货币政策紧缩、会计信息可比性与银行借款

Monetary Policy Tightening,Accounting Comparability and Bank Borrowings

本文研究了中国上市公司会计信息可比性对银行借款规模、成本和期限结构的影响,以及货币政策紧缩时期会计信息可比性对银行信贷融资的影响。研究发现,会计信息可比性越高,银行借款规模越大,成本越低。短信贷期限结构公司的会计信息可比性有助于延长其信贷期限结构,支持代理成本假说;长信贷期限结构公司的会计信息可比性有助于缩短其信贷期限结构,支持信号传递假说。货币政策紧缩期间,会计信息可比性能够增加银行借款规模,降低借款成本。短信贷期限结构公司依然支持代理成本假说,长信贷期限结构公司减弱了信号传递假说。本文的结论丰富了会计信息可比性经济后果研究,以及宏观经济政策与公司微观财务行为的互动性研究。

This paper empirically tests the effect of accounting comparability on the scale,cost and credit term structure of bank borrowings of the listed companies,as well as whether accounting comparability can affect the bank credit financing during the period of monetary policy tightening.This study finds that:the higher of the accounting comparability,the larger of the scale of bank borrowings,the lower of the cost of bank borrowings.For the listed companies with short term credit structure,improving accounting comparability will help extend their credit term structure,supporting the agent cost hypothesis.For the listed companies with long term credit term structure,improving accounting comparability will reduce their credit term structure,supporting the signal transmission hypothesis.During the monetary tightening period,improving accounting comparability can increase the scale of bank borrowings,reduce the cost of bank borrowings.The listed companies with short term credit structure support the agent cost hypothesis.The listed companies with long term credit term structure will weaken the signal transmission hypothesis.The conclusions of this paper enrich the economic consequences research of the accounting comparability and expand the research on the interaction between macroeconomic policies and micro financial behavior of the corporate.