本文關(guān)鍵詞： 會計穩(wěn)健性 融資約束 信息不對稱　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：根據(jù)融資優(yōu)序理論,在企業(yè)產(chǎn)生資金需求時,首先會選擇使用企業(yè)內(nèi)部積累的資金,其次才是外源融資。在現(xiàn)代企業(yè)中,由于企業(yè)規(guī)模逐漸增大,對資金需求逐漸增多,企業(yè)僅僅依靠內(nèi)部資金的積累已經(jīng)不能滿足其對資金的需求。因此,在企業(yè)產(chǎn)生資金需求時往往需要向外部的資本供給者尋求資金的幫助。外部資本供給者在向企業(yè)提供資金支持時,需要對企業(yè)的財務(wù)狀況和經(jīng)營業(yè)績進(jìn)行考察。由于信息不對稱的存在,外部資本供給者無法直接觀察到企業(yè)的經(jīng)營業(yè)績和財務(wù)狀況,只能通過企業(yè)對外所披露的會計信息間接的對企業(yè)進(jìn)行評價以判斷企業(yè)是否符合提供資金的條件。 會計穩(wěn)健性一直以來都是一項重要的會計原則,在許多國家的會計準(zhǔn)則中都有會計穩(wěn)健性這一會計信息質(zhì)量要求,會計穩(wěn)健性對于增加企業(yè)的債務(wù)契約有效性和緩解企業(yè)過度投資有著積極的作用。但是會計穩(wěn)健性引起企業(yè)會計信息的失真,對企業(yè)外部融資的消極作用也是不能忽視的。會計穩(wěn)健性要求企業(yè)對于“壞消息”的確認(rèn)優(yōu)先于“好消息”的確認(rèn),這就造成了企業(yè)的資產(chǎn)和收益被低估。企業(yè)外部資本供給者在考察企業(yè)的財務(wù)狀況和經(jīng)營業(yè)績時,是不會將被低估的資產(chǎn)和收益還原為企業(yè)的真實水平的。一來,由于信息的不對稱外部資本供給者并不能完全獲得反映企業(yè)真實水平的會計信息；二來,為還原企業(yè)資產(chǎn)和收益的真實性獲取信息的成本過高。因此,外部資本供給者按照這一被低估的財務(wù)狀況來評價是否應(yīng)當(dāng)向企業(yè)提供資金,以及提供的數(shù)量等就會使企業(yè)更難以較低的成本獲得較多的資金支持,企業(yè)的外部融資能力被削弱。 本文首先對會計穩(wěn)健性和融資約束的相關(guān)研究文獻(xiàn)進(jìn)行梳理。主要是從會計穩(wěn)健性和融資約束兩個方面來進(jìn)行的。其中,對會計穩(wěn)健性的梳理主要從會計穩(wěn)健性的衡量指標(biāo)、存在性和經(jīng)濟(jì)后果三個方面進(jìn)行；對融資約束的梳理主要從融資約束的衡量指標(biāo)、影響因素兩個方面進(jìn)行。通過對現(xiàn)有文獻(xiàn)的歸納總結(jié)發(fā)現(xiàn),現(xiàn)有文獻(xiàn)較少將會計穩(wěn)健性和融資約束結(jié)合起來進(jìn)行研究,其次對會計穩(wěn)健性的經(jīng)濟(jì)后果研究也多是從積極的后果來研究的,對會計穩(wěn)健性的負(fù)面影響研究較少。本文正是試圖從負(fù)面的影響去研究會計穩(wěn)健性的經(jīng)濟(jì)后果的。針對研究目的,本文認(rèn)為可以從不確定性理論、契約理論、信息不對稱理論、委托代理理論來進(jìn)行理論的分析。在理論分析的基礎(chǔ)上,提出了本文的4個假設(shè)。在實證研究部分,本文選取了2008年—2011年四年間在滬深兩市上市的A股公司股票作為研究樣本,共得到4239個樣本。借鑒Almeida(2004)現(xiàn)金—現(xiàn)金流敏感性的基本模型以及我國學(xué)者的相關(guān)研究建立回歸模型并對樣本進(jìn)行回歸。具體框架如下： 第—章,緒論。闡述了本文的研究背景及研究目的和意義：提出了本文的研究方法和研究思路；指出了本文的創(chuàng)新和貢獻(xiàn)并對相關(guān)的概念進(jìn)行了界定。 第二章,文獻(xiàn)綜述。根據(jù)研究目的,本文主要從兩個方面進(jìn)行文獻(xiàn)的綜述：一個是從會計穩(wěn)健性的角度,另一方面是關(guān)于融資約束的文獻(xiàn)綜述。對會計穩(wěn)健性的綜述主要包括會計穩(wěn)健性的衡量指標(biāo)、存在性和經(jīng)濟(jì)后果三個方面；對融資約束的文獻(xiàn)綜述主要包括融資約束的衡量指標(biāo)和影響因素兩個方面。 第三章,會計穩(wěn)健性與融資約束的理論基礎(chǔ)。本文分析了不確定性理論、契約理論、信息不對稱理論、委托代理理論的內(nèi)容及其作用的機(jī)制,在上述理論分析的基礎(chǔ)上分析會計穩(wěn)健性與融資約束的關(guān)系。 第四章,假設(shè)的提出和研究設(shè)計。在前文理論分析的基礎(chǔ)上,結(jié)合行業(yè)壟斷性、治理環(huán)境和股權(quán)結(jié)構(gòu)等影響因素的特點,提出了本文的四個假設(shè)：1、會計穩(wěn)健性會加重企業(yè)的融資約束,2、相對于壟斷行業(yè)企業(yè),非壟斷行業(yè)企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯,3、相對于外部治理環(huán)境較好地區(qū)的企業(yè),外部治理環(huán)境較差地區(qū)企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯,4、相對于不存在絕對控制的企業(yè),存在大股東絕對控制的企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯；根據(jù)假設(shè)收集并整理相關(guān)的數(shù)據(jù)；選取相關(guān)的變量并在Almeida(2004)現(xiàn)金—現(xiàn)金流敏感性的基本模型的基礎(chǔ)上,結(jié)合我國學(xué)者的相關(guān)研究,設(shè)計研究的模型。 第五章,實證結(jié)果。具體包括描述性統(tǒng)計,相關(guān)性分析,回歸分析和穩(wěn)健性檢驗。 第六章,研究結(jié)論、建議及不足。結(jié)合本文的理論分析和實證結(jié)果得出本文的研究結(jié)論。針對本文的不足之處,指出了未來可能的研究方向。 本文根據(jù)理論分析和實證的結(jié)果,得出以下結(jié)論： (1)會計穩(wěn)健性與企業(yè)的融資約束正相關(guān),這說明穩(wěn)健性會計政策會加重企業(yè)的融資約束使企業(yè)的外部融資能力減弱,不利于企業(yè)在缺少資金時獲得外部資金的支持。 (2)相對于壟斷行業(yè)企業(yè),非壟斷行業(yè)企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯。這說明非壟斷行業(yè)企業(yè)在產(chǎn)生資金需求時更難獲得外部的資金支持。 (3)相對于治理環(huán)境較好的地區(qū),治理環(huán)境較差地區(qū)企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯。這說明在治理環(huán)境較好的地區(qū),其法律比較健全,社會監(jiān)管體系比較完善,企業(yè)所報告的會計信息可信度高,而且金融業(yè)比較發(fā)達(dá),銀行等金融機(jī)構(gòu)獲取信息的能力較強(qiáng),企業(yè)與外部資本供給者之間的信息不對稱水平較低,企業(yè)外部借款能力較強(qiáng)。 (4)相對于不存在絕對控制的企業(yè),存在大股東絕對控制的企業(yè)會計穩(wěn)健性對融資約束的加重作用更加明顯。這說明存在大股東絕對控制的企業(yè)由于存在大股東為了自身利益損害其他中小股東和債權(quán)人利益的動機(jī),因而企業(yè)向外部所披露的會計信息的可信度可能不高,企業(yè)與外部資本供給者之間的信息不對稱程度較高,不利于企業(yè)向外部融資。 本文的創(chuàng)新和貢獻(xiàn)主要有： 第一,以往文獻(xiàn)對于會計穩(wěn)健性的經(jīng)濟(jì)后果的研究大部分是從會計穩(wěn)健性的積極作用來研究。但是會計穩(wěn)健性的有偏確認(rèn)造成一定程度上會計信息失真也是客觀存在的,本文考慮了會計穩(wěn)健性在企業(yè)外部融資中的消極作用。彌補(bǔ)了現(xiàn)有文獻(xiàn)在這方面研究的不足。 第二,本文細(xì)化了會計穩(wěn)健性對融資約束的影響,認(rèn)為會計穩(wěn)健性對非壟斷行業(yè)的加重作用更加明顯,對于治理環(huán)境較差地區(qū)企業(yè)的加重作用更加明顯,對于存在大股東控制企業(yè)的加重作用更加明顯。 本文的不足之處和未來研究展望：在選擇會計穩(wěn)健性的衡量指標(biāo)時,本文使用非經(jīng)營性應(yīng)計項目的相反數(shù)來衡量企業(yè)的會計穩(wěn)健性水平,但是衡量會計穩(wěn)健性水平的指標(biāo)還有很多,在以后的研究中還可以采用穩(wěn)健性評分模型等來衡量企業(yè)的會計穩(wěn)健性水平；在對樣本的分類時,本文只考慮了所屬地區(qū)的治理環(huán)境、股權(quán)結(jié)構(gòu)和行業(yè)的壟斷性,還有一些其他的影響因素如董事會結(jié)構(gòu)、政治關(guān)聯(lián)等,在以后的研究中可以考察在不同的治理結(jié)構(gòu)(如董事會結(jié)構(gòu))下會計穩(wěn)健性與企業(yè)融資約束的關(guān)系。
[Abstract]:According to the pecking order theory, demand for funds in the enterprise, will be the first choice to use internal funds accumulated, followed by external financing. In the modern enterprise, the enterprise scale is gradually increased, the demand for capital increase gradually, enterprises rely solely on internal capital accumulation has been unable to meet the demand for capital. Therefore, often need to external capital suppliers seeking funds to help generate demand for funds in the enterprise. The external supply of capital in providing financial support to enterprises, the enterprise's financial situation and business performance were investigated. Because of the information asymmetry, external capital supply can not directly observe the operating results and financial condition of the company only through the foreign enterprise, the disclosure of accounting information of enterprises indirectly evaluated in order to determine whether the enterprise meet the funding conditions.
Accounting conservatism is always an important accounting principle, the accounting standards in many countries have accounting conservatism requirements of the quality of accounting information, accounting conservatism to increase corporate debt contract effectiveness and ease corporate over investment has a positive effect. But accounting conservatism caused the distortion of enterprise accounting information, negative effect the enterprise external financing also cannot be ignored. Accounting conservatism requires enterprises to "confirm bad news" prior to the "good news" confirmed, which resulted in the company's assets and incomes are underestimated. Supply of enterprise external capital in the study of enterprise's financial condition and results of operations, assets and profits do not the reduction will be underestimated the true level of the enterprise. As a result, due to asymmetric information and external capital supply can not completely reflect the true water The accounting information; secondly, for the reduction of enterprise assets and earnings of the authenticity of the information cost is too high. Therefore, the external capital provider in accordance with this underestimation of the financial situation to evaluate whether it should provide funds to enterprises, and provide the number will make the enterprise get more difficult to support low cost more money enterprise, external financing ability is weakened.
Firstly, the relevant research literature on Accounting Conservatism and financing constraints are reviewed. It is mainly from two aspects of accounting conservatism and financing constraints to. Among them, on Accounting Conservatism combing mainly from the measure of accounting conservatism, there are three aspects and economic consequences; the financing constraints combing mainly from measure financing constraints, two aspects influencing factors. Based on the existing literature summary, the existing literature less accounting conservatism and financing constraints to combine research, followed by the study of economic consequences of accounting conservatism is also from the positive consequences of the negative impact on accounting conservatism, less research in this paper. It is tried to study accounting conservatism from the negative impact of the economic consequences. For the purpose of the study, this paper considered uncertainty theory. About theory, asymmetric information theory, principal-agent theory to conduct theoretical analysis. On the basis of theoretical analysis, 4 hypotheses are put forward in this paper. In the part of empirical research, this paper selects the 2008 to 2011 four years listed in Shanghai and Shenzhen two A shares as the research sample, a total of 4239 samples. From Almeida (2004) basic research model of cash cash flow sensitivity and scholars in China to establish a regression model and a sample regression. The specific framework is as follows:
Chapter I, introduction, describes the research background, purpose and significance of this study: put forward the research methods and research ideas of this paper; point out the innovation and contribution of this paper, and define the related concepts.
The second chapter, literature review. According to the research objective, this paper conducted a literature review from two aspects: one is from the perspective of accounting conservatism, on the other hand is a literature review about the financing constraints. The measure of accounting conservatism review mainly includes the accounting conservatism, there are three aspects and economic consequences; two aspects of indicators and the factors affecting the literature review on financing constraints including financing constraints.
The third chapter, the theoretical basis of accounting conservatism and financing constraints. This paper analyzes the uncertainty theory, contract theory, information asymmetry theory, mechanism of content and function of the principal-agent theory, analysis of the relationship between accounting conservatism and the financing constraints based on the theoretical analysis.
The fourth chapter, put forward the hypothesis and research design. On the basis of previous theoretical analysis, combined with the characteristics of industry monopoly, the influence factors of environmental governance and equity structure, this paper proposes four hypotheses: 1, accounting conservatism will increase the financing constraints, enterprise 2, relative to the monopoly industries and enterprises, increase the role of non monopoly enterprise accounting conservatism of financing constraints is more obvious, compared to 3, better governance environment in enterprises, increase the role of external corporate governance environment in poor areas of accounting conservatism on financing constraints is more obvious, compared to 4, there is no absolute control of the enterprise, increase the effect of large shareholders control of enterprise accounting conservatism on the financing constraints according to the hypothesis is more obvious; to collect and collate relevant data; select the relevant variables in Almeida (2004) and the basic model of the cash cash flow sensitivity On the basis of the related research of Chinese scholars, the model of research is designed.
The fifth chapter, the empirical results, including descriptive statistics, correlation analysis, regression analysis and robustness test.
The sixth chapter, research conclusions, recommendations and shortcomings. Combined with the theoretical analysis and empirical results, we draw the conclusions of this study. Aiming at the shortcomings of this paper, we point out the possible research directions in the future.
On the basis of theoretical analysis and empirical results, the following conclusions are drawn.
(1) accounting conservatism is positively related to corporate financing constraints. This shows that robust accounting policy will aggravate the financing constraints of enterprises and weaken the external financing capability of enterprises, which is not conducive to the support of external funds when enterprises lack funds.
(2) compared with monopoly industries, accounting conservatism plays a more significant role in financing constraints than non monopoly industries. This shows that non monopoly industries are more difficult to obtain external financial support when generating capital needs.
(3) relative to the area of governance environment better, increase the role of corporate governance environment in poor areas of accounting conservatism on financing constraints more obvious. This shows that in the area of good governance environment, the relatively sound legal, social supervision system more perfect, the enterprise accounting information report high credibility, and the financial industry is relatively developed, bank etc. financial institutions to obtain information ability, the level of information asymmetry between enterprises and external capital supply is low, enterprise external borrowing ability.
(4) there is no relative to the absolute control of the enterprise, increase the effect of large shareholders control the accounting conservatism of financing constraints is more obvious. This shows that there is large shareholders control enterprises due to the existence of large shareholders for their own interests to damage other medium and small shareholders and creditors interests, so the enterprise to the outside and the disclosure of accounting information the credibility is not high, between the enterprise and external capital supply a higher degree of information asymmetry, is not conducive to enterprise external financing.
The innovation and contribution of this article are as follows:
First, most of the previous literature on the economic consequences of accounting conservatism is from the positive role of accounting conservatism of accounting conservatism. But the partial confirmation of causing a certain degree of distortion of accounting information is the objective existence, considering the negative effects of accounting conservatism in enterprise financing. To compensate for the lack of existing research literature in the the.
Second, this paper detailed the influence of accounting conservatism on the financing constraints, that aggravate the effect of accounting conservatism on the non monopoly industries more obvious effect for increasing the area of poor corporate governance environment is more obvious, for the existence of aggravating effect of large shareholder control of the enterprise is more obvious.
The inadequacies of this article and prospects for future research: in the choice of accounting conservatism index, this paper use the opposite to non operating accruals to measure the enterprise's accounting conservatism level, but there are a lot of measure of the level of accounting conservatism index, in the future research can also be used to measure the robustness evaluation model of enterprises accounting conservatism in level; the classification of samples, this paper only considers the area belongs to environmental governance, ownership structure and monopoly industries, there are some other factors such as the structure of the board of directors, political association, in the future research can be investigated in different governance structure (such as the structure of the board of directors) under the relation of accounting the robustness and financing constraints.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F233

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