会计信息可比性与债务成本
首发时间:2019-01-17
摘要:本文以我国A股上市公司2010-2017年的数据为样本,借鉴De Franco等(2011)创建的基于公司层面度量会计信息可比性的模型,计量了公司层面的会计信息可比性,并实证研究了会计信息可比性对债务成本的影响。进一步地,引入产权性质和审计质量两个内外部因素,考察其分别对会计信息可比性与债务成本关系的调节作用,得到以下三个结论:(1)会计信息可比性与企业债务成本显著负相关;(2)与国有企业相比,在非国有企业中,会计信息可比性对债务成本的影响更显著;(3)与外部审计质量较高的企业相比,在外部审计质量较低的企业中,会计信息可比性对债务成本的影响更显著。这说明,会计信息可比性对债权人具有决策有用性,会计信息可比性越高,债务成本越低。但国有产权性质削弱了会计信息可比性对债务成本的影响,而审计质量在降低债务成本上对会计信息可比性起替代作用。 本文结论为相关部门完善会计准则和审计法规,提高企业的会计信息可比性和外部审计质量,加快国有企业的产权变革提供了理论依据。
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Accounting Comparability and Debt Cost
Abstract:This paper takes China\'s A-share listed companies in 2010-2017 as the research object to explore the impact of accounting comparability on debt costs. First, adopt De Franco\'s model to measure companies\' accounting comparability. Then, establish the multivariate regression model of accounting comparability and debt cost to implement an empirical study on the relationship between them. Further, property rights and audit quality are taken into account as internal and external factors to examine whether these two factors have impacts on the relationship between accounting comparability and debt cost. The results show that: (1) Accounting comparability is significantly negatively correlated with debt cost; (2) Compared with state-owned enterprises, the negative correlation between accounting comparability and debt cost is more significant in non-state-owned enterprises; (3) Compared with enterprises of higher audit quality, the negative correlation between accounting comparability and debt cost is more significant in enterprises of lower audit quality. This shows that accounting comparability is useful in decision-making, but the property rights of state-owned enterprises weakens the impact of accounting comparability on debt costs, and audit quality is an alternative to accounting comparability for the impact on debt costs. The results of this paper provide some theoretical references for relevant departments to improve accounting standards and auditing regulations so that accounting comparability and audit quality can be improved, and accelerate the property rights reform of state-owned enterprises.
Keywords: Accounting comparability Debt Cost Property Rights Audit Quality
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