产品市场竞争、会计稳健性与融资成本--基于中国上市公司的实证研究

Product Market Competition,Accounting Conservatism and Financial Cost——Evidence from Chinese Listed Companies

现有研究从三个方面提供了产品市场竞争导致会计稳健性增加的解释;相反的研究预期产品市场竞争应该减少公司的会计稳健性。我们以新会计准则颁布后中国上市公司2008～2010年2586个样本数据为例,实证研究了产品市场竞争与会计稳健性的关系,发现经济损失确认的不对称性随着产品市场竞争程度的增加而增加。产品市场竞争与"好消息"显著负相关,与"坏消息"显著正相关,激烈的产品市场竞争促使企业采用稳健的会计政策,采取更加严格的标准来确认"好消息"和更及时地确认"坏消息"。在此基础上,文章进一步分析了不同的竞争环境下会计稳健性对企业融资成本的影响。

Extant research offers three reasons why intense competition can lead to more timely recognition of econom- ic losses in accounting income. An alternative prediction is that product market competition limits the demand for account- ing conservatism. Using a sample of 2586 firm - year observations from China over the period 2008 - 2010, we attempt to shed light on the association between product market competition and the asymmetric timeliness of economic loss recognition, and it is found that asymmetric timeliness of economic loss recognition increases with the intensity of product market competition. Product market competition is significantly negatively correlated with good news and significantly positively correlated with bad news. Product market competition contributes to a firm＇s demand for accounting conservatism, adopting more stringent standards to confirm good news and confirm the bad news in a more timely manner. On this basis, we further analyses whether accounting conservatism can reduce financing cost in a different competitive environment