会计稳健性对融资成本影响的研究

发布时间：2018-04-24 11:33

本文选题：会计稳健性 + 债务融资成本　；参考：《重庆工商大学》2014年硕士论文

【摘要】：会计稳健性对会计理论与实务产生重要而长远的影响。现阶段国内外主要对稳健性原则从以下四个方面实施探究：一是探究稳健性存在性，二是探究稳健性产生动机，三是探究稳健性度量方法，四是探究稳健性经济后果。国内对会计信息稳健性的研究主要局限于它的存在性和影响因素。从我国的实际出发，现阶段我国企业的融资现状不是很乐观，主要是由于存在着资本市场不是完全有效的，相关法律制度也不完善，尤其是2008年全球爆发的金融危机更加扰乱了证券市场的秩序，市场重新洗牌，企业的经营环境更是遭到破坏。很多企业为了隐藏自己的业绩情况，信息披露不及时充分，导致投资者面临很大的违约风险，损害其相关利益。一般情况下，投资者通常采用查看企业的财务报告并进行相关方面的分析，通过这个途径来衡量投资的风险大小，投资者非常关注其质量高低。由于企业的会计政策会影响其财务数据的可靠性，所以在选择和运用会计政策的时候是否遵循会计稳健性原则，会直接影响着投资者对企业营运能力、偿债能力、盈利能力及发展能力的判断和投资决策的判断。因此，企业的会计信息的稳健性和其融资成本之间存在一定的关系就具备了可能性。本文主要针对我国资本市场，选取2009年至2012年我国沪深A股上市683家公司共计2730个样本，将公司融资成本划分为债务成本和股权成本，在前文理论分析的基础上提出本文的研究假设，使用SPSS、Excel等统计分析软件对收集的数据进行因子分析、相关性分析和主成分回归分析，从而得出结论。考察企业会计稳健性的存在性及其对债务（股权）融资成本的影响。最后，结合理论和实证的研究成果，并在此基础上提出相关的政策建议，同时指出本文研究的不足之处。本文的实证研究结果如下：第一是我国上市公司普遍存在会计稳健性；第二是企业的会计稳健程度和债务融资成本之间呈负相关关系，也就是说企业采用稳健的会计政策可以减少它的债务融资成本；第三是企业的会计稳健程度和股权成本之间呈负相关关系，即企业采用稳健的会计政策可以降低股权融资成本。
[Abstract]:Accounting conservatism has an important and long-term effect on accounting theory and practice. At present the domestic and foreign mainly carries out the research from the following four aspects: the first is to explore the existence of robustness, the second is to explore the motivation of conservatism, the third is to explore the measurement method of robustness, and the fourth is to explore the economic consequences of robustness. The domestic research on accounting information conservatism is limited to its existence and influencing factors. Proceeding from the reality of our country, the present financing situation of enterprises in our country is not very optimistic, mainly because the capital market is not completely effective and the relevant legal system is not perfect. Especially the global financial crisis broke out in 2008 even more disturbed the order of the securities market reshuffled the market and the business environment was destroyed. In order to hide their performance, many enterprises do not disclose information in a timely manner, which leads investors to face a great risk of default and damage their related interests. In general, investors usually look at the financial report of the enterprise and analyze the related aspects. Through this approach, the risk of investment is measured. Investors are very concerned about the quality of the investment. Since the accounting policy of an enterprise will affect the reliability of its financial data, whether or not it follows the principle of accounting conservatism when choosing and applying accounting policies will directly affect the investor's ability to operate and repay debt. The judgment of profitability and development ability and the judgment of investment decision. Therefore, there is a certain relationship between the conservatism of accounting information and its financing cost. This paper mainly aims at the capital market of our country, selects 2730 samples of 683 companies listed in Shanghai and Shenzhen A-shares from 2009 to 2012, and divides the financing cost into debt cost and equity cost. On the basis of the previous theoretical analysis, this paper puts forward the research hypothesis, and makes use of SPSS Excel and other statistical analysis software to carry on factor analysis, correlation analysis and principal component regression analysis to the collected data, so as to draw a conclusion. To investigate the existence of accounting conservatism and its influence on debt (equity) financing cost. Finally, combined with the theoretical and empirical research results, and on the basis of the relevant policy recommendations, pointed out the shortcomings of this study. The empirical results of this paper are as follows: first, accounting conservatism exists generally in listed companies in China; second, there is a negative correlation between accounting conservatism and debt financing cost. That is to say, the firm can reduce its debt financing cost by adopting prudent accounting policies; the third is the negative correlation between accounting conservatism and equity cost, that is, the adoption of prudent accounting policy can reduce the cost of equity financing.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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