会计稳健性与公司融资约束——基于两类稳健性视角的研究  

Accounting Conservatism and Corporate Financial Constraints: Conditional vs. Unconditional Conservatism

作　　者：张金鑫[1] 王逸[1] 

机构地区：[1]北京交通大学经济管理学院,100044

出　　处：《会计研究》2013年第9期44-50,96,共7页Accounting Research

基　　金：教育部人文社会科学研究基金项目(08JC630004)的阶段性成果

摘　　要：作为会计信息质量特征之一的会计稳健性在公司融资活动中的经济后果,近来受到学者们的关注。本文基于四种计量模型度量样本公司的会计稳健性水平,实证发现稳健性的提高总体上有助于缓解公司的融资约束;更进一步,将会计稳健性区分为事前的非条件稳健和事后的条件稳健,对比回归后发现——内生于会计制度的非条件稳健性的提高,比条件稳健性这种事后稳健能更好地缓解公司的融资约束,其效果在2008年金融危机后尤为显著。此外,本文采用Granger因果检验方法,首次得到了条件稳健性是对公司融资约束的事后反应的实证依据。以上结论对于我国上市公司提高会计信息质量、降低融资约束具有很好的启示作用。As an important perspective of accounting information quality,we investigate the role of accounting conservatism under the financial constraints. By adopting 4 different models in measuring the degree of conservatism,while using logistic regression model to estimate corporate financial constraints of China A-share listed companies,empirical results show that conservatism helps alleviate financial restricts significantly. Furthermore,after comparing the differences of conditional and unconditional conservatism in relieving financial limits,we find out the latter one contributes more as it is endogenous from accounting principles; the effect is more significant after the 2008 financial crisis. Besides,for the first time,we find the evidence of prior existence for unconditional conservatism by conducting Granger causality test. These findings above result a guiding conclusion for China's listed companies to reduce financial restrictions by improving the quality of accounting information fundamentally.

关 键 词：会计稳健性 融资约束 条件稳健 非条件稳健Granger因果检验 

分 类 号：F275[经济管理—企业管理]