, enterprise factors and levels of debt scale has an impact on the cost of debt. This paper analyze the relationship between the quality of accounting information disclosure and the cost of debt from the perspective of factors influencing the debt financing cost. Accounting information disclosure mechanism is an important part of corporate governance structure, the quality of accounting information disclosure for the level of optimization enterprise resource structure, improve the efficiency of capital has a far-reaching influence. But the quality of accounting information disclosure will reduce between the creditor and the debtor The information asymmetry, reduce the risk of creditors and supervision cost, and reduce the cost of debt the outbreak of the financial crisis in.2008 so far, China's economy is in the process of economic restructuring, the company's external environment is more complex and volatile external environment, increased uncertainty, combined with the uncertainty of external environment, the study of the relationship between environmental uncertainty and cost of debt and in the enterprises are facing increasing environmental uncertainty, the relationship between the quality of accounting information disclosure and the cost of debt will happen. Based on the related theory as the guide, fusion feature Chinese capital market and enterprise situation, using research methods of combining normative and empirical research, environmental uncertainty, the relationship between accounting information the quality of disclosure and the cost of debt, the cost of debt and to explore the influence factors of accounting information disclosure quality from two aspects of internal and external The effect of governance. The content framework of this article into five parts. The introduction part unifies the domestic and foreign literature review that the research background, research significance and research methods, pointed out the innovation of this article is on the basis of the second part of the main technical terms; the concept of one by one interpretation of related basic theory into the topic involved; the third part is theoretical analysis and research hypothesis, is mainly used in the form of charts, listed on the Shenzhen Stock Exchange in China 2010-2015 company faces the environmental uncertainty, described in detail the quality of accounting information disclosure and the cost of debt situation, the theoretical analysis of the relationship between the three, and then put forward this hypothesis; the fourth part is the empirical research is mainly carried out model test on the sample data to get the hypothesis established or not, this paper takes 2010-2015 years deep A total of 1123 enterprises in the data exchange of A A-share listed companies as the research object, in-depth analysis of the data to prove the hypothesis; finally the comprehensive expression of this thesis conclusion, put forward the corresponding policy improvement. This study found that: (1) the quality of accounting information disclosure and the cost of debt is negatively correlated. (2) a positively related to environmental uncertainty and the cost of debt. (3) in environmental uncertainty increases with the increase of the quality of accounting information disclosure on the cost of debt.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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