可比的会计信息与债务担保有替代效应吗?
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摘要
提高会计信息可比性是制定会计准则的主要目标之一。文章以会计信息可比性为经,债务担保为纬,采用我国A股上市公司为研究样本,考察会计信息可比性与债务担保是否有替代效应,研究结果表明:会计信息可比性与债务担保呈现替代效应。换而言之,会计信息可比性越强,债务人担保需求越小;考虑产权性质后发现,或许是预算软约束的缘故,会计信息可比性与债务担保的替代效应在国企中更微弱;企业的风险等级同样影响着此种替代效应,表现为在高风险企业中该效应更为明显;进一步研究发现,会计信息可比性还能影响债务期限结构、增加商业信用融资,并且能够带来更为优惠的贷款条件。
Improving the accounting information comparability is one of the main objectives of accounting standards. Herein,accounting information comparability is used as longitude and debt guarantees as latitude. China's A-share listed companies are taken as research samples to examine whether there is substitution effect between accounting information comparability and debt guarantees. The results obtained are summarized as below.(1)The accounting information comparability and debt guarantees appear substitution effect. In other words,the greater the comparability of accounting information,the smaller the debtor's guarantee demand;(2)Considering property rights,the soft budget constraint may be responsible for the weakening substitution effect between accounting information comparability and debt guarantee in state-owned enterprises;(3)The risk level of the enterprise also influences the substitution effect,which is more obvious in the high-risk enterprises;(4)Further studies have found that the accounting information comparability can also affect the debt maturity structure,increase commer?cial credit financing,and bring more favorable loan conditions.
Improving the accounting information comparability is one of the main objectives of accounting standards. Herein,accounting information comparability is used as longitude and debt guarantees as latitude. China's A-share listed companies are taken as research samples to examine whether there is substitution effect between accounting information comparability and debt guarantees. The results obtained are summarized as below.(1)The accounting information comparability and debt guarantees appear substitution effect. In other words,the greater the comparability of accounting information,the smaller the debtor's guarantee demand;(2)Considering property rights,the soft budget constraint may be responsible for the weakening substitution effect between accounting information comparability and debt guarantee in state-owned enterprises;(3)The risk level of the enterprise also influences the substitution effect,which is more obvious in the high-risk enterprises;(4)Further studies have found that the accounting information comparability can also affect the debt maturity structure,increase commer?cial credit financing,and bring more favorable loan conditions.
引文
[1]DE FRANCO G,KOTHARI S P,VERDI R S.The benefits of financial statement comparability[J].Journal of Accounting Research,2011,49(4):895-931.
[2]SOHN B C.The effect of accounting comparability on the accrual-based and real earnings management[J].Journal of Accounting and Public Policy,2016,35(5):513-539.
[3]胥朝阳,刘睿智.提高会计信息可比性能抑制盈余管理吗?[J].会计研究,2014,35(7):50-57.
[4]KIM S,KRAFT P,RYAN S G.Financial statement comparability and credit risk[J].Review of Accounting Studies,2013,18(3):783-823.
[5]YOUNG S,ZENG Y.Accounting comparability and the accuracy of peer-based valuation models[J].The Accounting Review,2015,90(6):2571-2601.
[6]江轩宇.会计信息可比性与股价崩盘风险[J].投资研究,2015,34(3):97-111.
[7]KIM J B,LI L,LN L Y,et al.Financial statement comparability and expected crash risk[J].Journal of Accounting and Economics,2016,61(2):294-312.
[8]FANG V W,MAFFETT M,ZHANG B.Foreign institutional ownership and the global convergence of financial reporting practices[J].Journal of Accounting Research,2015,53(3):593-631.
[9]NEEL M.Accounting Comparability and economic outcomes of mandatory IFRS adoption[J].Contemporary Accounting Research,2017,34(1):658-690.
[10]DEFOND M,HU X,HUNG M,et al.The impact of mandatory IFRS adoption on foreign mutual fund ownership:the role of comparability[J].Journal of Accounting and Economics,2011,51(3):240-258.
[11]LI S.Does mandatory adoption of international financial reporting standards in the european union reduce the cost of equity capital?[J].The Accounting Review,2010,85(2):607-636.
[12]BHARATH S T,SUNDER J,SUNDER S V.Accounting quality and debt contracting[J].The Accounting Review,2008,83(1):1-28.
[13]刘浩,彭一浩,张静.谁能获得“信用贷款”?--贷款性质结构与会计信息质量关系研究[J].财贸经济,2010,31(7):26-34.
[14]陈燕,廖冠民,吴育新.关联交易、会计信息有用性与债务契约:基于贷款担保的实证分析[J].经济科学,2012,34(6):91-102.
[15]CHEN J Z,LOBO G J,WANG Y,et al.Loan collateral and financial reporting conservatism:chinese evidence[J].Journal of Banking and Finance,2013,37(12):4989-5006.
[16]王艳艳,于李胜,王晓珂.会计稳健性、贷款抵押与银企所有权模式[J].会计研究,2014,35(12):11-17.
[17]周玮,徐玉德.会计稳健性与公司债务融资行为研究[J].财政研究,2014,35(7):72-75.
[18]程六兵,刘峰.银行监管与信贷歧视--从会计稳健性的视角[J].会计研究,2013,34(1):28-34.
[19]SHLEIFER A,VISHNY R W.The Grabbing Hand:Government Pathologies and Heir Cures[M].Cambridge:Harvard University Press,1998.
[20]沈红波,廖冠民,曹军.金融发展、产权性质与上市公司担保融资[J].中国工业经济,2011,29(6):120-129.
[21]BOUBAKRI N,COSSET J C,SAFFAR W.The role of state and foreign owners in corporate risk-taking:evidence from privatization[J].Journal of Financial Economics,2013,108(3):641-658.
[22]余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究,2013,59(9):112-124.
[23]袁知柱,吴粒.会计信息可比性与企业应计及真实盈余管理行为选择[J].中国会计评论,2015,13(4):453-486.
[24]JONES J J.Earnings management during import relief investigations[J].Journal of Accounting Research,1991,29(2):193-228.
[25]DECHOW P M,SLOAN R G,SWEENEY A P.Detecting earnings management[J].The Accounting Review,1995,70(2):193-225.
[26]KOTHARI S P,LEONE A J,WASLEY C E.Performance matched discretionary accrual measures[J].Journal of Accounting and Economics,2005,39(1):163-197.
[27]KHAN M,WATTS R L.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting and Economics,2009,48(2):132-150.
[28]刘睿智,刘志恒,胥朝阳.主并企业会计信息可比性与股东长期财富效应[J].会计研究,2015,36(11):34-40.
[29]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009,52(12):137-150.
[30]MINNIS M.The value of financial statement verification in debt financing:evidence from private US firms[J].Journal of Accounting Research,2011,49(2):457-506.
[31]GRAHAM J R,LI S,QIU J.Corporate misreporting and bank loan contracting[J].Journal of Financial Economics,2008,89(1):44-61.
[32]BHARATH S T,SUNDER J,SUNDER S V.Accounting quality and debt contracting[J].The Accounting Review,2008,83(1):1-28.
[33]陆正飞,祝继高,孙便霞.盈余管理、会计信息与银行债务契约[J].管理世界,2008,24(3):152-158.
[34]陆正飞,杨德明.商业信用:替代性融资,还是买方市场[J].管理世界,2011,27(4):6-14.
[2]SOHN B C.The effect of accounting comparability on the accrual-based and real earnings management[J].Journal of Accounting and Public Policy,2016,35(5):513-539.
[3]胥朝阳,刘睿智.提高会计信息可比性能抑制盈余管理吗?[J].会计研究,2014,35(7):50-57.
[4]KIM S,KRAFT P,RYAN S G.Financial statement comparability and credit risk[J].Review of Accounting Studies,2013,18(3):783-823.
[5]YOUNG S,ZENG Y.Accounting comparability and the accuracy of peer-based valuation models[J].The Accounting Review,2015,90(6):2571-2601.
[6]江轩宇.会计信息可比性与股价崩盘风险[J].投资研究,2015,34(3):97-111.
[7]KIM J B,LI L,LN L Y,et al.Financial statement comparability and expected crash risk[J].Journal of Accounting and Economics,2016,61(2):294-312.
[8]FANG V W,MAFFETT M,ZHANG B.Foreign institutional ownership and the global convergence of financial reporting practices[J].Journal of Accounting Research,2015,53(3):593-631.
[9]NEEL M.Accounting Comparability and economic outcomes of mandatory IFRS adoption[J].Contemporary Accounting Research,2017,34(1):658-690.
[10]DEFOND M,HU X,HUNG M,et al.The impact of mandatory IFRS adoption on foreign mutual fund ownership:the role of comparability[J].Journal of Accounting and Economics,2011,51(3):240-258.
[11]LI S.Does mandatory adoption of international financial reporting standards in the european union reduce the cost of equity capital?[J].The Accounting Review,2010,85(2):607-636.
[12]BHARATH S T,SUNDER J,SUNDER S V.Accounting quality and debt contracting[J].The Accounting Review,2008,83(1):1-28.
[13]刘浩,彭一浩,张静.谁能获得“信用贷款”?--贷款性质结构与会计信息质量关系研究[J].财贸经济,2010,31(7):26-34.
[14]陈燕,廖冠民,吴育新.关联交易、会计信息有用性与债务契约:基于贷款担保的实证分析[J].经济科学,2012,34(6):91-102.
[15]CHEN J Z,LOBO G J,WANG Y,et al.Loan collateral and financial reporting conservatism:chinese evidence[J].Journal of Banking and Finance,2013,37(12):4989-5006.
[16]王艳艳,于李胜,王晓珂.会计稳健性、贷款抵押与银企所有权模式[J].会计研究,2014,35(12):11-17.
[17]周玮,徐玉德.会计稳健性与公司债务融资行为研究[J].财政研究,2014,35(7):72-75.
[18]程六兵,刘峰.银行监管与信贷歧视--从会计稳健性的视角[J].会计研究,2013,34(1):28-34.
[19]SHLEIFER A,VISHNY R W.The Grabbing Hand:Government Pathologies and Heir Cures[M].Cambridge:Harvard University Press,1998.
[20]沈红波,廖冠民,曹军.金融发展、产权性质与上市公司担保融资[J].中国工业经济,2011,29(6):120-129.
[21]BOUBAKRI N,COSSET J C,SAFFAR W.The role of state and foreign owners in corporate risk-taking:evidence from privatization[J].Journal of Financial Economics,2013,108(3):641-658.
[22]余明桂,李文贵,潘红波.民营化、产权保护与企业风险承担[J].经济研究,2013,59(9):112-124.
[23]袁知柱,吴粒.会计信息可比性与企业应计及真实盈余管理行为选择[J].中国会计评论,2015,13(4):453-486.
[24]JONES J J.Earnings management during import relief investigations[J].Journal of Accounting Research,1991,29(2):193-228.
[25]DECHOW P M,SLOAN R G,SWEENEY A P.Detecting earnings management[J].The Accounting Review,1995,70(2):193-225.
[26]KOTHARI S P,LEONE A J,WASLEY C E.Performance matched discretionary accrual measures[J].Journal of Accounting and Economics,2005,39(1):163-197.
[27]KHAN M,WATTS R L.Estimation and empirical properties of a firm-year measure of accounting conservatism[J].Journal of Accounting and Economics,2009,48(2):132-150.
[28]刘睿智,刘志恒,胥朝阳.主并企业会计信息可比性与股东长期财富效应[J].会计研究,2015,36(11):34-40.
[29]李广子,刘力.债务融资成本与民营信贷歧视[J].金融研究,2009,52(12):137-150.
[30]MINNIS M.The value of financial statement verification in debt financing:evidence from private US firms[J].Journal of Accounting Research,2011,49(2):457-506.
[31]GRAHAM J R,LI S,QIU J.Corporate misreporting and bank loan contracting[J].Journal of Financial Economics,2008,89(1):44-61.
[32]BHARATH S T,SUNDER J,SUNDER S V.Accounting quality and debt contracting[J].The Accounting Review,2008,83(1):1-28.
[33]陆正飞,祝继高,孙便霞.盈余管理、会计信息与银行债务契约[J].管理世界,2008,24(3):152-158.
[34]陆正飞,杨德明.商业信用:替代性融资,还是买方市场[J].管理世界,2011,27(4):6-14.