“脱实向虚”背景下综合收益披露对债权人定价的影响  

Impact of Comprehensive Income Disclosure on Debt Holder Pricing in the Context of De-Realization

作　　者：曹泽勇 张俊瑞[1,2] 苏洋 李文婷 CAO Zeyong;ZHANG Junrui;SU Yang;LI Wenting(Xi’an Jiaotong University,Xi’an,China;Xi’an Jiaotong University City College,Xi’an,China;Longi Green Energy Technology Co.,Ltd.,Xi’an,China)

机构地区：[1]西安交通大学管理学院 [2]西安交通大学城市学院管理学院 [3]隆基绿能科技股份有限公司

出　　处：《管理学报》2024年第8期1247-1255,共9页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(72072143);国家社会科学基金资助重大项目(23&ZD092);国家自然科学基金资助青年科学基金项目(72104237)。

摘　　要：基于会计信息决策有用性的研究视角,考察综合收益披露对债权人定价的影响,采用2014~2020年中国A股上市公司为样本,实证检验“脱实向虚”背景下其他综合收益水平与债务融资成本之间的关系。研究发现:企业其他综合收益占综合收益的比重具有风险揭示效应,能够缓解债务融资中的信息不对称,导致其他综合收益水平与债务融资成本显著正相关;企业金融化能够为这一定价效应提供参考,两者的正相关关系主要出现在“脱实向虚”程度更高的非金融企业之中;其他综合收益水平主要通过降低会计稳健性提高债权人所要求的风险溢价,增加债务融资成本。From the research perspective of the usefulness of accounting information for decision-making,this study examines the impact of comprehensive income disclosure on the debt holder pricing.Using the Chinese A-share listed companies from 2014 to 2020 as samples,this study empirically examines the relationship between other comprehensive income levels and debt financing costs in the context of de-realization.The empirical study finds that the proportion of other comprehensive income in total comprehensive income has a risk disclosure effect,which can alleviate information asymmetry in debt financing,leading to a significant positive correlation between the levels of other comprehensive income and the costs of debt financing.The financialization of enterprises can provide a reference for this pricing effect,with the positive correlation mainly occurring in non-financial enterprises with a higher degree of de-realization.The levels of other comprehensive income mainly increase the costs of debt financing by reducing accounting conservatism and increasing the risk premium demanded by debt holders.

关 键 词：其他综合收益 脱实向虚 债权人定价 会计稳健性 

分 类 号：C93[经济管理—管理学]