财务重述对债务融资成本影响的实证研究  

Empirical research on the influence of financial restatement on the cost of debt financing

作　　者：任秀梅[1] 杜慧慧[1] 施继坤[1] 

机构地区：[1]东北石油大学经济管理学院,黑龙江大庆163318

出　　处：《辽宁工程技术大学学报（社会科学版）》2015年第6期593-598,共6页Journal of Liaoning Technical University(Social Science Edition)

摘　　要：针对财务重述问题,以2007—2012年沪深两市A股发布重述公告上市公司为数据样本,采用实证的方法,研究了上市公司财务重述对其债务融资成本的影响。研究发现,财务重述对债务融资成本影响显著,与没有重述的上市公司相比,重述上市公司债务融资成本更高,且重述对债务融资成本的影响并没有因上市公司的国有产权性质而减弱。研究结果对提高银企双方对重述信息的重视,督促上市公司提高信息质量,完善银行对企业信贷风险的评估,降低企业债务融资成本具有重要意义。In the light of the financial restatement issue, this article selects the restatements of A-share listed corporations released in 2007-2012 from Shanghai and Shenzhen stock markets as the data samples, using the method of empirical research, to study the influence of financial restatements on the cost of debt financing. The study shows： financial restatements have significant effects on debt financing cost. Compared with the listed company of no occurrence of financial restatements, the debt financing cost is higher after the listed company＇s financial restatements. And the impacts of financial restatements on the debt financing cost are not weakened because of the state-owned property rights of listed companies. This research increases the value of restatement information on both sides, and urges the listed companies to improve the quality of information. It can also improve the bank credit risk evaluation of listed companies, and reduce corporate debt financing costs.

关 键 词：财务重述 债务融资成本 产权性质 信息质量 信贷风险 

分 类 号：F275.3[经济管理—企业管理]