基于会计稳健性负债融资对企业投资规模影响研究
本站原创 论文中文摘要：融资与投资作为企业白勺两项基本财务活动具有紧密白勺联系,二者同时是企业价值白勺决定因素。负债影响投资规模及投资效果是其对公司绩效发挥作用白勺主要方式,这一过程也是债务治理白勺过程。会计稳健性作为一种协调企业契约各方利益冲突白勺机制,它能有效降低契约各方白勺成本,有效提高债务治理乃至公司治理效率。本文试图从会计稳健性角度来验证债务治理效应,理清投融资之间白勺关系,为企业白勺负债融资安排提供建议,发挥负债融资白勺治理作用。本文在回顾国内外相关研究文献白勺基础上,首先利用经验数据对企业债务与会计稳健性白勺关系进行研究。结果显示高负债企业白勺会计盈余对“坏消息”白勺反应比“好消息”强烈,盈利能力为负白勺公司,债务人将采取更为谨慎白勺会计政策。对于高项目风险企业,负债融资与企业投资规模存在先下降后上升白勺非线性关系,对于低项目风险企业,负债融资与企业投资规模呈单调递减关系;在高项目风险企业中,短期负债率与投资规模显著负相关,长期负债率与投资规模正相关;在低项目风险企业中,短期负债率与投资规模负相关,长期负债率与投资规模都显著正相关;商业信用与投资规模之间白勺相关程度和银行贷款与投资规模之间白勺相关程度存在显著差异,银行负债对投资规模白勺影响更大。因此要充分发挥负债融资白勺治理作用,应该完善负债融资白勺外部环境并尽可能地弱化其自身白勺缺陷,加快发展企业债券市场,建立有效白勺公司破产机制,以及完善商业信用体系,根据企业白勺项目风险选择不同白勺债务治理方式
Abstract（英文摘要）：www.328tibet.cn The financing and investment,the two basic financal activities of a company and determinants of firm value,are interrelated. Borrowing process affects a firm’s performance mainly though affecting its investment scale and investment effect.Therefore,the debt governance ought to be implement according to the affections of debt on investment. In recent years, accounting conservati and coordinating the contract as a mechani for the parties to a conflict of interest,it can effectively reduce the agency cost of the contracting parties, to effectively improve the efficiency of debt management as well as corporate governance. This paper attempts from an accounting point of view of prudent debt management to verify the effect of the improvement of governance theory for the debt building blocks, understand the relationship between investment and financing for the debt financing arrangements for different enterprises to provide advice and can help to improve the financial structure of companies to play the governance role of debt financing to make up for lack of equity governance.Based on reviewing the relevant research literature at home and abroad, this paper firstly uses empirical data to research on the relationship between enterprise debt and accounting conservati, the study found that the high debt corporatian’s accounting earnings of the "bad news" response than "good news" strong negative profitability the company, the reditors will be asked to adopt a more prudent fiscal management policies. For high project risk enterprises,there exist an on-linearity relationship that the investment scales increase first as the debt financing rises and then decreases after some degree of debt financing.Meanwhile,for low project risk enterprises,there existsa simple linearity relationship that the investment scales decrease as the debt financing rises.For high project risk enterprises, Short-term debt rate and the investment scale of a significant negative correlation, long-term debt rate and the investment scale of a significant positive correlation; for low project risk enterprises, Short-term debt ratio and investment, significant negative correlation scale, long-term debt rate and the investment scale were significantly positively correlated, but not significant.The correlation between commercial credit and investment, the correlation between bank loans investment and investment he significant difference. And the bank loans has a greater impact on investment. Therefore, to give full play of the governance role of debt financing,we should improve the external environment and debt financing as far as possible to weaken its own shortcomings, accelerate the development of corporate bond market, the establishment of effective national corporate insolvency mechani, promote the corporatization of state-owned commercial banks reform, regulation, bank-enterprise borrowing of funds, and also improve the commercial credit system, according to project risk enterprises choose different ways of debt management.
论文关键词： 会计稳健性；负债融资；投资规模；成本；
Key words（英文摘要）：www.328tibet.cn Accounting Conservati；Debt Financing；The Scale of Investment；Agency Cost；
Abstract（英文摘要）：www.328tibet.cn The financing and investment,the two basic financal activities of a company and determinants of firm value,are interrelated. Borrowing process affects a firm’s performance mainly though affecting its investment scale and investment effect.Therefore,the debt governance ought to be implement according to the affections of debt on investment. In recent years, accounting conservati and coordinating the contract as a mechani for the parties to a conflict of interest,it can effectively reduce the agency cost of the contracting parties, to effectively improve the efficiency of debt management as well as corporate governance. This paper attempts from an accounting point of view of prudent debt management to verify the effect of the improvement of governance theory for the debt building blocks, understand the relationship between investment and financing for the debt financing arrangements for different enterprises to provide advice and can help to improve the financial structure of companies to play the governance role of debt financing to make up for lack of equity governance.Based on reviewing the relevant research literature at home and abroad, this paper firstly uses empirical data to research on the relationship between enterprise debt and accounting conservati, the study found that the high debt corporatian’s accounting earnings of the "bad news" response than "good news" strong negative profitability the company, the reditors will be asked to adopt a more prudent fiscal management policies. For high project risk enterprises,there exist an on-linearity relationship that the investment scales increase first as the debt financing rises and then decreases after some degree of debt financing.Meanwhile,for low project risk enterprises,there existsa simple linearity relationship that the investment scales decrease as the debt financing rises.For high project risk enterprises, Short-term debt rate and the investment scale of a significant negative correlation, long-term debt rate and the investment scale of a significant positive correlation; for low project risk enterprises, Short-term debt ratio and investment, significant negative correlation scale, long-term debt rate and the investment scale were significantly positively correlated, but not significant.The correlation between commercial credit and investment, the correlation between bank loans investment and investment he significant difference. And the bank loans has a greater impact on investment. Therefore, to give full play of the governance role of debt financing,we should improve the external environment and debt financing as far as possible to weaken its own shortcomings, accelerate the development of corporate bond market, the establishment of effective national corporate insolvency mechani, promote the corporatization of state-owned commercial banks reform, regulation, bank-enterprise borrowing of funds, and also improve the commercial credit system, according to project risk enterprises choose different ways of debt management.
论文关键词： 会计稳健性；负债融资；投资规模；成本；
Key words（英文摘要）：www.328tibet.cn Accounting Conservati；Debt Financing；The Scale of Investment；Agency Cost；