市场化进程、会计信息质量与融资约束的相关性分析——基于最终控制人的视角  

Correlation Analysis of Marketing Process,Quality of Accounting Information and Financing Constraints: from the Perspective of the Final Controller

作　　者：郭桂花[1] 池玉莲[1] 宋晴 

机构地区：[1]新疆石河子大学经济与管理学院,新疆石河子832000 [2]中国工商银行新疆分行,新疆乌鲁木齐830046

出　　处：《审计与经济研究》2014年第1期68-76,85,共10页Journal of Audit & Economics

摘　　要：结合我国新兴加转轨的制度背景,以2001—2011年我国上市公司的经验数据为样本,借鉴Kaplan和Zingales经典回归模型的思想,研究了市场化进程、会计信息质量对融资约束的影响。研究发现,提高上市公司对外披露的会计信息质量、加快市场化进程建设均可缓解企业面临的融资约束状况;市场化进程与会计信息质量二者对融资约束的影响是相互替代的关系,这种替代关系在国有控股公司中表现更为显著。We have studied the influence of market process, the quality of accounting information on financing constraints by using the empirical data in China during 2000 -2011 listed companies as samples and adopting the classical regression model of Kaplan and Zingales （1997） with the institutional background of China. The study found that improving the accounting in- formation disclosure quality and speeding up the process of marketization construction can both ease the financing constraints of enterprises. The paper also found that influence of both marketization process and the quality of accounting information on fi- nancing constraints is the substitute relation ; and this alternative relationship in the state-owned holding companies is more significant.

关 键 词：会计信息质量 市场化进程 融资约束 国有控股 盈利能力 资本结构 信息不对称 代理问题 

分 类 号：F235.99[经济管理—会计学]