摘要
本文实证研究不同货币政策环境下,会计信息质量在民营企业银行贷款和商业信用融资这两类负债融资中发挥的作用。研究发现,在货币政策趋紧时,民营上市企业的银行贷款减少,而其中会计信息质量更高的企业所受到的冲击更小。而会计信息质量较低的民营上市公司在货币政策趋紧时,更多使用了商业信用进行融资,以缓解自身面临的融资约束。这种通过替代性融资来缓减货币政策冲击的能力仅存在于企业竞争地位较高的公司。
From the perspective of monetary policy, this paper empirically studies the impact of accounting information quality on two types of debt financing in private enterprises--bank loan and trade credit in different monetary policy environments. It is found that as the monetary policy tightened, the bank loan decreased and enterprises with higher accounting information quality suffered less impact while those with lower accounting information quali- ty use more trade credit for financing in order to ease their financing constraints. This ability to mitigate the impact of monetary policy through alternative financing only exists in companies with higher competitive position.
出处
《会计研究》
CSSCI
北大核心
2018年第4期66-72,共7页
Accounting Research
基金
国家自然科学基金项目(71672007
71672003
71472002)
2018年度北京市属高校高水平教师队伍建设支持计划青年拔尖人才培育计划项目(CIT&TCD201804024)
关键词
会计信息质量
银行贷款
商业信用
货币政策
Quality of Accounting Information
Bank Loan
Trade Credit
Monetary Policy