银根紧缩背景下公司会计信息披露质量与外部债务融资成本关系研究

发布时间：2018-04-03 09:02

本文选题：货币政策　切入点：会计信息披露质量　出处：《浙江财经学院》2013年硕士论文

【摘要】：随着资本市场的不断发展和完善,会计信息披露质量受到广泛关注,成为现代经济学研究的热点问题之一。国内外学者对会计信息披露的研究重点集中在信息披露所产生的经济后果,研究提高信息披露水平,增强信息透明度能否降低企业的融资成本。企业融资成本包括权益成本和债务成本等,在股权融资方面已经进行了大量的研究,并且产生了很多具有实践意义的理论成果,而对外部债务融资方面的研究则相对比较少。研究发现,高质量的信息披露能对外部债务融资产生积极的影响。从现代经济理论的发展趋势看,21世纪是宏观经济学与微观经济学分久必合的阶段。微观经济学正试图从微观企业个体推演出宏观经济含义,而宏观经济学也正试图寻找微观经济基础。本文在研究会计信息披露质量与外部债务融资成本的基础上引入货币政策这一宏观经济政策,具有很强的理论及实践意义。本文研究银根紧缩时,会计信息披露质量对外部债务融资成本的影响,即货币政策趋紧时,提高会计信息披露质量能否使外部债务融资成本有所降低。以2009-2011年我国深圳证券交易所A股主板上市公司的面板数据作为研究样本,首先测度上市公司会计信息披露质量对外部债务融资成本的影响,继而研究在宏观经济政策下,货币政策调整时,会计信息披露质量对紧缩货币政策下外部债务融资成本的影响,进一步探讨货币政策紧缩时银行信贷资源配置效率。旨在加强上市公司会计信息披露质量,减轻货币政策变动对企业债务融资所带来的不利影响。本文共分为五章：第一章绪论主要阐述了研究背景和意义,研究框架、主要内容和研究方法,以及研究的创新之处和局限性；第二章文献综述对国内外学者不同的研究结论进行了分类和概括；第三章理论基础,阐述了会计信息披露质量影响债务融资成本的理论基础,货币政策对公司融资约束影响的理论基础,并在前两部分理论基础的前提下,对银根紧缩下会计信息披露质量与外部债务融资成本关系进行理论分析；第四章实证研究与结果分析,采用2009年-2011年我国深证证券交易所A股主板上市公司的面板数据作为研究样本,在综合运用了描述性统计分析、相关性分析、回归分析等方法的基础上,对本文提出的四个假设进行了检验；第五章结论与建议,主要是对上述理论与实证检验结果进行总结,并从宏观环境政策、微观企业主体和社会环境出发提出相关建议。
[Abstract]:With the development and perfection of capital market, the quality of accounting information disclosure has been paid more and more attention, which has become one of the hot issues in modern economics.Scholars at home and abroad focus on the economic consequences of accounting information disclosure, research whether to improve the level of information disclosure, enhance information transparency can reduce the financing costs of enterprises.The cost of enterprise financing includes equity cost and debt cost, which has been studied a lot in the aspect of equity financing, and has produced a lot of theoretical results with practical significance, but the research on external debt financing is relatively few.The study found that high-quality disclosure of information can have a positive impact on external debt financing.From the perspective of the development trend of modern economic theory, the 21st century is the stage of macroeconomics and microeconomics.Microeconomics is trying to extrapolate the meaning of macroeconomics from microenterprises, and macroeconomics is trying to find the microeconomic basis.Based on the study of the quality of accounting information disclosure and the cost of external debt financing, this paper introduces the macroeconomic policy of monetary policy, which has strong theoretical and practical significance.This paper studies the effect of accounting information disclosure quality on external debt financing cost when monetary policy is tight, that is, whether improving accounting information disclosure quality can reduce external debt financing cost.Based on the panel data of A share main board listed companies of Shenzhen Stock Exchange from 2009 to 2011, this paper first measures the impact of accounting information disclosure quality on external debt financing costs of listed companies, and then studies the impact of macroeconomic policies on the quality of accounting information disclosure of listed companies.During the adjustment of monetary policy, the effect of accounting information disclosure quality on external debt financing cost under tight monetary policy is discussed, and the efficiency of bank credit resource allocation is further discussed.The purpose of this paper is to strengthen the quality of accounting information disclosure of listed companies and mitigate the adverse effects of monetary policy changes on corporate debt financing.This paper is divided into five chapters: the first chapter introduces the research background and significance, research framework, main content and research methods, as well as the innovation and limitations of the research;In the second chapter, the author classifies and generalizes the different research conclusions of scholars at home and abroad, the third chapter discusses the theoretical basis of the influence of accounting information disclosure quality on debt financing costs.The theoretical basis of the influence of monetary policy on corporate financing constraints, and the theoretical analysis of the relationship between the quality of accounting information disclosure and the financing cost of external debt under the premise of the first two parts of the theoretical basis;The fourth chapter is empirical research and result analysis, using the panel data of A share main board listed companies of Shenzhen Stock Exchange from 2009 to 2011 as the research sample, using descriptive statistical analysis and correlation analysis.On the basis of regression analysis and other methods, this paper tests the four hypotheses put forward in this paper. Chapter 5, conclusions and recommendations, mainly summarize the above theoretical and empirical test results, and from the macro environmental policy,The micro-enterprise main body and the social environment set out to put forward the relevant suggestions.
【学位授予单位】：浙江财经学院
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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