客户高质量会计信息与供应商债务违约风险  

Customer's High-quality Accounting Information and Debt Default Risk of Suppliers

作　　者：衣昭颖 柳建华[2] 马新啸 YI Zhaoyingg;LIU Jianhua;MA Xinxiao(School of Accounting,Capital University of Economics and Business;Lingnan College,Sun Yat-sen University;Management College/China Business Working Capital Management Research Center,Ocean University of China)

机构地区：[1]首都经济贸易大学会计学院,北京100070 [2]中山大学岭南学院,广东广州510275 [3]中国海洋大学管理学院/中国企业营运资金管理研究中心,山东青岛266100

出　　处：《金融研究》2024年第9期77-94,共18页Journal of Financial Research

基　　金：国家自然科学基金面上项目(72372167,71972187);国家自然科学基金青年项目(72402144,72302224);广东省自然科学基金项目(2023A1515012721);“泰山学者”工程专项经费(tsqn202306100);中国博士后科学基金面上项目(2023M733331)的资助。

摘　　要：本文基于供应商企业债务违约风险的视角,讨论客户披露的高质量会计信息(简称“客户高质量会计信息”)对供应商企业债务违约风险的缓解效应,研究发现:客户高质量会计信息可以有效降低供应商企业的债务违约风险;这一效果通过改善供应商企业经营管理和优化银行信贷决策得以实现,并且在宏观经济增速放缓、供应链经济联系较强以及供应商企业为民营上市公司、专用性资产规模较大时更为明显。本文基于供应链情境拓展了中国企业债务违约风险的治理机制研究,凸显会计信息共享对供应链上企业违约风险防范的重要作用。With the continuous release of credit risk in the bond market,the phenomenon of corporate debt defaults in China tends to be increasingly common with the number and amount of defaults increasing.The debt default risk is closely related to the supply chain.The supplier affects the procurement and cost of the enterprise,while the customer affects the demand and revenue of the enterprise.Once the supply chain is broken down,the enterprise will be unable to operate,which results in debt defaults.In practice,there are many cases of cascading debt defaults due to the bankruptcy of upstream suppliers or downstream customers,which lead to systemic financial risks.How to effectively reduce the debt default risk of Chinese enterprises in the supply chain,prevent and resolve systemic financial risks and maintain the security and stability in the industry chain has become a very important research topic on national governance.Exising srudies on corporate debt default risk.existing studies mainly focus on the macro institutional environment and micro corporate characteristics,but have paid little attention to the spillover effect of accounting information on supply chain debt risk.In practice,suppliers and customers are closely connected,and customers'accounting information has spillover effects on the financing and operation of suppliers,which can subsequently affect the debt default risk.Therefore,we want to explore whether and how customers'high-quality accounting information can reduce the debt default risk of suppliers,and under which conditions the risk mitigation effect will be more obvious.Based on the sample of Shanghai and Shenzhen A-share listed companies from 2008 to 2020,this paper explores the mitigation effect and internal mechanism on how customers'high-quality accounting information affects supplier's debt default risk.We find that:Customers'high-quality accounting information can effectively alleviate the debt default risk faced by suppliers.The mechanism tests show that customers'high-quality accounting inf

关 键 词：供应商企业 客户 会计信息质量 债务违约风险 

分 类 号：F27[经济管理—企业管理]