宏观货币政策、会计稳健性与债务融资成本——基于中国A股上市公司的实证研究  

Macro Monetary Policy,Accounting Conservatism and Cost of Debt Financing:Evidence from Chinese A-Share Listed Companies

作　　者：赵振洋[1,2] 王丽琼 杨建平 

机构地区：[1]东北财经大学会计学院,辽宁大连116025 [2]东北财经大学中国内部控制研究中心,辽宁大连116025 [3]大连万达商业地产股份有限公司,广东广州511430

出　　处：《会计与经济研究》2017年第6期64-78,共15页Accounting and Economics Research

基　　金：辽宁省教育厅科学研究一般项目(LN2016YB008);东北财经大学2016年校级青年科研人才培育项目(DUFE2016Q08)

摘　　要：选取2007-2015年中国A股非金融上市公司数据,实证检验宏观货币政策、会计稳健性对债务融资成本的影响。研究发现,当宏观货币政策紧缩时,会计稳健性水平更高的企业,承担的债务融资成本更低,且该影响在东部地区更为显著。进一步研究发现,在非国有企业,稳健的会计处理能在货币政策紧缩时显著降低企业债务融资成本;而在国有企业,这种影响并不显著。从宏观和微观两个视角探讨货币政策和会计稳健性对公司债务融资成本的影响,有助于企业管理层在宏观货币政策发生改变时,选择合理的措施来降低债务融资成本,提高融资效率。With a sample of China’s A share non-financial listed companies during 2008-2015,this paper investigates the influence of macro monetary policy and accounting conservatism on the cost of debt financing. The results show that higher accounting conservatism reduces the cost of debt financing under tight monetary policy,and this effect is more significant in the eastern region. Further study finds that higher accounting conservatism significantly reduces the cost of debt financing in non-state-owned enterprises（ SOEs）,while the effect is not prominent in SOEs. The analysis of the influence of macro monetary policy and accounting conservatism on the cost of debt financing provides suggestions for the management facing changes in macro monetary policy to choose appropriate measures to decrease the cost of debt financing and improve financing efficiency.

关 键 词：宏观货币政策 会计稳健性 债务融资成本 产权性质 

分 类 号：F275.1[经济管理—企业管理]