会计稳健性、债务期限结构与债权人保护

Accounting Conservatism,Debt Maturity Structure and Creditors' Protection

有效的债权人保护机制能够减少债权人的逆向选择,有利于债务人取得更有利的债务融资条件。会计稳健性通过信号显示机制,可以降低债权人对违约风险的预期,有利于债务人获得长期债务融资。具体而言,在非政府控制的上市公司中,会计稳健性程度越高,就越能获得更多的长期负债;而在政府控制的上市公司中,未能发现会计稳健性与长期债务比例之间的显著关系。另外,地区金融发展深度会削弱会计稳健性对长期负债比例的影响。

Effective creditors＇ protection reduces creditors＇ adverse selection for debtors to get more favorable financing conditions.This paper finds that,through signaling mechanism,accounting conservatism helps reduce the creditors＇ anticipation to fault risk to get longer loan.The results are：in non-stated-owned firms,more conservatism is relative to longer term;in stated-owned firms,no signal relation is found between conservatism and debt term;local developing depth of finance weaken the impact of conservatism on long-term debt.