会计学院知识库

    高质量的会计信息是市场经济有效运行的重要基础,随着我国市场机制不断完善，市场主体对高质量的会计信息需要日益增长。会计稳健性作为重要会计信息质量特征之一，通过对资产或收入与负债或费用的不对称确认，将经济事项不确定性风险及时对外披露，对企业产生的经济后果受到广泛关注。已有研究主要从微观层面探析会计稳健性债务融资产生的经济后果，但市场主体总是处于一定的制度环境，其行为也应该是内生于相应的制度安排，基于此，本文从产业政策视角出发，将制度因素纳入分析框架，丰富了会计稳健性经济后果的制度层面研究。

    本文应用规范与实证研究相结合的方法，以会计契约理论、经济后果理论、市场与政府关系理论为基础提出研究假说，并构建检验模型，以2007-2019年沪深A股为样本数据，结合实证分析得出以下结论：（1）会计稳健性对企业银行债务融资发挥了积极作用，具体表现为，其他情况一定时，会计稳健性越高，银行债务融资额度越大，期限越长，贷款成本越低。（2）与未受产业政策支持的企业相比，受产业政策支持的企业，会计稳健性对银行债务融资发挥的积极作用显著降低，进一步考察产业政策不同政策工具对两者关系的影响，发现行政审批、政府补贴政策会削弱会计稳健性与银行债务融资之间的正向关系，而税收优惠政策对两者关系没有显著影响。

    最后，根据上述结论，本文从政府、银行、企业三个角度提出应对措施：政府层面，应重视市场力量对提高企业会计信息质量发挥的积极作用以及这种力量有效发挥的制度环境因素，并积极评价我国现行产业政策的实施效果，出台配合我国现阶段市场化经济模式下的产业政策。银行层面，应该重视会计稳健性对降低信贷风险的积极作用，并将其内化于信贷决策行为；企业层面，应重视会计稳健银行债务融资产生的经济后果，审慎选择会计政策，提高会计信息质量，降低融资成本。

    High-quality accounting information is an important foundation for the effective operation of a market economy. With the continuous improvement of my country's market mechanism, market entities have an ever-increasing need for high-quality accounting information. Accounting conservatism is one of the quality characteristics of important accounting information. Through the asymmetric recognition of assets or income and liabilities or expenses, the uncertain risks of economic events are disclosed to the outside world in a timely manner, and the economic consequences for enterprises have attracted widespread attention. Existing studies mainly analyze the economic consequences of accounting conservatism debt financing from the micro level, but market entities are always in a certain institutional environment, and their behavior should also be endogenous to the corresponding institutional arrangements. Based on this, this article from the perspective of industrial policy Starting from the beginning, the institutional factors are included in the analysis framework, which enriches the research on the institutional factors of the economic consequences of accounting conservatism.

    This paper applies the method of combining normative and empirical research, puts forward research hypotheses based on accounting contract theory, economic consequence theory, and market-government relationship theory, and constructs a test model. The 2007-2019 Shanghai and Shenzhen A shares are used as sample data and combined the empirical analysis draws the following conclusions: (1) Accounting conservatism has played a positive role in corporate bank debt financing. The specific performance is that under certain other conditions, the higher the accounting conservatism, the larger the bank’s debt financing amount and the longer the term, and the loan the lower the cost. (2) Compared with companies that are not supported by industrial policies, companies that are supported by industrial policies have significantly lower accounting conservatism in the positive role of bank debt financing. We will further examine the impact of different policy tools of industrial policies on the relationship between the two and find administrative approval and government subsidy policies will weaken the positive relationship between accounting conservatism and bank debt financing, while preferential tax policies have no significant  impact on the relationship between the two.

    Finally, based on the above conclusions, this article proposes countermeasures from the three perspectives of the government, banks, and enterprises: At the government level, attention should be paid to the positive role of market forces in improving the quality of corporate accounting information and the institutional environmental factors that enable this force to be effectively exerted. Evaluate the implementation effect of my country's current industrial policies, and introduce industrial policies that are in line with my country's current market-oriented economic model. At the bank level, it should pay attention to the positive effect of accounting conservatism in reducing credit risk and internalize it in credit decision-making; at the corporate level, it should pay attention to the economic consequences of sound accounting and bank debt financing, choose accounting policies prudently, and improve  the  quality  of  accounting  information , reduce  financing  costs.