【摘要】：本文以2010-2014年中國(guó)滬深兩市A股非金融類(lèi)上市公司為樣本,分析了稅收征管下會(huì)計(jì)穩(wěn)健性對(duì)債務(wù)融資成本的影響。研究發(fā)現(xiàn):企業(yè)會(huì)計(jì)穩(wěn)健性越高,其融資成本越低;在稅收征管力度較大的地區(qū),企業(yè)債務(wù)融資成本相對(duì)較低,在稅收征管力度較寬松的地區(qū),企業(yè)債務(wù)融資成本相對(duì)較高;當(dāng)企業(yè)外部稅收征管力度較大時(shí),會(huì)計(jì)穩(wěn)健性對(duì)債務(wù)融資成本降低的作用越大。再進(jìn)一步分析中,還發(fā)現(xiàn)民營(yíng)企業(yè)中,會(huì)計(jì)穩(wěn)健性降低債務(wù)融資成本的作用更加顯著,且會(huì)計(jì)穩(wěn)健性與稅收征管在民營(yíng)企業(yè)中的互補(bǔ)關(guān)系也更加顯著。這說(shuō)明稅收征管與會(huì)計(jì)穩(wěn)健性均有利于降低債務(wù)融資成本,而且稅收征管與會(huì)計(jì)穩(wěn)健性這兩種機(jī)制在降低債務(wù)融資成本上呈現(xiàn)互補(bǔ)關(guān)系。
[Abstract]:This paper analyzes the impact of accounting conservatism on debt financing cost under tax collection by taking A shares non-financial listed companies in Shanghai and Shenzhen stock markets in China from 2010 to 2014 as samples. It is found that the higher the accounting conservatism, the lower the financing cost, the lower the financing cost of corporate debt in the region with higher tax collection and administration, and the higher the financing cost of corporate debt is in the area where the tax collection and management is relatively loose. When the external tax collection and management is strong, accounting conservatism plays a more important role in reducing debt financing costs. In further analysis, it is also found that accounting conservatism plays a more important role in reducing debt financing costs in private enterprises, and the complementary relationship between accounting conservatism and tax collection and management in private enterprises is more significant. This shows that both tax collection and accounting conservatism are conducive to reducing debt financing costs, and the two mechanisms of tax collection and accounting conservatism are complementary to each other in reducing debt financing costs.
【作者單位】： 陜西理工大學(xué)管理學(xué)院;
【分類(lèi)號(hào)】：F275;F812.42

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