货币政策、公司债务融资与会计信息透明度——基于2004-2014年中国上市公司数据的实证分析

Research on Monetary policy,Corporate Debt Financing and Accounting Information Transparency

我国市场经济以及金融体系还不够发达,相对于其他融资方式而言,银行债务融资对于企业来说依然十分重要。而企业的财务会计信息在银企之间的业务往来中是不可或缺的。本文讨论会计信息透明度对公司债务融资的影响,同时将货币政策因素融入其中。本文以2004至2014年沪深A股上市公司为研究样本,采用面板数据并经过多元回归分析研究发现:货币政策紧缩时期,会计信息透明度较差的公司获得的借款数量较少;现金持有水平较高的公司会计信息透明度较低,并且在货币政策紧缩时期依然如此,但在这一时期公司会计信息透明度的平均水平会提高;非国有企业在货币政策紧缩时期可能存在盈余管理行为,以争夺信贷资源。

China＇s market economy and the financial system have not been developed sufficiently. Compared to other financing methods, the bank debt financing is still very important for enterprises. And enterprises＂ financial and accounting information is indispensable in business dealings between banks and enterprises. Therefore, this paper discusses the effect of accounting information transparency, as well as the monetary policy, on corporate debt financing. Based on Shanghai and Shenzhen A-share listed companies between 2004 and 2014 as research samples, using panel data and through multiple regression analysis, we discovered that companies that have poor accounting information transparency obtained less debt financing in the period of monetary tightening. In addition, the accounting information transparency of the companies with higher cash holding level was lower, and the conclusion in the period of monetary tightening remained the same. However, during this certain period of time, the average of accounting information transparency would be improved. Besides, non-state-owned companies in the period of monetary policy tightening may have earnings management behavior, in order to compete for credit resources.