提高会计信息可比性可以缓解融资约束吗?——基于沪深主板A股上市公司数据的实证研究

Can Accounting Comparability Alleviate Financing Constraint?——Evidence from the Chinese A-share Listed Firms

本文采用2010年至2014年期间沪深主板A股上市公司的数据为样本,探讨会计信息可比性对融资约束的影响。研究发现:(1)提高公司会计信息可比性可以显著缓解公司面临的融资约束问题;(2)国有控股上市公司会计信息可比性的提高对公司面临的融资约束状况并没有缓解作用,而非国有上市公司会计信息可比性的提高可以显著缓解公司面临的融资约束水平;(3)对非国有上市公司的样本进一步分类发现,投资者保护程度较弱地区的非国有上市公司提高会计信息可比性对于融资约束的缓解作用更加显著。

This paper chooses the Chinese A-share listed firms during the period 2010-2014 as the sample data, at-tempting to examine the benefits of accounting comparability for the financial constraint.The results suggest that the im-provementof accounting comparability can significantly alleviate the financial constraint faced by the listedfirms, but thiseffect only exists in non-state-owned firms.The sample of non-state-owned listed firms are further classified according toinvestor protection extent, further study finds that the relationship between accounting comparability and financial con-straint is stronger for non-state-owned listed firms in poor investor protection region.