本文選題：會(huì)計(jì)穩(wěn)健性 + 債務(wù)融資成本�。� 參考：《武漢科技大學(xué)》2013年碩士論文

【摘要】：在我國(guó)資本市場(chǎng)蓬勃發(fā)展以及新會(huì)計(jì)準(zhǔn)則與國(guó)際趨同的大背景下，穩(wěn)健性的會(huì)計(jì)信息在企業(yè)融資方面發(fā)揮著越來(lái)越重要的作用，，而債務(wù)融資和股權(quán)融資又是上市公司的主要融資渠道。會(huì)計(jì)信息的穩(wěn)健性能緩解企業(yè)契約各方的利益沖突，降低他們的代理成本和信息不對(duì)稱風(fēng)險(xiǎn)，從而實(shí)現(xiàn)投資者保護(hù)與債權(quán)人保護(hù)的治理機(jī)制。因此穩(wěn)健的會(huì)計(jì)信息使得投資者與債權(quán)人期望的報(bào)酬率降低，也就降低了企業(yè)的權(quán)益融資成本與債務(wù)融資成本。另外，作為企業(yè)契約的不同主體，投資者與債權(quán)人勢(shì)必對(duì)穩(wěn)健會(huì)計(jì)信息的需求程度存在差異。因此，本文試圖以會(huì)計(jì)信息的穩(wěn)健性為切入點(diǎn)，研究會(huì)計(jì)穩(wěn)健性與公司的融資成本之間的關(guān)系，分析投資者和債權(quán)人哪方對(duì)會(huì)計(jì)信息的穩(wěn)健性需求更加強(qiáng)烈。本文旨在為豐富會(huì)計(jì)穩(wěn)健性的經(jīng)濟(jì)后果研究提供新的視角。 本文主要采用了規(guī)范研究與實(shí)證研究相結(jié)合的方法。首先，從委托代理理論、契約理論與風(fēng)險(xiǎn)信號(hào)理論的角度分析了穩(wěn)健性與融資成本之間的關(guān)系；然后，建立了三個(gè)模型，分別檢驗(yàn)穩(wěn)健性與債務(wù)融資成本、權(quán)益融資成本的相關(guān)關(guān)系，以及穩(wěn)健性對(duì)債務(wù)融資與權(quán)益成本的負(fù)相關(guān)關(guān)系的差異程度。通過(guò)研究認(rèn)為，會(huì)計(jì)穩(wěn)健性水平的提高有利于降低公司的債務(wù)融資成本；其次，會(huì)計(jì)穩(wěn)健性水平的提高有利于降低公司的權(quán)益融資成本；最后，會(huì)計(jì)穩(wěn)健性與權(quán)益融資成本的負(fù)相關(guān)程度明顯大于其與債務(wù)融資成本的負(fù)相關(guān)程度。也就是說(shuō)，股東們對(duì)穩(wěn)健的會(huì)計(jì)信息的需求欲望比債權(quán)人更強(qiáng)烈。
[Abstract]:Under the background of vigorous development of Chinese capital market and the convergence of new accounting standards and international convergence, conservative accounting information plays a more and more important role in enterprise financing. Debt financing and equity financing are the main financing channels of listed companies. The prudent performance of accounting information alleviates the conflicts of interests of the parties to the contract, reduces their agency costs and asymmetric information risks, and realizes the governance mechanism of investor protection and creditor protection. Therefore, prudent accounting information reduces the expected rate of return of investors and creditors, which reduces the cost of equity financing and debt financing. In addition, as different subjects of enterprise contract, investors and creditors are bound to have different demands for prudent accounting information. Therefore, this paper attempts to study the relationship between accounting conservatism and the financing cost of the company by starting with the conservatism of accounting information, and analyzes which parties of investors and creditors have a stronger demand for conservatism of accounting information. The purpose of this paper is to provide a new perspective for the study of the economic consequences of accounting conservatism. This paper mainly adopts the method of combining normative research with empirical research. Firstly, the relationship between robustness and financing cost is analyzed from the perspective of principal-agent theory, contract theory and risk signal theory, and then, three models are established to test the robustness and debt financing costs, respectively. The correlation between equity financing cost and the difference between robustness and debt financing and equity cost. Through the research, the improvement of accounting conservatism level is beneficial to reduce the debt financing cost of the company; secondly, the improvement of accounting conservatism level is conducive to reduce the equity financing cost of the company; finally, The negative correlation between accounting conservatism and equity financing cost is obviously greater than that between accounting conservatism and debt financing cost. In other words, shareholders' demand for sound accounting information is stronger than creditors'.
【學(xué)位授予單位】：武漢科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1937993