其他综合收益列报变革对企业债务融资成本的降低效应及机制研究  

Research on the Reduction Effect and Mechanism of Reporting Reform of Other Comprehensive Income on Corporate Debt Financing Costs

作　　者：田祥宇[1] 郭薇阳 黄贤环 TIAN Xiang-yu;GUO Wei-yang;HUANG Xian-huan(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China;Planned Finance Department,Shanxi University,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006 [2]山西大学计划财务处,山西太原030006

出　　处：《现代财经(天津财经大学学报)》2025年第1期111-129,共19页Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

基　　金：山西省科技战略研究专项重点项目(202304031401008)。

摘　　要：在我国以信贷融资为主导的融资体系下,如何通过会计信息的不断完善促进企业提升融资效率、降低融资成本是当前理论界和实务界关注的重要问题。本文以2014年CAS 30规定其他综合收益单独列报政策为准自然实验,选取沪深A股上市公司2009—2022年的样本数据,采用DID模型考察政策实施对企业债务融资成本的影响。研究发现:(1)其他综合收益列报变革能够显著降低企业债务融资成本。(2)其他综合收益列报变革显著提升了会计信息质量、吸引了更多的分析师关注,进而降低企业债务融资成本。(3)其他综合收益列报变革对企业债务融资成本的降低作用在企业规模较小、股权集中度较低、高管持股比例较低以及数字化转型程度较低的企业更显著。本研究将其他综合收益列报变革的经济后果拓展到企业债务融资成本领域,为债权人信贷决策提供了理论依据,同时也为会计政策制定者完善相关准则提供了理论支持。Under China's financing system dominated by credit financing,how to promote enterprises to improve financing efficiency and reduce financing costs through the continuous improvement of accounting information is an important issue of concern in the theoretical and practical fields.This paper takes the separate reporting policy of other comprehensive income stipulated in CAS 30 in 2014 as a quasi-natural experiment,selects the sample data of listed companies in Shanghai and Shenzhen A-shares from 2009 to 2022,and uses the DID model to investigate the impact of policy implementation on corporate debt financing costs.The study finds that:(1)The reporting reform of other comprehensive income can significantly reduce corporate debt financing costs at the 1%level.(2)The reporting reform of other comprehensive income significantly improves accounting information quality at the 1%level and attracts more analysts'attention,thereby reducing corporate debt financing costs.(3)The reduction effect of the reporting reform of other comprehensive income on corporate debt financing costs is more significant in enterprises with smaller scale,lower equity concentration,lower executive shareholding ratio,and lower degree of digital transformation.This study extends the economic consequences of the reporting reform of other comprehensive income to the field of corporate debt financing costs,provides a theoretical basis for creditors'credit decisions,and provides theoretical support for accounting policy makers to improve relevant guidelines.

关 键 词：其他综合收益列报变革 债务融资成本 会计信息质量 分析师关注 

分 类 号：F275.2[经济管理—企业管理] F275.3[经济管理—国民经济]