民营企业债务融资成本研究——基于利率市场化和会计稳健性双重视角
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- 英文论文题名：The Debt Financing Cost of Private Listed Firms-Based on Rate Marketization and Accounting Conservation
- 论文作者：杨昌辉 ; 张可莉
- 英文论文作者：YANG Chang-hui ; ZHANG Ke-li ; Department of management ; Hefei University of Technology
- 年：2016
- 作者机构：合肥工业大学管理学院;
- 论文关键词：利率市场化 ; 会计稳健性 ; 债务融资成本
- 英文论文关键词：rate marketization ; accounting conservation ; debt financing cost
- 会议召开时间：2016-11-12
- 会议录名称：第十八届中国管理科学学术年会论文集
- 英文会议录名称：Proceedings of the 18th Chinese Annual Conference on Management Science
- 语种：中文
- 分类号：F275;F276.5
- 学会代码：ZHYJ
- 会议名称：第十八届中国管理科学学术年会
- 会议地点：中国陕西西安
- 主办单位：中国优选法统筹法与经济数学研究会、西安交通大学、中国科学院科技战略咨询研究院、《中国管理科学》编辑部
- 学会名称：中国优选法统筹法与经济数学研究会
- 页数：8
- 文件大小：543k
- 原文格式：O
- 会议级别：全国
摘要
本文通过对国泰安数据库中的民营企业数据进行固定效应面板回归,借鉴已有研究构建的利率市场化程度指数,从利率市场化程度和会计稳健性双重视角对民营企业债务融资成本进行实证研究,结果表明:利率市场化程度与民营企业债务融资成本显著负相关,会计稳健性与民营企业债务融资成本显著正相关,会计稳健性的提高能够缓解利率市场化程度提高带来的债务融资成本的增加。该结论对我国民营企业在利率市场化环境下,提高自身会计稳健性,减少债务融资成本具有很好的启示作用。
Based on the GTA database of private enterprise fixed eitect panel data regression,drawing on existing research to build market-oriented interest rate index,the market interest rate and the degree of accounting conservatism dual perspective of an empirical study of private corporate debt financing costs,the results show that:the interest rate market-oriented and private enterprise debt financing costs significantly negatively correlated,accounting conservatism and private corporate debt financing costs significantly positive correlation,accounting conservatism improved to ease the interest rate market-oriented to improve from the increase of debt financing costs.The conclusion of China s private enterprises in the interest rate market environment,improve their accounting conservatism,reduce the cost of debt financing has a good inspiration.
Based on the GTA database of private enterprise fixed eitect panel data regression,drawing on existing research to build market-oriented interest rate index,the market interest rate and the degree of accounting conservatism dual perspective of an empirical study of private corporate debt financing costs,the results show that:the interest rate market-oriented and private enterprise debt financing costs significantly negatively correlated,accounting conservatism and private corporate debt financing costs significantly positive correlation,accounting conservatism improved to ease the interest rate market-oriented to improve from the increase of debt financing costs.The conclusion of China s private enterprises in the interest rate market environment,improve their accounting conservatism,reduce the cost of debt financing has a good inspiration.
引文
[1]姜国华,饶品贵.宏观经济政策与微观企业行为——拓展会计与财务研究新领域[J].会计研究,2011,(03):9-18.
[2]饶品贵,姜国华.货币政策波动、银行信贷与会计稳健性[J].金融研究,2011,(03):51-71.
[3]郑军,林钟高,彭琳.货币政策、内部控制质量与债务融资成本[J].当代财经,2013,(09):118-129.
[4]李连军,戴经纬.货币政策、会计稳健性与融资约束[J].审计与经济研究,2016,(01):75-82.
[5]麦金农,陈昕,卢骢.《经济发展中的货币与资本》[M],上海:上海人民出版社,1997.
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[7]Leaven L,"Does financial liberalization reduce financing constrains?"[J].Financial Mangement,2003:5-34
[8]巴曙松.贷款利率上限取消的改革意义[J].南风窗,2004,(22):1-3.
[9]施波涛.利率改革影响中小企业融资[N].市场报,2005-02-01.
[10]王东静,张祥建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007,(02):50-59.
[11]Ahmed A S,Billings B K.mortin R M.et al.The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs[J].The Accounting Review,2001,77(4):869-890.
[12]Moerman R W.The role of information asymmetry and financial reporting quality in debt contracting:evidence from the secondary loan market.Journal of Accounting&Economics,2008,46(2):240-260.
[13]Francis J,La F R,Schipper K.Costs of equity and earnings attributes[J].The Accounting Review,2004(79):967-1010.
[14]O'Hara.M.Presidential address liquidity and price discovery[J].Journal of Finance,2003,58(4):1335-1354.
[15]Artiach,T Clarkson P.Conservatism,Disclosure and the cost of equity capital[J].Journal of Management,2014,39(2):293-314.
[16]张金鑫,王逸.会计稳健性与公司融资约束——基于两类稳健性视角的研究[J].会计研究,2013,(09):44-50.
[17]李骁寅,彭家生.会计稳健性的存在性及其与权益资本成本关系的实证研究[J].经济研究导刊,2012,(14):124-126.
[18]毛新述,戴德明.会计制度改革、盈余稳健性与盈余管理[J].会计研究,2009,(12):38-46.
[19]张敦力,李琳.会计稳健性的经济后果研究述评[J].会计研究,2011,(07):19-23.
[20]Givoly D,and C.Haync.The changing time-series properties of earnings,cash flows and accruals:Has financial reporting become more conservative?Journal of Accounting and Economics,29(3):287-320
[21]魏志华,王贞洁,吴育辉,等.金融生态环境、审计意见与债务融资成本[J].审计研究,2012,(3):98-105.
[22]陶雄华,陈明珏.中国利率市场化的进程测度与改革指向[J].中南财经政法大学学报,2013,(03):74-79.
[23]黄珊.中国利率市场化指数的构建及其应用研究[J].商,2015,(41):205-206.
[2]饶品贵,姜国华.货币政策波动、银行信贷与会计稳健性[J].金融研究,2011,(03):51-71.
[3]郑军,林钟高,彭琳.货币政策、内部控制质量与债务融资成本[J].当代财经,2013,(09):118-129.
[4]李连军,戴经纬.货币政策、会计稳健性与融资约束[J].审计与经济研究,2016,(01):75-82.
[5]麦金农,陈昕,卢骢.《经济发展中的货币与资本》[M],上海:上海人民出版社,1997.
[6]Obstfeld M.Risk-taking,global diversification,and growth[J].American Economic Review,1992,84(5):1310-1329.
[7]Leaven L,"Does financial liberalization reduce financing constrains?"[J].Financial Mangement,2003:5-34
[8]巴曙松.贷款利率上限取消的改革意义[J].南风窗,2004,(22):1-3.
[9]施波涛.利率改革影响中小企业融资[N].市场报,2005-02-01.
[10]王东静,张祥建.利率市场化、企业融资与金融机构信贷行为研究[J].世界经济,2007,(02):50-59.
[11]Ahmed A S,Billings B K.mortin R M.et al.The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs[J].The Accounting Review,2001,77(4):869-890.
[12]Moerman R W.The role of information asymmetry and financial reporting quality in debt contracting:evidence from the secondary loan market.Journal of Accounting&Economics,2008,46(2):240-260.
[13]Francis J,La F R,Schipper K.Costs of equity and earnings attributes[J].The Accounting Review,2004(79):967-1010.
[14]O'Hara.M.Presidential address liquidity and price discovery[J].Journal of Finance,2003,58(4):1335-1354.
[15]Artiach,T Clarkson P.Conservatism,Disclosure and the cost of equity capital[J].Journal of Management,2014,39(2):293-314.
[16]张金鑫,王逸.会计稳健性与公司融资约束——基于两类稳健性视角的研究[J].会计研究,2013,(09):44-50.
[17]李骁寅,彭家生.会计稳健性的存在性及其与权益资本成本关系的实证研究[J].经济研究导刊,2012,(14):124-126.
[18]毛新述,戴德明.会计制度改革、盈余稳健性与盈余管理[J].会计研究,2009,(12):38-46.
[19]张敦力,李琳.会计稳健性的经济后果研究述评[J].会计研究,2011,(07):19-23.
[20]Givoly D,and C.Haync.The changing time-series properties of earnings,cash flows and accruals:Has financial reporting become more conservative?Journal of Accounting and Economics,29(3):287-320
[21]魏志华,王贞洁,吴育辉,等.金融生态环境、审计意见与债务融资成本[J].审计研究,2012,(3):98-105.
[22]陶雄华,陈明珏.中国利率市场化的进程测度与改革指向[J].中南财经政法大学学报,2013,(03):74-79.
[23]黄珊.中国利率市场化指数的构建及其应用研究[J].商,2015,(41):205-206.