会计稳健性与公司融资方式选择:外源融资视角  

Accounting Conservatism and Corporate Financing Choices:From the Perspective of External Financing

作　　者：刘柏[1] 琚涛 LIU Bai;JU Tao(Business School,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学商学院,长春130016

出　　处：《管理科学》2020年第5期126-140,共15页Journal of Management Science

基　　金：国家社会科学基金(18BJY232)。

摘　　要：已有研究发现会计稳健性能够降低公司与外部投资人之间的信息不对称,却忽略了会计稳健性更能降低公司与股东还是债权人的信息不对称这一问题。不确定性已成为当今公司运营的重大挑战,研究会计稳健性对不同类型的外部投资人发挥的差异性作用意义重大。基于信息不对称理论和委托代理理论,检验当公司进行外源融资时会计稳健性与公司融资方式选择之间的关系以及信息不对称的调节作用。以公司是否属于高科技这一蕴含高不确定性的行业,考察信息不对称发挥作用的边界。以2007年至2016年中国沪、深A股非金融类上市公司为研究样本,运用Logistic方法进行多元回归分析,采用工具变量法和处理效应法缓解潜在的内生性问题。研究结果表明,①与股权融资相比,会计稳健性更能促进公司的债务融资选择。②公司与股东之间的信息不对称削弱了会计稳健性引起的公司债务融资偏好。③信息不对称的调节效应只存在于非高科技公司。上述结果意味着会计稳健性缓解公司与债权人之间的信息不对称。进一步研究发现,会计稳健性降低债务成本的效应在偏好债务融资的公司中更显著;与短期债务融资相比,会计稳健性导致公司更偏好长期债务融资;会计稳健性导致的公司债务融资偏好在市场环境较好时更显著。通过比较股东与债权人,拓展了从单一角度探索会计稳健性对公司债务融资或股权融资影响的研究。研究结果为管理者深入理解公司融资方式选择的内在逻辑和追求最优资本结构提供了重要的管理启示,对其进一步领悟外部投资人对公司会计稳健性的差异性诉求以及更有效率地融资具有一定的实践意义。Extant studies suggest that accounting conservatism reduces the information asymmetry between firms and the outside investors.However,there is little evidence on whether accounting conservatism reduces information asymmetry differentially for shareholders and debtholders.Nowadays,uncertainty has become a major challenge for firm operation,it is meaningful that we focus on the different effects of accounting conservatism on different types of external investors.Based on information asymmetry theory and principle-agent theory,this study examined the relationship between accounting conservatism and corporate financing choices when a firm pursues external financing and the moderating effect of information asymmetry.We also tested the difference of moderating effect by focusing on firms’high-tech attribute which contained great uncertainty.We used no-financial firms listed in the A-share market of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2007 to 2016 as our research samples.Logistic method is used in multivariate regression to test the hypotheses.Besides,we used instrumental variable method and treatment effect estimation to mitigate the endogeneity issue.Then,we further explored the potential mechanism that accounting conservatism affects corporate financing choices and the impact of capital market environment.A series of robust results suggest that when firms raise external financing,the use of debt(equity)increases with the level of accounting conservatism.In addition,the information asymmetry between the firm and its shareholders weakens the positive relationship between accounting conservatism and debt financing.Finally,the moderating effect of information asymmetry is only pronounced in non-high-tech firms.It means that accounting conservatism works better in alleviating the information asymmetry between the firm and its debt holders.Results in the additional tests show that the effect of accounting conservatism on reducing the cost of debt is more pronounced in firms that prefer debt financing

关 键 词：会计稳健性 股权融资 债务融资 信息不对称 非高科技公司 

分 类 号：F275[经济管理—企业管理]