會計穩(wěn)健性對融資約束影響的研究
發(fā)布時間：2019-01-02 17:10
【摘要】：穩(wěn)健性作為會計確認(rèn)和計量的重要原則,對財務(wù)會計實務(wù)的影響非常久遠(yuǎn)。然而,2010年3月IASB和FASB發(fā)布了《財務(wù)報告的概念框架》(征求意見稿),強(qiáng)調(diào)了有用財務(wù)報告的質(zhì)量特征,取消了會計穩(wěn)健性這一質(zhì)量要求。隨著經(jīng)濟(jì)全球化的不斷深入,資本在全球范圍內(nèi)流動,為了能夠增強(qiáng)公司財務(wù)報告的可比性,我國也逐步加快了會計準(zhǔn)則國際趨同的步伐。2014年財政部修訂了企業(yè)會計準(zhǔn)則,新增了公允價值計量這一基本準(zhǔn)則,進(jìn)一步削弱了會計穩(wěn)健性的地位。國內(nèi)外學(xué)者對會計穩(wěn)健性的經(jīng)濟(jì)后果進(jìn)行了大量研究,但是研究結(jié)論尚不統(tǒng)一。我國學(xué)者研究發(fā)現(xiàn):會計穩(wěn)健性在提高融資效率、投資效率,降低資金成本方面具有積極的作用。然而,過度的穩(wěn)健性會造成收入和費(fèi)用的不對稱確認(rèn),扭曲會計信息的真實性,使會計信息缺乏價值相關(guān)性,我國學(xué)者卻很少對此進(jìn)行研究。因此,研究會計穩(wěn)健性對融資約束的影響及該影響的持續(xù)性具有重要意義。本文首先利用Basu模型和C-score模型,通過對全樣本和控制虧損公司樣本分別進(jìn)行回歸,驗證了會計穩(wěn)健性在我國上市公司的存在性;其次,通過運(yùn)用Logistic模型構(gòu)建了融資約束指數(shù),用以衡量我國上市公司所受到的融資約束程度。并用C-score模型度量條件穩(wěn)健性和MB指標(biāo)度量非條件穩(wěn)健性,然后將條件穩(wěn)健性和非條件穩(wěn)健性分別與融資約束指數(shù)進(jìn)行回歸,對會計穩(wěn)健性與融資約束的關(guān)系進(jìn)行檢驗,結(jié)果表明會計穩(wěn)健性有助于緩解公司所受到的融資約束程度;最后,將條件穩(wěn)健性和非條件穩(wěn)健性分別進(jìn)行四分位數(shù)分組,通過分組回歸驗證會計穩(wěn)健性對融資約束影響的持續(xù)性,研究發(fā)現(xiàn):在會計穩(wěn)健性程度較低的時候,企業(yè)穩(wěn)健性水平的提高能夠大幅降低融資約束程度,但是隨著穩(wěn)健性升高到一定程度,如果穩(wěn)健性水平繼續(xù)升高,則會降低對融資約束的緩解作用。因此,企業(yè)披露的財務(wù)信息應(yīng)該在價值相關(guān)性和穩(wěn)健性之間做出選擇,并且權(quán)衡會計穩(wěn)健性所帶來的收益和產(chǎn)生的成本,尋求最佳的穩(wěn)健性水平。
[Abstract]:Conservatism, as an important principle of accounting recognition and measurement, has a long time influence on financial accounting practice. However, in March 2010, IASB and FASB issued the Conceptual Framework of Financial reporting (draft for comments), which emphasized the quality characteristics of useful financial reports and eliminated the quality requirement of accounting conservatism. With the deepening of economic globalization, capital flows around the world. In order to enhance the comparability of corporate financial reports, China has gradually accelerated the pace of international convergence of accounting standards. In 2014, the Ministry of Finance revised the Accounting Standards for Enterprises. Added fair value measurement of the basic standards, further weakened the status of accounting conservatism. Scholars at home and abroad have done a lot of research on the economic consequences of accounting conservatism, but the conclusions are not uniform. Chinese scholars have found that accounting conservatism plays an active role in improving financing efficiency, investment efficiency and reducing capital cost. However, excessive conservatism will lead to asymmetric recognition of income and expense, distort the authenticity of accounting information, and make accounting information lack value relevance, which is rarely studied by Chinese scholars. Therefore, it is of great significance to study the impact of accounting conservatism on financing constraints and its sustainability. Firstly, by using Basu model and C-score model, this paper verifies the existence of accounting conservatism in Chinese listed companies by regression of total sample and control loss company sample. Secondly, the financing constraint index is constructed by using Logistic model to measure the degree of financing constraint on listed companies in China. Using C-score model to measure conditional conservatism and MB index to measure non-conditional conservatism, then the conditional conservatism and non-conditional conservatism are regressed with financing constraint index to test the relationship between accounting conservatism and financing constraint. The results show that accounting conservatism is helpful to alleviate the degree of financing constraint. Finally, the conditional conservatism and non-conditional conservatism are divided into quartile groups, and the effects of accounting conservatism on financing constraints are verified by grouping regression. The results show that: when the degree of accounting conservatism is low, The improvement of firm robustness can greatly reduce the degree of financing constraint, but with the increase of robustness to a certain extent, if the level of robustness continues to increase, the mitigation of financing constraints will be reduced. Therefore, the financial information disclosed by enterprises should make a choice between value relevance and conservatism, and weigh the benefits and costs of accounting conservatism to seek the best level of conservatism.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275
[Abstract]:Conservatism, as an important principle of accounting recognition and measurement, has a long time influence on financial accounting practice. However, in March 2010, IASB and FASB issued the Conceptual Framework of Financial reporting (draft for comments), which emphasized the quality characteristics of useful financial reports and eliminated the quality requirement of accounting conservatism. With the deepening of economic globalization, capital flows around the world. In order to enhance the comparability of corporate financial reports, China has gradually accelerated the pace of international convergence of accounting standards. In 2014, the Ministry of Finance revised the Accounting Standards for Enterprises. Added fair value measurement of the basic standards, further weakened the status of accounting conservatism. Scholars at home and abroad have done a lot of research on the economic consequences of accounting conservatism, but the conclusions are not uniform. Chinese scholars have found that accounting conservatism plays an active role in improving financing efficiency, investment efficiency and reducing capital cost. However, excessive conservatism will lead to asymmetric recognition of income and expense, distort the authenticity of accounting information, and make accounting information lack value relevance, which is rarely studied by Chinese scholars. Therefore, it is of great significance to study the impact of accounting conservatism on financing constraints and its sustainability. Firstly, by using Basu model and C-score model, this paper verifies the existence of accounting conservatism in Chinese listed companies by regression of total sample and control loss company sample. Secondly, the financing constraint index is constructed by using Logistic model to measure the degree of financing constraint on listed companies in China. Using C-score model to measure conditional conservatism and MB index to measure non-conditional conservatism, then the conditional conservatism and non-conditional conservatism are regressed with financing constraint index to test the relationship between accounting conservatism and financing constraint. The results show that accounting conservatism is helpful to alleviate the degree of financing constraint. Finally, the conditional conservatism and non-conditional conservatism are divided into quartile groups, and the effects of accounting conservatism on financing constraints are verified by grouping regression. The results show that: when the degree of accounting conservatism is low, The improvement of firm robustness can greatly reduce the degree of financing constraint, but with the increase of robustness to a certain extent, if the level of robustness continues to increase, the mitigation of financing constraints will be reduced. Therefore, the financial information disclosed by enterprises should make a choice between value relevance and conservatism, and weigh the benefits and costs of accounting conservatism to seek the best level of conservatism.
【學(xué)位授予單位】：中國礦業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275
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