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机构地区:[1]华中师范大学经济与工商管理学院,430079 [2]中国交建华中财务共享中心,430050
出 处:《会计研究》2024年第5期127-142,共16页Accounting Research
基 金:财政部2023年度全国会计重点科研课题(SKZ2024-0014);2022年科技部项目(G2022158002L)。
摘 要:财务共享服务中心作为财务转型有效工具,受到中国政府大力支持,并且数量增长迅猛,现有研究表明其有利于加强管控和提升会计信息质量,缓解市场信息不对称,那么财务共享服务中心的建成是否能降低公司债务融资成本?本文以2003-2018年中国A股上市公司为样本,研究发现财务共享服务中心能显著降低公司债务融资成本;机制分析发现,财务共享服务中心能提高公司内部控制质量、改善信息环境和优化债务期限结构,进而降低债务融资成本;进一步地,财务共享服务中心对债务融资成本的降低作用主要集中在非国有企业、无形资产比例高、董事网络关系弱、行业竞争程度高及经济政策不确定性高子样本中。As an effective tool for financial transformation,Financial Shared Service Center(FSSC)has been strongly supported by the Chinese government and its number has grown rapidly.Existing research shows that it is conducive to strengthening control,improving the quality of accounting information,and alleviating market information asymmetry.Whether the establishment of FSSCs can reduce the cost of corporate debt financing?This paper takes China's A-share listed companies from 2003 to 2018 as a sample,and finds that FSSCs can significantly reduce the cost of corporate debt financing.The mechanism analysis shows that FSSCs can improve the quality of internal control,the information environment and the maturity structure of debt,so as to reduce the cost of debt financing.Further,FSSC's role in reducing debt financing costs is mainly concentrated in non-state-owned enterprises,high proportion of intangible assets,weak network relationship of directors,high degree of industry competition and high economic policy uncertainty are in the sub-sample.
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