摘要
在供给侧结构性改革背景下,缓解结构性债务融资约束,特别是中小企业债务融资约束困境成为需要解决的核心问题,会计信息质量在企业债务融资契约中发挥的作用值得关注。本文以2011~2020年我国A股上市公司为样本,从会计信息可比性角度研究会计信息质量对缓解企业债务融资约束的影响。研究发现,较高的企业会计信息可比性有利于缓解企业债务融资约束,其作用对非国有企业更加显著。异质性研究发现,在市场化制度不完善的外部环境中,会计信息可比性的提升作为“替代机制”对缓解非国有企业债务融资约束的正向作用更为显著,而企业终极控制权的较高集中度会削弱该正向作用的显著性;会计信息可比性对缓解内控体系规范的非国有企业“融资难”的作用显著。本文丰富了会计信息质量和债务融资约束相关文献,研究结论对于非国有企业通过提升自身会计信息质量来达成“银企”信贷资源配置共赢具有启发意义。
Under supply-side structural reform,the structural debt financing constraints faced by non-state-owned-enterprises(SOEs)in China have become a major issue to be resolved.Accounting information quality plays an important role in enterprise debt financing contracts.Using a sample of A-share listed companies in China from 2011 to 2020,we study the relation between improvement in accounting information quality and the extent of enterprise debt financing constraints from the perspective of accounting information comparability.We find that a higher level of accounting information comparability alleviates the enterprise debt financing constraints,particularly those for non-SOEs.Further heterogeneity study reveals that in an environment where the marketization is incomplete,improvement in accounting information comparability becomes an alternative mechanism of alleviating the enterprise debt financing constraints for non-SOEs.Moreover,the positive effect of accounting information comparability on debt financing is weakened if the ultimate control is concentrated.Accounting information comparability is particularly useful for alleviating the financing constraints faced by the non-SOEs that have well-structured internal control systems.Our results extend the literature on the relation between accounting information quality and enterprise debt financing constraints,and are particularly useful for non-SOEs to achieve a win-win objective in the optimal allocation of credit resources from banks to enterprises through making judicious accounting policy decisions that improve their accounting information quality.
作者
温晓菲
邬瑜骏
曲晓辉
Xiaofei Wen;Yujun Wu;Xiaohui Qu(Ernst&Young Hua Ming LLP,Shanghai,China 200120;Harbin Institute of Technology(Shenzhen),Shenzhen,Guangdong,China 518055;Xiamen University,Xiamen,Fujian,China 361055)
出处
《当代会计评论》
2022年第1期74-96,共23页
Contemporary Accounting Review
基金
国家社会科学基金一般项目“互联网消费贷ABS风险防范机制有效性及监管政策研究”(21BJY205)
教育部人文社会科学重点研究基地重大项目“会计计量模式、报告模式与企业综合报告”(16JJD790035)
深圳市人文社会科学重点研究基地哈尔滨工业大学(深圳)大数据会计与决策研究中心基金“大数据智能决策与企业长期健康指数研究”(KP191001)的阶段性成果
财政部“国际化高端会计人才培养工程”项目(第三期)的支持
关键词
会计信息可比性
企业债务融资约束
制度环境
终极控制权
accounting information comparability
enterprise debt financing constraints
institutional environment
ultimate control
