诉讼风险、会计稳健性与债务成本
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摘要
伴随经济发展进入新常态,我国上市公司面临的经营风险日益凸显,其中诉讼风险也逐渐成为上市公司实现经营目标的重大阻碍。文章选取2010—2017沪深A股非金融保险类上市公司为研究样本,实证检验上市公司诉讼风险与会计稳健性对债务成本的作用。研究发现,上市公司诉讼风险与债务成本成正相关,上市公司诉讼风险越大,债务成本越高;会计稳健性与债务成本成负相关,会计稳健性质量越高,债务成本越低。进一步研究发现,会计稳健性能够作为上市公司诉讼风险与债务成本的调节变量,能够有效缓解因为上市公司诉讼风险增加而导致债务成本增加的关系。
With the economic development entering the new normal, the operational risks faced by listed companies in China have become increasingly prominent, and litigation risks have gradually become a major obstacle to the realization of listed companies. Based on the Chinese listed companies exclusive the financial industry during 2010-2017, this paper examines the effect of litigation risk and accounting conservatism on debt cost of listed companies. The study finds that the litigation risk of listed companies is positively related to the debt cost. The higher the litigation risk of listed companies, the higher the debt cost; the accounting conservatism is negatively correlated with the debt cost, the higher the accounting conservatism quality, the lower the debt cost. Further research finds that accounting conservatism can be used as a regulating variable for litigation risk and debt cost of listed companies, which can effectively reduce the positive effect of litigation risk of listed companies on debt costs.
With the economic development entering the new normal, the operational risks faced by listed companies in China have become increasingly prominent, and litigation risks have gradually become a major obstacle to the realization of listed companies. Based on the Chinese listed companies exclusive the financial industry during 2010-2017, this paper examines the effect of litigation risk and accounting conservatism on debt cost of listed companies. The study finds that the litigation risk of listed companies is positively related to the debt cost. The higher the litigation risk of listed companies, the higher the debt cost; the accounting conservatism is negatively correlated with the debt cost, the higher the accounting conservatism quality, the lower the debt cost. Further research finds that accounting conservatism can be used as a regulating variable for litigation risk and debt cost of listed companies, which can effectively reduce the positive effect of litigation risk of listed companies on debt costs.
引文
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[13] 吴泽福,吴捷.盈余管理、诉讼风险与审计费用溢价[J].华侨大学学报(哲学社会科学版),2011(3):61-69.
[14] ZOU H,ADAMS M B.Debt Capacity,Cost of Debt and Corporate Insurance[J].Journal of Financial and Quantitative Analysis,2008,43(2):433-466.
[15] GIVOLY D,HAYN C K.The Changing Time Series Properties of Earnings,Cash Flows and Accruals:Has Financial Reporting Become More Conservative?[J].Journal of Accounting and Economics,2000,29(3):287-320.
[16] 高敬忠,韩传模,王英允.公司诉讼风险与管理层盈余预告披露方式选择——来自中国A股上市公司的经验证据[J].经济与管理研究,2011(5):102-112.
[17] 邵毅平,李文贵.诉讼风险、审计师选择与盈余质量[J].财经论丛,2018(5):58-65.
[18] 高恩胜.社会责任报告、股权结构与企业法律诉讼风险[J].财会通讯,2018(18):53-59.
[2] 王彦超,姜国华,辛清泉.诉讼风险、法制环境与债务成本[J].会计研究,2016(6):30-37;94.
[3] 钱爱民,郁智.诉讼风险、产权性质与盈余管理[J].证券市场导报,2017(7):16-24.
[4] 刘慧,张俊瑞,周键.诉讼风险、法律环境与企业债务融资成本[J].南开管理评论,2016,19(5):16-27.
[5] 邓路,刘瑞琪,佟岩.公司超额银行借款与诉讼风险[J].系统工程理论与实践,2017,37(10):2555-2570.
[6] 潘越,潘健平,戴亦一.公司诉讼风险、司法地方保护主义与企业创新[J].经济研究,2015,50(3):131-145.
[7] TROCKEL W L,TELSER G.Economic Theory and the Core[J].Journal of Economics,1980,40(1):247-251.
[8] DJANKOV S D ,SHLEIFER A ,MCLIESH C .Private Credit in 129 Countries[J].Journal of Financial Economics,2007,84(2):299-329.
[9] COSTELLO A M,WITTENBERG-MOERMAN R.The Impact of Financial Reporting Quality on Debt Contracting:Evidence from Internal Control Weakness Reports[J].Journal of Accounting Research,2011,49(1):97-136.
[10] WATTS R L.Conservatism in Accounting-Part I:Explanations and Implications[J].Accounting Horizons,2009,17(3):207-221.
[11] 郑登津,闫天一.会计稳健性、审计质量和债务成本[J].审计研究,2016(2):74-81.
[12] 朱松,陈关亭.会计稳健性与审计收费:基于审计风险控制策略的分析[J].审计研究,2012(1):87-95.
[13] 吴泽福,吴捷.盈余管理、诉讼风险与审计费用溢价[J].华侨大学学报(哲学社会科学版),2011(3):61-69.
[14] ZOU H,ADAMS M B.Debt Capacity,Cost of Debt and Corporate Insurance[J].Journal of Financial and Quantitative Analysis,2008,43(2):433-466.
[15] GIVOLY D,HAYN C K.The Changing Time Series Properties of Earnings,Cash Flows and Accruals:Has Financial Reporting Become More Conservative?[J].Journal of Accounting and Economics,2000,29(3):287-320.
[16] 高敬忠,韩传模,王英允.公司诉讼风险与管理层盈余预告披露方式选择——来自中国A股上市公司的经验证据[J].经济与管理研究,2011(5):102-112.
[17] 邵毅平,李文贵.诉讼风险、审计师选择与盈余质量[J].财经论丛,2018(5):58-65.
[18] 高恩胜.社会责任报告、股权结构与企业法律诉讼风险[J].财会通讯,2018(18):53-59.