会计信息可比性能抑制企业债务违约风险吗?  

Does Financial Statement Comparability Restrain Corporate Debt Default Risk?

作　　者：张焰朝 孙光国[2] 袁月 ZHANG Yan-chao;SUN Guang-guo;YUAN Yue

机构地区：[1]河南财经政法大学会计学院 [2]东北财经大学会计学院

出　　处：《中央财经大学学报》2022年第7期48-60,共13页Journal of Central University of Finance & Economics

基　　金：财政部会计名家培养工程项目“会计准则主体互动关系与会计信息质量提升研究”(项目编号:财会[2019]19号);教育部人文社会科学研究青年基金项目“供应链金融对企业投资行为的影响研究”(项目编号:21YJC630001);辽宁省教育厅重点攻关和服务地方项目“上下游行业董事兼任与企业发展”(项目编号:LN2020Z10)。

摘　　要：会计信息是缓解企业内外部信息不对称的重要方式,是公司治理的基石,高质量的会计信息具有鉴别和治理功能。而可比性是保证会计信息有用性的最基本特征,它能够帮助使用者识别和理解企业之间的相似性和差异性,准确判断企业的实际经营状况。本文从会计信息质量治理效应出发,以2007—2019年A股上市公司为研究样本,并以期权定价理论为基础估算企业违约风险,考察会计信息可比性对企业违约风险的影响。研究结果表明会计信息可比性能够降低企业违约风险。作用机制检验表明会计信息可比性能够通过缓解代理冲突以及降低融资约束抑制企业违约风险。异质性检验表明,产品市场竞争、股票流动性以及产业政策支持削弱了会计信息可比性与违约风险之间的负相关关系。本研究拓展了会计信息质量治理效应的研究,为会计信息决策有用观提供了进一步的证据,为政府部门强化风险管理体系提供了有益参考。Accounting information is an important way to alleviate the internal and external information asymmetry of an firm,and is the cornerstone of corporate governance.High-quality accounting information has the function of identification and governance.Comparability is the most basic feature to ensure the usefulness of accounting information.It can help users identify and understand the similarities and differences between firms,and accurately judge the actual operating conditions of firms.Based on the governance effect of accounting information quality,this paper takes A-share listed companies from 2007 to 2019 as the research samples,estimates corporate default risk based on option pricing theory,and investigates the impact of accounting information comparability on corporate default risk.The results show that the comparability of accounting information can significantly reduce the risk of corporate default.The influence mechanism test shows that the comparability of accounting information can restrain the risk of firm default by alleviating agency conflict and reducing financing constraints.The heterogeneity test shows that product market competition,stock liquidity and industrial policy support weaken the negative correlation between accounting information comparability and default risk.This research expands the research on the governance effect of accounting information quality,provides further evidence for the usefulness of accounting information decision-making,and provides a useful reference for government departments to strengthen the risk management system.

关 键 词：可比性 期权定价理论 代理成本 融资约束 违约风险 

分 类 号：F275[经济管理—企业管理]