發(fā)布時(shí)間：2018-03-25 22:36

  本文選題：會計(jì)穩(wěn)健性　切入點(diǎn)：債務(wù)成本　出處：《東北師范大學(xué)》2013年碩士論文

【摘要】：會計(jì)穩(wěn)健性是會計(jì)理論和實(shí)踐中的一項(xiàng)基本原則，具有深厚的歷史背景，對許多國家的會計(jì)實(shí)務(wù)產(chǎn)生了深刻的影響。目前國際上針對會計(jì)穩(wěn)健性的研究主要包括四個(gè)方面：會計(jì)穩(wěn)健性存在原因分析、會計(jì)穩(wěn)健性的計(jì)量、會計(jì)穩(wěn)健性與公司治理和會計(jì)穩(wěn)健性的經(jīng)濟(jì)后果研究。我國關(guān)于會計(jì)穩(wěn)健性的研究也越來越多，范圍也越來越廣，但是對會計(jì)穩(wěn)健性經(jīng)濟(jì)后果的研究相對較少。因此，本文結(jié)合我國企業(yè)仍然以債務(wù)融資為主的現(xiàn)實(shí)，研究我國上市公司會計(jì)穩(wěn)健性與債務(wù)成本之間的關(guān)系。 由美國次貸危機(jī)引發(fā)的國際金融危機(jī)把會計(jì)問題提到了前所未有的高度，而會計(jì)穩(wěn)健性能及時(shí)確認(rèn)和充分地披露相關(guān)的風(fēng)險(xiǎn)和損失。特別是對債務(wù)投資而言，會計(jì)穩(wěn)健性能有效地防范債務(wù)契約簽訂之后的道德風(fēng)險(xiǎn)，保護(hù)債權(quán)投資者的投資收益，同時(shí)，在契約簽訂之前，穩(wěn)健的會計(jì)信息也能防止債權(quán)人的逆向選擇。因此，會計(jì)穩(wěn)健性在保護(hù)投資者利益特別是債權(quán)投資者利益中發(fā)揮著重要的作用。那么，會計(jì)穩(wěn)健性是如何影響債務(wù)成本的呢？對于債權(quán)人來說，他們最關(guān)心的是企業(yè)的盈利能力和還本能力，，因此企業(yè)利潤與凈資產(chǎn)是債權(quán)人重點(diǎn)關(guān)注的會計(jì)指標(biāo)。企業(yè)的會計(jì)穩(wěn)健程度將直接影響上述會計(jì)指標(biāo)，采用相對謹(jǐn)慎的會計(jì)政策的公司，一定程度上能夠保證沒有高估利潤和資產(chǎn)，降低公司的違約風(fēng)險(xiǎn)，保證債權(quán)人貸款能夠安全收回。所以，會計(jì)穩(wěn)健性可以協(xié)調(diào)公司股東與債權(quán)人的利益沖突，保證契約有效執(zhí)行，并且能顯著降低信息不對稱條件下契約各方的道德風(fēng)險(xiǎn)和逆向選擇行為。 本文通過對會計(jì)穩(wěn)健性的相關(guān)概念進(jìn)行回顧，對已有文獻(xiàn)進(jìn)行梳理，探尋會計(jì)穩(wěn)健性與債務(wù)成本的理論基礎(chǔ)，選用滬深兩市A股2001-2011年上市公司作為研究樣本，對會計(jì)穩(wěn)健性與債務(wù)成本的相關(guān)關(guān)系進(jìn)行了實(shí)證分析。文中采用財(cái)務(wù)費(fèi)用與平均含息負(fù)債（短期借款+長期借款+一年到期長期借款+應(yīng)付債券）的比率作為企業(yè)當(dāng)年債務(wù)成本的替代變量，采用權(quán)益市值-賬面價(jià)值比和非經(jīng)營性應(yīng)計(jì)項(xiàng)目兩種計(jì)算方法分別作為會計(jì)穩(wěn)健性的替代變量，并選用了資產(chǎn)負(fù)債率、企業(yè)規(guī)模、盈利能力、企業(yè)發(fā)展能力作為控制變量，利用回歸分析研究了會計(jì)穩(wěn)健性對債務(wù)成本的關(guān)系，研究結(jié)果表明：企業(yè)的會計(jì)穩(wěn)健性越強(qiáng)，其債務(wù)成本也越低。
[Abstract]:Accounting conservatism is a basic principle in accounting theory and practice. The current international research on accounting conservatism mainly includes four aspects: analysis of the cause of accounting conservatism, accounting conservatism measurement, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, accounting conservatism, The study on the economic consequences of accounting conservatism and corporate governance and accounting conservatism. The research on accounting conservatism in China is more and more extensive, but the research on the economic consequences of accounting conservatism is relatively few. This paper studies the relationship between accounting conservatism and debt cost of listed companies in China. The international financial crisis caused by the subprime mortgage crisis in the United States has brought the accounting problem to an unprecedented height, and the accounting conservatism has recognized and fully disclosed the related risks and losses in a timely manner, especially in the case of debt investment. The performance of accounting conservatism can effectively guard against the moral hazard after the debt contract is signed, and protect the investment income of the creditor. At the same time, before the contract is signed, prudent accounting information can also prevent the creditor from adverse selection. Accounting conservatism plays an important role in protecting the interests of investors, especially creditors. How does accounting conservatism affect the cost of debt? For creditors, they are most concerned about the profitability and the ability to repay capital of the enterprise. Therefore, the profits and net assets of the enterprise are the accounting indicators that creditors focus on. The degree of accounting conservatism of the enterprise will directly affect the above accounting indicators. Companies that adopt relatively prudent accounting policies can, to some extent, guarantee that profits and assets are not overestimated, that the risk of default is reduced, and that creditors' loans are safely recovered. Accounting conservatism can coordinate the conflict of interests between shareholders and creditors, ensure the effective implementation of contracts, and significantly reduce the moral hazard and adverse selection behavior of the parties to the contract under the condition of asymmetric information. This paper reviews the related concepts of accounting conservatism, combs the existing literature, explores the theoretical basis of accounting conservatism and debt cost, and selects A shares listed companies in Shanghai and Shenzhen stock markets from 2001 to 2011 as the research samples. The relationship between accounting conservatism and debt cost is empirically analyzed. The ratio of financial expenses to average interest-bearing liabilities (short-term loans, long-term loans, one year long term loans payable bonds) is used as an enterprise. Alternative variables to the cost of debt in the current year, The two calculation methods of equity market value-book value ratio and non-profit accrual project are used as the substitute variables of accounting conservatism, and the asset-liability ratio, enterprise scale, profitability, and enterprise development ability are selected as control variables, respectively. The relationship between accounting conservatism and debt cost is studied by regression analysis. The results show that the stronger the accounting conservatism, the lower the debt cost.
【學(xué)位授予單位】：東北師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F233;F275

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