基于我国资本市场的会计稳健性与债务资本成本关系研究

Study of the relationship between accounting conservatism and cost of debts based on capital market in China

近年来我国虽然出现了较多针对会计稳健性的成因、计量和影响因素的研究,但目前仍缺乏关于稳健性经济后果的实证研究文献,本文利用2004～2008年我国深、沪两市A股上市公司数据,从债务融资的角度考察会计稳健性的经济后果,分析会计稳健性与债务资本成本之间的关系。实证结果表明我国上市公司存在盈余稳健性,但债务资本成本与会计稳健性之间的关系与西方实证结论存在显著差异。受到我国债权人对稳健性会计信息的需求程度和识别程度的影响,提供稳健性会计信息的债务人并未获得债务资本成本上的补偿。

In spite of the many researches in recent years on the explanation,measurement and impact of accounting conservatism,there＇s yet a lack of empirical studies on the economic consequences of accounting conservatism in China.Based on the data of A-share companies listed on the Shanghai and Shenzhen stock exchanges between 2004 and 2008,this article analyzes the economic consequences of accounting conservatism and tests the relationship between accounting conservatism and cost of debts（CODs）.The result shows that earnings conservatism exists in our listed companies,but the relationship between conservatism and CODs differs significantly from that in western countries.Affected by creditors＇ demand degree and identification ability,debtors providing conservative accounting information haven＇t got lower CODs in China.