会计稳健性会影响股权再融资行为吗——来自中国上市公司的经验证据

Will Accounting Conservatism Affect Firms’SEO Behaviors——Empirical Evidence from Chinese Listed Companies

财务报告的稳健性在企业与内外各方的契约中发挥着重要作用,企业的股权再融资行为可能会受之影响。以2000~2010年中国A股上市公司股权再融资行为为研究对象的实证检验表明,会计稳健性水平越高的企业进行股权再融资的可能性越大,再融资费用率和再融资金额也越低。在多种稳健性测试下,这一结果仍保持稳定。

Accounting conservatism is very important in contracts in and out firms,and it may also affect the SEO decisions of firms.Using Chinese A-share listed companies’data from 2000 to 2010,the authors make empirical tests on this question.The results show that the stronger the accounting conservatism is,the bigger probability the firm will make SEO,and the lower the sum of SEO will be.In addition,the authors find that the conservatism also affect the cost of SEO,the cost of SEO decreases when the firms’conservatism at higher level.These findings show the important effects of accounting conservatism on the SEO contracts of firms.