货币政策、公司债务融资与会计信息透明度——基于2004-2014年中国上市公司数据的实证分析

发布时间：2018-03-09 05:35

本文选题：货币政策　切入点：会计信息透明度　出处：《国际金融研究》2017年05期 　论文类型：期刊论文

【摘要】：我国市场经济以及金融体系还不够发达,相对于其他融资方式而言,银行债务融资对于企业来说依然十分重要。而企业的财务会计信息在银企之间的业务往来中是不可或缺的。本文讨论会计信息透明度对公司债务融资的影响,同时将货币政策因素融入其中。本文以2004至2014年沪深A股上市公司为研究样本,采用面板数据并经过多元回归分析研究发现:货币政策紧缩时期,会计信息透明度较差的公司获得的借款数量较少;现金持有水平较高的公司会计信息透明度较低,并且在货币政策紧缩时期依然如此,但在这一时期公司会计信息透明度的平均水平会提高;非国有企业在货币政策紧缩时期可能存在盈余管理行为,以争夺信贷资源。
[Abstract]:China's market economy and financial system are not developed enough, compared with other financing methods, Bank debt financing is still very important for enterprises, and financial accounting information is indispensable in the business transactions between banks and enterprises. This paper discusses the impact of transparency of accounting information on corporate debt financing. This paper takes Shanghai and Shenzhen A shares listed companies from 2004 to 2014 as the research sample, using panel data and multivariate regression analysis to find that: monetary policy tightening period, Companies with less transparent accounting information receive fewer loans; companies with higher levels of cash holdings are less transparent about accounting information, and remain so in times of monetary tightening. However, the average level of transparency of corporate accounting information will increase in this period, and non-state-owned enterprises may have earnings management behavior in order to compete for credit resources during the period of monetary policy tightening.
【作者单位】：东北财经大学金融学院;
【基金】：辽宁省教育厅科学研究项目“货币政策与银行行为选择——基于金融抑制的背景”(项目编号:LN2016YB025)研究成果
【分类号】：F275;F832.51

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