“关系”、会计信息与银行信贷——信任视角的理论分析与初步证据

"Guanxi",Accounting Information,and Bank Credit——Theoretical Analysis from the Perspective of Trust and Preliminary Evidence

以信任理论为基础,深入分析了"关系"和会计信息在银行信贷中的作用,以及"关系"对会计信息债务契约有用性的影响。在此基础上,以民营上市公司为样本,以公司董事长或总经理的政治联系作为"关系"的替代变量,实证检验了上述作用和影响。研究结果表明,会计信息越好,公司能够借入的资金就越多;有"关系"的公司比没有"关系"的公司能够借入更多的资金;有"关系"的公司能够以较差的会计信息借入较多的资金。

Based on trust theory,this paper deeply analyzes the roles of＂Guanxi＂and accounting information in bank credit and the influence of ＂Guanxi＂on the contractual usefulness of accounting information.Then,using a sample of private listed companies and taking political connections of chairman or general manager as a proxy of ＂Guanxi＂,this paper examines the above-mentioned roles and influence.The results suggest that the better the accounting information,the more funds firms can borrow and the firms with ＂Guanxi＂can borrow more funds.Further,firms which have＂Guanxi＂can borrow more funds with worse accounting information.