会计稳健性对供应链金融信用风险的影响——基于管理层讨论与分析语调操纵的视角  

Can Accounting Conservatism Reduce Supply Chain Finance Credit Risk?Based on the Perspective of Management Discussion and Analysis of Tone Manipulation

作　　者：刘迪 杨晓璇 LIU Di;YANG Xiaoxuan(Graduate School of Chinese Academy of Fiscal Sciences,Beijing 100142,China)

机构地区：[1]中国财政科学研究院研究生院,北京100142

出　　处：《经济与管理》2025年第1期16-26,共11页Economy and Management

摘　　要：供应链金融作为新经济下的一种新的金融服务逐渐兴起,而“诺亚财富踩雷”等事件所暴露出来的信用危机成为其发展的重要挑战。以2010—2022年沪深两市A股上市制造业企业的数据为样本,探究会计稳健性对供应链金融信用风险的影响路径。研究发现:会计稳健性能显著降低代理成本和改善融资效率,从而有效减缓供应链金融信用风险;管理层讨论与分析语调操纵对会计稳健性与供应链金融信用风险之间的关系起到了负向调节作用;资金周转和库存周转率的提高有助于降低信用风险。Supply chain finance,as a new financial service in the new economy,has gradually emerged,and the credit crisis exposed by the events such as"Noah's wealth stepping on thunder"has become an important challenge for its development.Using the data of A-share listed manufacturing enterprises in Shanghai and Shenzhen Stock exchanges from 2010 to 2022 as samples,this paper explores the impact path of accounting conservatism on supply chain financial credit risk.The results show that accounting robustness significantly reduces agency cost and improves financing efficiency,thus effectively mitigating credit risk in supply chain finance.In addition,managerial discussion and analysis tone manipulation has a negative moderating effect on the relationship between accounting conservatism and supply chain finance credit risk.Further analysis shows that the improvement of capital turnover and inventory turnover can help to reduce credit risk.

关 键 词：会计稳健性 供应链金融 信用风险 语调操纵 

分 类 号：F124[经济管理—世界经济] F812.42