發(fā)布時間：2018-06-07 17:45

  本文選題：會計(jì)穩(wěn)健性 + 債務(wù)成本�。� 參考：《武漢科技大學(xué)》2016年碩士論文

【摘要】：企業(yè)發(fā)展離不開資金的支持,而企業(yè)獲得發(fā)展所需資金除內(nèi)部融資外,往往還需要大量的外部融資來彌補(bǔ)。債權(quán)融資作為我國公司主要的外部融資渠道,已成為企業(yè)的一項(xiàng)重要經(jīng)濟(jì)活動,債務(wù)資本成本也隨之成為企業(yè)債務(wù)融資關(guān)注的焦點(diǎn)。由于信息不對稱和道德風(fēng)險,債務(wù)契約中存在著利益相關(guān)者的沖突。債權(quán)人為保護(hù)自身的利益,需要借助會計(jì)信息來對融資企業(yè)的財(cái)務(wù)能力進(jìn)行分析,以做出合理的決策,降低投資風(fēng)險。因此,會計(jì)信息的質(zhì)量會直接影響到企業(yè)的債務(wù)融資成本�，F(xiàn)有研究發(fā)現(xiàn),會計(jì)穩(wěn)健性作為衡量會計(jì)信息質(zhì)量的指標(biāo)之一,可以在一定程度緩解股東和債權(quán)人之間的利益沖突,增強(qiáng)會計(jì)信息的信貸決策有用性,影響債務(wù)資本成本。研究會計(jì)穩(wěn)健性對上市公司債務(wù)成本的影響,可以為企業(yè)進(jìn)行債務(wù)融資決策、會計(jì)政策的選擇和債權(quán)人保護(hù)提供一定的理論依據(jù)。本文在回顧國內(nèi)外研究現(xiàn)狀的基礎(chǔ)上,利用前人的經(jīng)驗(yàn)數(shù)據(jù)研究會計(jì)穩(wěn)健性對債務(wù)資本成本的影響,選取我國全部A股上市公司為樣本,采用面板數(shù)據(jù)實(shí)證研究我國上市公司會計(jì)穩(wěn)健和債務(wù)資本成本的關(guān)系。本文在會計(jì)穩(wěn)健性的計(jì)量方面,選取了應(yīng)計(jì)-現(xiàn)金流和負(fù)的累計(jì)應(yīng)計(jì)制這兩種方法計(jì)量穩(wěn)健性,并對這兩種會計(jì)穩(wěn)健性計(jì)量方式在我國的適用性進(jìn)行檢驗(yàn),檢驗(yàn)結(jié)果顯示非經(jīng)營性應(yīng)計(jì)項(xiàng)比其它屬性的應(yīng)計(jì)項(xiàng)在我國更具適用性,負(fù)的累計(jì)應(yīng)計(jì)制在我國也具適用性。然后選擇經(jīng)過適用性檢驗(yàn)的穩(wěn)健性計(jì)量法,分別對會計(jì)穩(wěn)健性與債務(wù)資本成本的關(guān)系進(jìn)行實(shí)證分析,使結(jié)果更具說服力,更可靠。回歸分析的最終結(jié)果證明會計(jì)穩(wěn)健性程度越高,債務(wù)資本成本越低,得出了與國外相一致的研究結(jié)論。
[Abstract]:The development of enterprises can not be separated from the support of funds. Besides internal financing, enterprises often need a large amount of external financing to make up for it. As the main external financing channel of Chinese companies, creditor's rights financing has become an important economic activity of enterprises, and the cost of debt capital has become the focus of corporate debt financing. Due to asymmetric information and moral hazard, there is a conflict of stakeholders in debt contracts. In order to protect their own interests, creditors need to use accounting information to analyze the financial ability of financing enterprises in order to make reasonable decisions and reduce investment risks. Therefore, the quality of accounting information will directly affect the debt financing costs of enterprises. It is found that accounting conservatism, as one of the indexes to measure the quality of accounting information, can alleviate the conflict of interest between shareholders and creditors to a certain extent, enhance the usefulness of credit decision of accounting information, and affect the cost of debt capital. Studying the influence of accounting conservatism on debt cost of listed companies can provide certain theoretical basis for enterprises to make debt financing decisions, to choose accounting policies and to protect creditors. On the basis of reviewing the current research situation at home and abroad, this paper studies the impact of accounting conservatism on debt capital cost by using previous empirical data, and selects all A-share listed companies in China as samples. The relationship between accounting conservatism and debt capital cost of listed companies in China is studied empirically by panel data. In the measurement of accounting conservatism, this paper selects accrual-cash flow and negative accrual basis to measure conservatism, and tests the applicability of these two accounting conservatism measurement methods in China. The test results show that the non-operational accruals are more applicable than those of other attributes in China, and the negative cumulative accruals are also applicable in China. Then we choose the conservatism metering method which has been tested to analyze the relationship between accounting conservatism and debt capital cost, which makes the results more convincing and reliable. The final result of regression analysis proves that the higher the degree of accounting conservatism, the lower the cost of debt capital.
【學(xué)位授予單位】：武漢科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275;F832.51

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